n information system and significant payment security incident, in accordance with defined levels of security incidents.
Additional comments regarding the legal situation for online-banking services or what FinTech’s must be aware of in this business area
Recently, a Strategy for Financial Education and Financial Inclusion of the Republic of North Macedonia, 2021-2025 was adopted, whereas it is envisaged that measures in relation to a legal framework for protection of consumers in the area of finance are required.
Economic conditions
Market size for online-banking services and biggest companies in this business area
The banking sector in North Macedonia has been consolidating. Eurostandard banka has been stripped of their approval for operations, while in 2021 Ohridska Banka AD Skopje merged with Sparkasse Banka. The biggest banks by assets, as of 30 September 2021, are Komercijalna Banka, Stopanska Banka and NLB Banka, whereas all three (3) banks exceed the amount of MKD 100 billion of assets. Percentage wise, Komercijalna Banka has 23,7%, Stopanska Banka has 17,6%, NLB Banka has 16,9%, followed by Sparkasse banka with 11,7% and Halk Banka with 11,4%. Banks that have less than 10% of market participation are Prokredit Banka, Univerzalna Investiciona Banka, Stopanska Banka AD Bitola, Razvojna Banka na Severna Makedonija, Centralna Kooperativna Banka, TTK Banka, Silk Roud Banka and Kapital Banka.
Additional comments regarding the economic situation for online-banking services or what FinTech’s must be aware of in this business area
The use of online-banking services is on the rise in North Macedonia. In 2020, only 15,2% of the population used online-banking services, while during 2021, the number of people using online-banking services reached 31,1%. Overall, it is expected for this trend to continue to rise.