Body
FinTechs belonging to this category provide identification services, which are required for most banking services.
Introduction
Attitude of the country towards identification services
Generally speaking, one (1) of the main obstacles for development of the market for provision of these type of services by FinTech to the licenced banks is lack of relevant legislation while the banking regulations should be modified as well, and the model of obligatory physical identification of the clients should be abandoned.
Legal affairs
Obligations and requirements to provide identification services
There are no special legal requirements applicable to the provision of identification services by FinTech to the licensed banks in BiH. However, the market for these types of services is almost non-existent due to the identification requirement stipulated by the relevant banking regulation, under which the banks are required to request a physical presence of their clients for identification services.
Additional comments regarding the legal situation for identification services or what FinTech’s must be aware of in this business area
N/A.
Economic conditions
Market size for identification services and biggest companies in this business area
There is no real market for these kinds of services since they cannot be provided by any other entities except licenced banks.
Additional comments regarding the economic situation for identification services or what FinTech’s must be aware of in this business area
N/A.