NORTH MACEDONIA: ISA: financial regulators signed memorandum of cooperation in fintech area to build a development support system

30 March 2022 — Marina MAGNAVAL
At the initiative of the National Bank in North Macedonia, and in order to create conditions for supporting development of the fintech sector, the financial regulators - the National Bank (NB), the Ministry of Finance (MF), the Securities and Exchange Commission (SEC), the Agency for Supervision of Fully Funded Pension Insurance (MAPAS) and the Insurance Supervision Agency (ISA), signed a Memorandum of Cooperation, ISA said.

The Memorandum establishes a system through which the regulators will act in a coordinated manner, to implement the national Strategy for the fintech sector, the first version of which has already been prepared by the National Bank. The document envisages establishment of a Committee for Support of the Development of Innovations in the Financial System in the Republic of Northern Macedonia (Committee for the Fintech Sector), whose members will be the Governor, the Minister of Finance and the Presidents of the SEC, MAPAS and ISA. The Committee will be chaired by the Governor or the Minister of Finance, and the presidency will rotate once a year. In addition to the Fintech Sector Committee, other operational bodies will be established to work on the design and implementation of strategic activities to create a receptive fintech environment.

The first national fintech strategy would be ready this year and it would define solutions and policies that will support development of innovative technological solutions in the financial system. The development of the fintech sector is of great importance for strengthening of a country's economy, primarily due to its potential for increasing financial inclusion. For the citizens, it means more opportunities and cheaper financial services.

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