Goal of the Central Bank of Montenegro to respond to new challenges and meet the growing demands of consumers

Published on 26. February 2023., News

In the coming period, the Central Bank of Montenegro (CBCG) will jointly work with representatives of the financial sector to create conditions for a faster transformation of business in that area, Governor Radoje Žugić announced.

Addressing representatives of the financial sector at a workshop held in the CBCG, he said that their goal is to respond to new challenges and meet the growing demands of consumers.

Namely, on Thursday and today, several workshops were held in the supreme state institution, as part of the activities on the development of the national fintech strategy, intended for different sectors that affect the functioning and development of the national fintech system.

The workshops were attended by representatives of the public administration, regulators, academic community, financial and IT sectors.

“The held workshops represent the continuation of communication and coordination in connection with the development of the national fintech strategy, and they were preceded by research on the status of the development and application of fintech and digital financial services in Montenegro,” the announcement states.

The workshops discussed proposals for joint activities, based on the recommendations of the mentioned research, as well as concrete next steps towards the development and implementation of the national fintech strategy, as well as determining the roles and responsibilities of individual actors in the upcoming processes.

Vice-Governor Zorica Kalezić thanked the European Fund for South-Eastern Europe (EFSE), with whose help the Central Bank of Montenegro provided technical support for the development of a national fintech strategy, in the form of the engagement of an expert from the international fintech consulting company Vedanvi from London, Jay Tikam.

“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, with regulations aligned with EU directives and standards, will contribute to attracting foreign direct investments and strengthening exports,” Kalezić announced.

Financial technology (fintech) implies the use of new technologies in order to improve and automate financial services. Fintech helps individuals and companies better manage their financial activities.