SERBIA Trends and Developments Contributed by: Željka Motika, Ivana Bulatović and Jovana Spasojević Gligorijević, Motika i partneri
been authorised to offer digital asset acceptance and transfer services. This service would enable providers to accept digital assets on behalf of merchants, con - vert them into fiat currency, and remit funds to mer - chants’ bank accounts. The absence of authorisation limits the broader commercial use of digital assets, particularly virtual currencies, in everyday transac - tions. Capital markets in Serbia In contrast to the gradually expanding digital assets market, the Serbian capital market remains under - developed, characterised by low trading volume and limited participation. Apart from entities required by law to incorporate as joint‑stock companies, very few businesses voluntar - ily choose this corporate form, resulting in limited sup - ply of securities. Additionally, bonds – alongside shares, the only financial instruments traded on the Belgrade Stock Exchange – are issued predominantly by the Republic of Serbia. This lack of corporate debt issuance sig - nificantly limits investment opportunities and reduces the capital market’s role as a source of financing for Among fintech sectors in Serbia, payments and digital assets are the most developed. Payments, in particu - lar, represent one of the most dynamic fintech areas, with widespread adoption of mobile banking, instant payments, QR code payments, and online payments supported by e‑commerce processors. the private sector. Fintech in Serbia
Another key area is the application of artificial intel - ligence. Banks and insurance companies increasingly use AI‑driven tools for automated customer support, processing client requests, and detecting fraud or suspicious transactions. These technologies aim to optimise internal processes, reduce operational costs, and strengthen risk‑management systems. The regulatory foundation for open banking in Ser - bia was established with the 2024 amendments to the Law on Payment Services, aligning the domestic framework with PSD2 and introducing Payment Initia - tion Services (PIS) and Account Information Services (AIS). A transitional period is in place, with full imple - mentation expected on 1 January 2026. Although Serbia adopted PSD2 later than EU juris - dictions, these changes represent an important step toward developing open banking. By enabling regu - lated third‑party access to payment accounts and data, the amendments create conditions for innova - tion and increased competition. Market participants expect practical development and broader adoption of open banking solutions during 2026 as banks final - ise system adjustments and fintech companies intro - duce PIS‑ and AIS‑based products. A significant remaining obstacle for fintech develop - ment is Serbia’s foreign exchange regulatory frame - work. Strict controls on cross‑border transactions and extensive central‑bank oversight limit scalability and the ability to offer cross‑border services. Therefore, further development of the fintech sector – and broader capital market advancement – will require amendments to foreign exchange regulations to ena - ble smoother cross‑border flows, foster innovation, and support the creation of a stable and sustainably growing financial market.
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