Serbia becoming new fintech hub of Southeast Europe, GDP per capita reaching USD 15,000

The prestigious British specialized portal The Fintech Times has published an analysis in which it recognizes Serbia and Belgrade as a potential new fintech hub of Southeast Europe. In the article titled “Serbia: The Next Fintech Hub in Southeast Europe?” author Richie Santosdiaz analyzes the development of the Serbian technology sector, the growth of ICT services exports and the increasingly important role of domestic companies in the international market.

Growth of economy and technology sector

One of the data highlighted in the analysis is the projection that Serbia’s GDP per capita will reach approximately USD 15,000 this year, which the author links with continuous economic growth and increased investments over the past decade.

Special attention is paid to the information and communication sector, which is among the fastest growing export sectors of Serbia. According to data cited by The Fintech Times, the export of ICT services has reached billions of dollars annually, making this sector increasingly competing with traditional branches of the economy as a source of foreign exchange earnings.

The author assesses that Serbia is increasingly positioning itself as a country that offers not only a cost-competitive workforce, but also a developed base of engineers, programmers and technology companies capable of developing products for the international market.

Fintech developed for international market

The Fintech Times particularly highlights the character of the Serbian fintech ecosystem. Unlike markets where fintech is mainly developed in response to local needs, a part of Serbian companies has been focused on clients and markets outside the country from the beginning.

According to the analysis, Serbia has developed companies that offer fintech and technology solutions to international users, with domestic experts participating in the development of infrastructure used throughout Europe and other markets.

Among the companies mentioned by the author is Tenderly, a Belgrade-based company that develops infrastructure for Web3 and blockchain. The Fintech Times describes it as one of the leading European companies in this field, whose solutions are used by developers and companies to develop, test and monitor blockchain applications.

Another example is ASEE (Asseco South Eastern Europe), whose solutions include digital banking, e-commerce and payment systems, and are used in the financial sector across the region.

Digital infrastructure and regulatory framework

As one of the factors contributing to the development of digital financial services, The Fintech Times also cites Serbia’s progress in the field of payment infrastructure.

The instant payment system of the National Bank of Serbia, which enables transactions to be executed in real time, is particularly highlighted. The author also points to the development of the regulatory framework for digital assets and bringing financial regulations in line with European standards.

According to the analysis, Serbia has been developing a regulatory and technological environment in recent years that allows fintech companies to experiment and develop new products, while at the same time preserving the stability of the financial system.

From regional market to global export

The Fintech Times estimates that Serbia’s greatest potential lies not only in the development of domestic digital financial services, but also in the ability of companies to export technological solutions developed in Serbia to international markets.

Precisely because of the combination of a developed technological base, growing exports of ICT services, fintech companies with international clients, and the development of digital infrastructure, the author sees Serbia as a candidate for the position of one of the future fintech centers of Southeast Europe.

B. Petrovic

ASEE Solutions doo Beograd

Tenderly d.o.o. Beograd

Narodna banka Srbije Beograd

The Fintech Times

ASEE

Asseco South Eastern Europe

Tenderly Belgrade

National Bank of Serbia

Richie Santosdiaz

fintech

instant payments

export of ICT services

GDP per capita of Serbia