Fintech 2026

SERBIA Law and Practice Contributed by: Željka Motika, Ivana Bulatović and Jovana Spasojević Gligorijević, Motika i partneri

Motika i partneri Belgrade 11000 Takovska 33/2 Serbia Tel: +381 62 262852 Email: office@motika.co.rs Web: www.motika.co.rs

1. Fintech Market 1.1 Evolution of the Fintech Market

2. Fintech Business Models and Regulation in General 2.1 Predominant Business Models

The digital assets sector – regulated under the Digi - tal Assets Act since 2020 – has developed gradually, slowly aligning not only with regulatory requirements but also with the discretionary expectations of other market participants, including banks. Resistance from legacy players, who are legally prohibited from engag - ing in digital asset activities or holding such assets, coupled with limited market knowledge, persisted until 2025. However, these barriers weakened over the course of that year, allowing digital assets and related services to gain a more stable foothold in the Serbian market. Amendments to payments legislation have also paved the way for the expansion of open banking, which is expected to grow significantly in 2026. Further, Ser - bia’s accession to the Single Euro Payments Area (SEPA) in 2025 marked a major milestone. Payment service providers are anticipated to become fully operational by mid‑2026, supporting broader finan - cial‑market development through more efficient pay - ment flows. Throughout 2025, both legacy financial institutions and other market participants introduced various AI‑driven solutions aimed at automating internal pro - cesses. This trend is expected to continue into 2026, in line with developments not only in Serbia but also within the global financial sector.

Payment services are among the most developed seg - ments of the fintech sector. Existing solutions include mobile banking, instant and cashless payments, QR‑code payments, and online payments supported by payment processors and e‑commerce integrations. Blockchain and Web3 technologies are primarily used in the digital assets space. Serbia has introduced a regulatory framework for digital assets, under which token issuances can be carried out with approval from the competent authorities. Additionally, services related to digital assets are offered by licensed service providers operating as legal entities. Another major area of development is the application of artificial intelligence (AI). Among current market participants – especially banks and insurance com - panies – AI is used in automated customer support systems (such as chatbots and virtual assistants), for processing client requests, and for detecting fraud and suspicious transactions. These solutions aim to optimise internal processes, reduce operational costs, and strengthen risk management. Across legacy market participants, the dominant trend is the digitalisation of retail financial services. Key developments include online account opening for domestic clients, digital submission of loan applica - tions, and the ability to conclude insurance contracts through electronic channels.

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