• 19 Jan

You are already a resident, have a work and residence permit in Macedonia, or you are planning to relocate? You are wondering about the different communities you can join here? Keep reading to learn more about the fintech community in Macedonia.

Origins

The origins of fintech can be traced back to the late 20th century with the rise of electronic banking and online trading. However, it wasn’t until the early 2000s with the advent of smartphones and mobile technology that fintech truly began to take off. The ability to access financial services on the go and the increasing use of digital platforms for transactions made it easier for consumers and businesses to access financial services. This led to the emergence of a wide range of startups and companies using technology to improve and automate financial services, and the birth of the fintech industry as we know it today.

Some of the top Fintech companies

1. Stripe: An American technology company, which allows both private individuals and businesses to accept payments over the Internet. 

2. Ant Financial: A Chinese financial services company, which operates Alipay, the world’s largest mobile and online payment platform. 

3. Square: A financial services and mobile payment company, known for its popular point-of-sale software and hardware for small businesses. 

4. Robinhood: A commission-free stock trading app, which allows users to buy and sell stocks, options, and cryptocurrency. 

5. Klarna: A Swedish bank, which specializes in payment solutions for online storefronts and smooth purchase experience. 

These companies have made a significant impact in the fintech industry and have become well-known names. They have been successful in disrupting traditional financial systems and have gained popularity in their respective regions. However, there are many other fintech companies that are also making a significant impact in their respective areas, for example, Circle, Monzo, Toss, and N26 among others. 

Fintech community in Macedonia

In addition, the statement from FintechMK:

FintechMK is the first community in Macedonia. Founded by fintech enthusiasts from different backgrounds, sprouted in December 2021 when we organized “The Era of Fintech” which was first of its kind in the midst of pandemic, inviting experts from academia and business sphere. This was proof that the public interest is there and the timing was perfect, taking into consideration the upcoming implementation of PSD2. We continued to invest our efforts towards developing the fintech ecosystem locally, by sharing global fintech news on our social media accounts and promoting relevant sources for reading.

Solid and sustainable development of the fintech sector on a national scale is heavily dependent on mapping the relevant stakeholders. Though The National Bank had published a feasibility study for Fintech in our country, we took over the initiative to find individuals who live and work in Macedonia, but also abroad in the sense of getting them involved in popularizing the fintech topic on a local level. We engaged these experts into publishing a series of blogs on relevant fintech topics such as Digital assets, CBDCs, AI in Finance, Payments and Regulation which resulted with a wave of interest among local experts as well.

We took the initiative a step further, towards fintech education and development among students. As fintech is not present in state university curricula to this day, we wanted to bridge the educational gap between finance and technology education in Macedonia, by launching the first FINTECH ACADEMY, supported by the State Department of the U.S. through the AEIF program. A group of international and local experts coming from local and foreign universities, banks and companies held their hybrid lectures in front of a group of 25 bright students from versatile educational backgrounds. They have also attended business case presentations from companies such as Viber, WhisperCash and from other experts in the blockchain technology and are about to start with their career mentoring program.  And the best is yet to come for these future fintech leaders. With this project we have taken the courage to contribute towards building a stronger, more diversified and resilient economy in North Macedonia.

Read more about FintechMK on Facebook and LinkedIn.

The next era of Fintech

The future of fintech is predicted to involve greater automation, personalization, and security. With technology like AI and machine learning, fintech companies will have the ability to personalize financial services for customers in ways that were not possible before. This will result in a more streamlined and efficient customer experience, with products and services tailored to individual needs. Additionally, security will be a top priority as fintech companies will invest in advanced security measures to safeguard sensitive financial data. Virtual and augmented reality technology will also be integrated to provide a more engaging and interactive experience for customers. 

Decided to relocate in Macedonia yet? 

If you still haven’t decided to relocate and build your business in Macedonia, we hope that this article has slightly pushed you towards a positive decision.
Feel free to contact us regarding registering a company in Macedonia, and getting your work permit and residence permit. Together with our immigration lawyer for a residence permit in Macedonia, we will make this happen.
Write us at: info@residencepermit.mk for any questions! 

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