Montenegro's central bank sets up fintech hub

Montenegro's central bank sets up fintech hub
Central bank officials discuss the new fintech hub. / CBCG
By bne IntelliNews July 12, 2021

Montenegro's central bank said on July 12 it has established a fintech hub to provide support to startups and banks active in the field.

The CBCG FinTech Hub - Regulatory Innovation Center was set up to become a place where the fintech sector and commercial banks will be able to present their innovations and seek the interpretation of the central bank on innovations in the field of financial operations and payment service, the central bank said in a statement.

“By establishing the Regulatory Innovation Center, the Central Bank of Montenegro supports the development of modern technologies in the financial market in a way that improves the safe and efficient functioning of payment operations,” it noted.

The hub will aim to provide informal support to business entities that develop an innovative product or service in the field of fintech.

It will also be a platform through which the central bank will respond to inquiries, exchange opinions and provide clarifications.

CBCG FinTech Hub is open for consultations with all fintech companies, whether operating in Montenegro or abroad.