CBCG Supports FinTech Development


“Digitalisation is a great chance for Montenegro, and financial market’s future is in the cooperation of banks and FinTech companies”, concluded today’s meeting between the Governor of the Central Bank of Montenegro (CBCG), Radoje Žugić, and the representatives of the NGO ICT Cortex, a cluster of companies. This cluster accounts for some 50 percent of the Montenegrin market with around 400 employees and the share in total Montenegro’s export of 10%.

Today’s meeting was held at the CBCG initiative to promote cooperation between this institution and the IT sector on developing new technologies. These technologies’ creative solutions will facilitate and accelerate the symbiosis of technologies and customer services for the financial market of Montenegro.

The Governor pointed out that the CBCG is paying due attention to the developments FinTech-related development. “Recognising significant innovations in the payment industry and the accelerated digitalisation development, the CBCG has started the project of introducing instant payment services,” said Governor Žugić. In parallel, the CBCG supports FinTech development in banking and payment services and encourages cooperation between banks and FinTech companies to meet customer needs.

The forthcoming operationalisation of CBCG FinTech Hub as a regulatory innovation centre has been announced. The institution promotes FinTech development in banking and payment services to create a technologically advanced Montenegro with sophisticated skills and inclusive society. The CBCG informed the ICT Cortex representatives about implementing the Small Payments Strategy 2022-2026 and QR Code Standardisation. Finally, they pointed out the importance of adopting the new Payment System Law as soon as possible. The Law will fully transpose the EU Directive 2015/2366 on payment services in the internal market (PSD2) in the legal system of Montenegro. Inter alia, the Law provides for the new payment services introduction that would open the payment services market for new potential payment service providers (TPPs - Third Party Providers), namely payment initiation service providers (PISPs) and Account Information Service Providers (AISPs). The ICT Cortex representatives presented their vision of the current institutional framework for the payment and banking services. They also presented the innovation projects they have implemented in domestic and regional financial systems.

The Governor announced that the CBCG would organise a conference dedicated to the digital transformation in the banking sector in the last week of this September and invited his interlocutors to participate in the preparations for this event.

At the meeting, they agreed to draft a Memorandum of Understanding to deepen cooperation between the CBCG and the NGO ICT Cortex. The MoU will serve as a basis for developing institutional mechanisms for joint action to create innovative solutions and develop new business models tailored to modern market requirements.