SERBIA Law and Practice Contributed by: Željka Motika, Ivana Bulatović and Jovana Spasojević Gligorijević, Motika i partneri
Technical and market solutions related to the open banking concept are also progressing, supported by gradual alignment with regulatory requirements and the infrastructure of banks. Crowdfunding plat - forms are present in the market as well, though their reach remains limited due to regulatory and for - eign‑exchange constraints. The receivables‑financing segment is likewise developing, with digital factoring models and invoice‑financing platforms emerging – particularly targeting small and medium‑sized enter - prises and their liquidity‑management needs. 2.2 Regulatory Regime Serbia is not a member of the EU, and EU law does not apply directly. However, the country’s key financial regulatory framework is largely aligned in practice with the PSD2 and EMD2 Directives. The fintech sector is regulated through several stat - utes, with the applicable regime depending on the legal qualification of each specific service. The pri - mary supervisory authorities overseeing most fintech verticals are the National Bank of Serbia (NBS) and the Securities Commission. In the area of payment services, the Law on Payment Services applies and is aligned with PSD2. Payment services – including open banking – may be provid - ed only by entities licensed by the NBS, specifically banks, payment institutions, and electronic money institutions. Payment processors may operate under the technical service provider exemption, provided that they do not hold or control client funds at any point. Digital lending models (including online banking) fall under the general rules on lending and consumer pro - tection. These services may be offered exclusively by banks in accordance with the Banking Act. When loans are provided to individuals or sole traders, addi - tional consumer protection rules also apply. Serbia does not yet have a dedicated regulatory regime for peer‑to‑peer or crowdfunding lending. This leaves some scope for alternative legal structuring but also creates a degree of regulatory uncertainty.
Investment and trading platforms dealing with financial instruments fall under the Capital Markets Act, which is largely aligned with MiFID II principles. Such plat - forms require authorisation from the Securities Com - mission unless they operate through already‑licensed intermediaries. The Digital Assets Act establishes a national regula - tory framework for token issuers and digital asset ser - vice providers. This framework is domestic in nature and is not yet aligned with the EU’s MiCA Regulation. In the insurtech sector, the digital distribution of insurance products is governed by the Insurance Act. These activities require authorisation for insur - ance agency or brokerage services and fall under the supervision of the National Bank of Serbia. Alongside sector‑specific regulation, most fintech business models must also comply with horizontal regulatory requirements, particularly those relating to anti‑money laundering and counter‑terrorist financing, In Serbia, fintech fee structures depend on the spe - cific type of financial service being provided. There is no standalone “fintech” charging regime; instead, fee models and transparency obligations follow the sector‑specific rules applicable to each regulated activity, particularly those relating to payment ser - vices, consumer lending, investment services, and digital assets. In the payment services and electronic money sec - tors, providers may charge transaction fees, account maintenance fees, and fees for the issuance and use of payment instruments. All fees must be clearly out - lined in the framework agreement and accompanying fee schedule, disclosed to users before a contract is concluded, and any changes must be communicated in advance. Digital lending fees may include interest, process - ing fees, administrative charges, and default inter - est. Recent amendments to the consumer protection framework have introduced interest‑rate caps, limits on early‑repayment fees, and prohibitions on certain as well as consumer protection. 2.3 Compensation Models
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