In accordance with the Decision on minimum requirements for the information systems management in financial institutions (“Official Gazette of the Republic of Serbia” nos. 23/2013, 113/2013 and 2/2017), a financial institution is obliged to maintain its information systems in order to provide efficient operations. Maintaining of the information systems is obligation of the financial institution which may be outsourced to other legal entity after the prior notification of the NBS. The financial institution should conduct detailed analysis of the potential service provider to which the information system services will be outsourced, potential costs, and should provide continuous operations, risk management, etc.
There is no market for RegTech-services – these services may be provided only by the financial institution itself, and exceptionally by an entity to which they are outsourced.
Further regulation and market expansion in this area is expected.