Macedonian International Journal of Marketing No.14 pp. 1-5 (2022)
Example doi number: https://doi.org/10.0000/JOSAB.1.000000
OPPORTUNITIES FOR DEVELOPMENT OF THE FINTECH SECTOR IN NORTH MACEDONIA
Saska Pop-Dimitrijoska Trenkoska
Abstract
Digital transformation creates challenges in all spheres of human life and work. The development of digital transformation has also imposed the need of FinTech (financial technology) initiatives, which are recognized as some of the most important innovations in the financial industry.
FinTech is an abbreviation of the words – financial technology, and combines Finance, Technology Management and Innovation Management. FinTech can refer to startups or existing companies in the financial sector and companies that have business models based on innovative technologies. The term FinTech can also refer to the technologies themselves, whether applied by new companies or traditional market participants, such as banks.
The subject of analysis in this paper is to understand the current environment for the development of FinTech and alternative financial services in North Macedonia and to assess the opportunities, barriers and challenges for innovation and entry of new participants in this segment of the financial market.
The paper explains readiness for digital transformation through explanations of the advantages and disadvantages, and through the efforts of the National Bank of North Macedonia, institutional and other market participants, building a strategy to support the development of the fintech sector.