Canada    FinTech Guide    Chapter 8    Serbia

8. Online Banking Services
Serbia  Serbia

The comparative analysis of available m-banking services has shown that Serbian banks do not lag behind the latest trends. The fact supporting this is the opening of Telenor Bank, owned by one of the largest mobile telecommunication companies, operating in 14 countries, with 189 million of subscribers. According to the comparative analysis, three banks offer the most m-banking services to their clients: Telenor Bank, Erste Bank, and Societe Generale Bank. Not far behind are Banca Intesa, and Raiffeisen Bank, and UniCredit Bank.

Legal Affairs

Online banking services in Serbia can be performed only by licensed banks. These activities may only be outsourced to other entity on the basis of the agreement concluded with the financial institution and after the NBS is duly informed on all ancillary documents and draft outsourcing agreement. Please note as well that the applicable laws and regulations do not explicitly state which activities may be outsourced, and which may not.

Economic Conditions

There is no real market for these kind of services since they cannot be provided by any other kind of entities except licenced banks.

According to the data of the NBS, the number of clients using Internet banking is much higher than the use of mobile banking, but with a significant increase of m-banking users.

The comparative analysis reveals that Societe Generale Bank, Erste Bank and Telenor Bank offer most m-banking services to their clients.

Economic Conditions

Further regulation and market expansion in this area is expected.

It is noticed that they have something in common, and that is technology developed by one company called Asseco.

Contributing Authors

Karanovic & Nikolic

Marko Ketler
Belgrade, Serbia

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Chapter Index:

1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018