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FinTechs belonging to this category offer advisory and broking services for investments usually via an internet platform.
Robo advisory services usually offer an investment proposition following a series of questions concerning the personal financial background and the risk-bearing capacity of the user. Sometimes the respective platform also enables the user to directly execute the proposed investment.
Auto-trading concerns all services which automatically trade on behalf of the customer according to his or her specifications.
Apart from that some FinTechs collect and offer merely or as an ancillary service market information or operate comparison portals to increase the transparency of the capital markets and to help the investor with his decision-making.
There are also FinTech-advertising-services which advertise various financial services or products.
Introduction
Attitude of the country towards modern financial advisory and broking services
Financial advisory services in Montenegro are provided by the certified advisors that hold the license issued by the Securities Commission. Therefore, the market is not quite open for the type of services described herein, as the applicable legislation prescribes for strict conditions under which those licenses are issued to the investment institutions and their employees engaged in the provision of such services.
Legal affairs
Obligations and requirements to provide financial advisory and broking services, or ancillary services described above
Financial advisory and brokering services are provided by persons who are employed within the duly licensed investment institutions and are licensed to perform such services. The license is issued by the Securities Commission, to persons who have passed the relevant exam to provide such services, and that comply with the extensive legal requirements to do so.
In other words, modern financial advisory services, such as robo advisory and auto-trading may not be performed under Montenegrin law.
Additional comments regarding the legal situation for financial advisory and broking services, or adjacent services or what FinTech’s must be aware of in this business area
N/A
Economic conditions
Market size for financial advisory and broking services as well as adjacent services and biggest companies in this business area
As already pointed out, modern financial advisory services are not quite present in Montenegro, and accordingly there is no market to be assessed therein.
As far as the traditional financial services are concerned, there are 13 companies registered for the provision of financial advisory services in Montenegro, most of them being banks.
Additional comments regarding the economic situation for financial advisory and broking services as well as adjacent services or what FinTech’s must be aware of in this business area
N/A