Canada    FinTech Guide    Chapter 9    Serbia

9. Analytics and Research / Data Management / Risk Management
Serbia  Serbia

Further regulation and market expansion in this area is expected.

Legal Affairs

Providing data and risk management or analytic and research services in FinTech can be performed only by licensed financial institution, i.e. bank or payment institution/electronic money institution. 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. The financial institution which is planning to outsource some of its activities should firstly provide risk management policies in accordance with the NBS requirements.

Performing those activities is not licensable activity, but may be performed only in cooperation with the financial institution.

Economic Conditions

There is no market for these kind of services, since they can be provided only by licensed banks/payment institutions.


Further regulation and market expansion in this area is expected.

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