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The Central Bank of Montenegro (CBCG), the Ministry of Finance and Social Welfare, and the Ministry of Public Administration, Digital Society and Media set the financial technologies’ development high on their list of priorities, was the message of today’s CBCG FinTech conference titled “The Impact of FinTech on the Future of Banking and Financial Services”.

The CBCG Governor, Radoje Žugić, and the United Nations Development Program (UNDP) Resident Representative for Montenegro, Daniela Gasparikova, opened the conference.

In his introductory speech, Governor Žugić pointed out that digitalisation highly influences the change in the business model of banks that more than ever focused on better understanding their clients’ needs. On the other hand, clients are increasingly looking for efficiency and ease of bank services.” Therefore, the CBCG intends to encourage the new technologies implementation in banking and motivate banks to further improve the quality of their services in cooperation with small and innovative companies.

Gasparikova pointed out that the digital transformation is happening in Montenegro, but it is unevenly distributed. “Digitalisation should aim at improving the living conditions of all people equally. Its preconditions are, above all, removing infrastructural barriers and improving human capacities, “Gasparikova believes.

The conference was followed by three panels. These panels discussed the technological and financial innovations’ impact on banking development, but the society in general in Montenegro, and the impact of technology on payment systems transforming.

The conference attendees, organised by the CBCG in cooperation with ICT Cortex and the Association of Montenegrin Banks, were domestic and foreign experts in the financial, IT and fintech sectors. They also included representatives of central banks of Hungary, Croatia, Macedonia, Albania, the representatives of Montenegrin and international fintech companies, representatives of banks operating in Montenegro, and the representatives of the Ministry of Finance and Social Welfare and the Ministry of Public Administration, Digital Society and Media.

After the conference, the first CBCG FinTech hackathon titled “The Future of Digital Banking anf Payment Services in Montenegro” officially began. Within the Hackathon, in the next 48 hours, five teams of finalists will compete for valuable prizes provided by the CBCG.