The Alternative Financial Services Association of North Macedonia
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National strategy for supporting of the FinTech-sector development will pave the way to accelerate the digitalization and the use of the newest technological achievements in finance

Meeting with the Association of Financial Companies and the governor of the National Bank of the Republic of North Macedonia.


Within the preparation process activities of the National strategy for a support of the development of the Fintech-sector, the governor Anita Angelovska-Bezhoska and a part of the National bank’s expert team held a working meeting with representatives of the Association of the financial companies. Among other things, the meeting had a purpose to inform and discuss about the new technologies that these financial institutions are using, as well as the challenges they are taking as new participants in the financial ecosystem.

In the discussion, it was pointed out that the fast growth of the alternative funding outside of the traditional channels, clearly indicates that there is a need for increasing the level of a financial intermediation in our economy. It was also specified that a part of the financial companies are using digital channels and new business models.

As it was discussed in the meeting, the National bank is actively dedicated to giving support for the development of the Fintech-sector. The interlocutors emphasized that the benefits and the opportunities for the Fintech-sector development in our country are numerous, like the opportunity for securing a lot of opportunities and better services, primarily for the consumers, but also for the small businesses. The Fintech-sector has a potential to increase the financial inclusion, to straighten the financial system, as well as to contribute for synchronizing of the financial system with the best international practices and help the country integrate in the European Union.

The National bank through the established innovation port, collaborates with all interested subjects, with a purpose to support and make the development of innovation easier in the field of finance. As a part of the activities of this segment, the National bank also started to develop the National strategy for support of the Fintech-sector development, which will define the activities and the measures to accelerate the digitalization and the use of the newest technological achievements in the field of finance. In that direction, at the working meeting, it was concluded that the National bank within its competencies, remains fully devoted to the decision to enable an open dialog with every interested sides which undertake activities to support the Fintech-sector.

The representatives of the Association of the financial companies is confirming the readiness for active involvement in creating a strategy for the Fintech development, as well as sharing experiences, knowledge and practices of the European countries with a more developed sector for financial and technological services. As a conclusion of the meeting it was confirmed the readiness for collaborating to create a National strategy for the Fintech developed in our country, whose holders will be the regulatory organs, with a support and a contribution by the stakeholders of the financial sector.

The Association of the financial companies remains dedicated to its mission to create a responsible practice, with a goal of a long-term collaboration and positive evaluation by the consumers and the institutions for regulating the market, along with explaining to the wider public about the different opportunities the financial companies that are using FinTech for development of individuals and the society can provide.