National Fintech Strategy Drafting Starts


28/03/2022

As part of the preparations for starting the work on drafting the National Fintech Strategy, the workshop titled “Researching the Feasibility and Coordination of Initiatives Necessary for Developing the National Fintech Strategy” was held at the Central Bank of Montenegro (CBCG) today.

The workshop was organised to understand better the need for applying digital technologies in Montenegro’s financial sector and the advantages and challenges accompanying fintech development. One of the key motives for organising the workshop was the need to define concrete next steps in drafting and later implementing the National Fintech Strategy and determining the individual actors’ roles and responsibilities in the upcoming processes.


“Our focus will be creating conditions for rapid transformation of financial sector operations to respond to new challenges and meet growing consumer demands,” said Vice Governor Zorica Kalezić, opening today’s workshop. She added that financial market supervisors must ensure that innovation does not jeopardise high levels of confidence in financial services and the achieved system’s stability. “In that direction, we must ensure even more efficient risk management, continue to implement activities to improve financial literacy and, through adopting new legal solutions, ensure complete protection of users,” said Kalezić.


State Secretary in the Ministry of Finance and Social Welfare Janko Odović said that digitalisation is an excellent opportunity for Montenegro. “Our goal should be to enable technological and financial innovations to be one of the key Montenegro’s export products, having in mind the domestic economy’s structure and its dependence on tourism that showed its weaknesses during the pandemic,” Odović said. He added that the Ministry of Finance and Social Welfare would be an active participant in the forthcoming preparation and, later, implementation of the National Fintech Strategy, especially in the part of coordination on behalf of the Government and action towards creating a favourable environment for Fintech development.


The representatives of the Ministry of Finance and Social Welfare, Ministry of Economic Development, Ministry of Public Administration, Digital Society and Media, the Capital Market Commission and the Insurance Supervision Agency attended today’s workshop organised by the CBCG in cooperation with the European Fund for Southeast Europe (EFSE).


With the EFSE support, the CBCG provided technical support for developing the National Fintech Strategy by engaging an expert of the international Fintech consulting house Vedanvi from London Jay Tikam, who has significant experience in Fintech ecosystem development in many countries.


Financial technology – Fintech means using new technologies to improve and automate financial services. In 2021, 210 billion euros were invested in companies dealing with Fintech.