Activities on drafting the National FinTech Strategy continued


“Going forward, we will work together to create conditions for a faster transformation of business in the financial sector in order to respond to new challenges and meet the growing demand of consumers," said the Governor, Mr. Radoje Žugić, in his address to representatives of the financial sector at the event held at the Central Bank of Montenegro. Namely, several workshops were held in this institution over the past couple of days as a part of activities aimed at the development of the National Fintech Strategy, gathering representatives from various sectors such as public administration, regulators, academic community, and financial and IT sectors that are involved in the shaping of the FinTech system functioning and development.

The workshops represent the continuation of communication and coordination in connection with the development of the National FinTech Strategy that was preceded by research on the status of the development and application of fintech and digital financial services in Montenegro.

Proposals discussed at the event were those calling for joint activities, based on the recommendations of the prior research, as well as concrete steps forward in the development and implementation of the National Fintech Strategy, including determining the roles and responsibilities of individual actors in the upcoming processes.

The Vice Governor, Ms. Zorica Kalezić, thanked the European Fund for Southeast Europe (EFSE), that assisted the CBCG in ensuring technical support for the development of the National Fintech Strategy by hiring an expert, Mr. Jay Tikam, from the international Fintech consulting company Vedanvi from London. Ms. Kalezić highlighted that “the application of financial technology will help us build fintech markets that have a strong potential to create an efficient and inclusive financial system, which, together with regulations aligned with EU directives and standards, will contribute to attracting foreign direct investments and strengthening exports.”

Financial technology (FinTech) implies the use of new technologies aimed at improving and automating financial services. Fintech also helps individuals and companies to improve their financial management.