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FinTechs belonging to this area offer traditional banking services in a modern way, usually through online services or mobile applications as well as ancillary services – e.g. enabling customers to manage their giro- or custody-accounts online and in real time or offering e-wallet services. Keywords in this context are also API-Banking or Banking as a Service (BaaS)/ Bank as a Platform (BaaP).
API-Banking:
API stands for application programming interface and is offered to access data banks and to extract and insert information. API-Banking consequently means the access to data banks of banks to offer new and innovative banking applications.
Through these services FinTechs offer services with new functions, e.g. enabling customers to manage their accounts online and in real time.
BaaS – Bank as a Service/BaaP – Bank as a Platform:
The API-based Bank as a Service platform has a full banking licence, but merely serves as the back end for standalone independent FinTechs, which “use” the licence and the back end of the bank to offer new financial services, launch additional financial products or expand into additional markets.
Introduction
Attitude of the country towards online-banking services
Online banking is becoming increasingly used as the principal service used by clients of most of the banks operating in Montenegro, especially since the beginning of the COVID pandemic.
Legal affairs
Obligations and requirements to provide online-banking services described above
Online banking services may be provided by the banks duly registered in accordance with the Law on Financial Institutions.
Additional comments regarding the legal situation for online-banking services or what FinTech’s must be aware of in this business area
N/A
Economic conditions
Market size for online-banking services and biggest companies in this business area
Please see answer to section a. vi.
Additional comments regarding the economic situation for online-banking services or what FinTech’s must be aware of in this business area
N/A