FinTech

Event report

[Read more session reports and live updates from the 2nd Western Balkan Digital Summit]

The panel presented some of the major bank and FinTech representatives from Serbia.

Mr Petar Stefanović (Executive Director for New Banking Technologies, Komercijalna Banka) said that Komercijalna Banka of Serbia is doing its best to start the wave of digitisation. Having on mind this is a several-part process, they already saw the benefits from it. In the first wave, their client base is now 19 years younger on average. Even different in approach, the banking systems are now heading towards future payment solutions. Komercijalna Banka sees the way forward in mutual co-operation between FinTech and traditional banking solutions.

Mr Drago Inđić (Director, Richfox Trinity BV, alternative investment fund) added that FinTech industry dived deeper to the financial sector and electronic money applications. Nowadays, banks are applications rather than buildings. FinTech scene also introduced the battle for the cheaper financial service. He also added that FinTech firms attracted a lot of talents in this area, by offering a different level of excitement to young skilled people. FinTech applications are deployed and updated by a rapid pace, which reduces the costs of organisational digital update. He also suggested the introduction of the crowdfunding investments, as a way to help developing FinTech companies. In the next ten years, he concluded, we must search for unified regional solutions.

Mr Nebojša Bjelotomić (General Director, Saga) shed some light on the new regulation for banks and financial institutions which will be set in motion from 14 September 2019. The data used by financial services should be available for all users and used transparently. He added that working with the industry has been a valuable input to help them understand the needs of the sector. Bjelotomic added that process of digitalisation is in many ways linked with the change of the business model. New business models and new products in this field should be rethought constantly.

Ms Snežana Jakovljević (Payment cards and Digital Banking, Bank Postanska Stedionica) added that still the largest number of transactions in Serbia is done for cash, followed by cards payments, and the new ways of payments are still the large market to be covered. In the long run, digitalisation brings cost reductions and simplified procedures, she added. She asked the regulators for understanding when introducing new regulations so that the institutions would have time to introduce services to users. It is important, she added, that all stakeholders push in the same direction.

Mr Vladimir Đorđević (Senior Advisor Banking, Insurance and other Financial Institutions, CCIS Serbia) pointed out that synergy of the traditional banking sector and the FinTech companies would be the most plausible way forward. Djordjevic added that Serbia’s CCIS is working on a platform for the exchange of information among actors. The draft Law on Alternative Funding in Serbia is in the consultation process and is soon expected to be part of the legislation. This can bring a new line of financing for all creative financial institutions, he concluded.

By Arvin Kamberi