As part of UNCHAIN’s mission to highlight the fintech and financial services landscape across Central and Eastern Europe (CEE), this year we are embarking on a regional tour to explore the potential and opportunities in each country.
Our CEE Fintech Tour kicks off with Moldova, where digital finance is gaining momentum. Banks are modernizing, regulations are aligning with European standards, and digital payments are becoming increasingly common.
Short on time? Here’s a quick summary:
- Moldova’s fintech sector is still emerging, but digital finance is on the rise.
- Traditional financial service providers are driving digitalization forward.
- Funding remains a challenge but new investment is increasing
Fintech may not be the first thing that comes to mind when thinking about Moldova. A small market, a developing economy, and a financial sector that has only recently begun catching up. But change is happening—gradually and unmistakably.
Banks are starting to move beyond traditional models and there’s a growing push for digitalization. Yet, significant hurdles remain. Regulatory challenges and limited funding make it difficult to position fintech as a key driver of economic growth.
So, where does Moldova currently stand in the fintech space? And more importantly, where is it headed?
Rules, Regulations, and Reality
If there’s one thing fintech companies love, it’s clarity. And that is especially true when it comes to regulations. In Moldova, the country’s financial framework has been evolving. Influenced by European standards and a growing push for digital finance, it’s on its way.
At the center of it all, the National Bank of Moldova (NBM) plays a key role in keeping the economy stable and making sure the banking system runs as it should. In 2023, the economy grew by 0.7%, recovering from a decline, partly due to NBM’s efforts.
One of the biggest steps forward has been aligning with European fintech regulations, particularly PSD2 (Payment Services Directive 2)—even though Moldova is not an EU member state. Despite this, the country has implemented key PSD2 principles, setting up a framework for payment account services, remittances, and open banking.
In 2024, NBM took a big step forward, submitting Moldova’s application for SEPA membership and launching MIA, the Instant Payments System. These changes are meant to bring Moldova’s financial sector closer to EU standards and make payments easier for everyone.
On the compliance side, Moldova is also pushing forward witheKYC (electronic Know Your Customer). This will help reduce the cost to onboard new clients to digital finance solutions, helping to promote the access to digital financial services.. Looking ahead to 2025, NBM’s Strategic Plan focuses on financial stability, innovation, advancing monetary policy tools, and supporting Moldova’s EU integration. The goal is to build a stronger, more modern financial system that supports the country’s growth.
Source:https://www.bnm.md/en/content/strategic-plan-national-bank-moldova-bnm-2025
Where’s the Money?
Right now, traditional banks still run the show in Moldova. As of March 2024, 11 licensed banks are operating under the National Bank of Moldova (NBM), holding the majority of the country’s financial assets. These banks are stable, profitable, and growing, with most of their profits coming from traditional lending and investing in debt securities.
The bigger issue is that lending is still tight. Loans make up only 43% of bank assets, and Moldova has one of the lowest loan-to-deposit ratios in the region. Banks are sitting on cash, but not lending as much as they could, which limits business growth and investment opportunities.
One of the biggest players in Moldova’s banking sector is Maib (Moldova Agroindbank). It holds a 37.4% market share in total loans and reported a net profit of MDL 399 million (€20.6 million) in Q3 2024, a 21.4% increase year-over-year.
That being said, mobile-first financial services are starting to make their way into the market. In 2023, Moldcell launched ‘moldcell money’, becoming the first telecom operator in Moldova to offer a full-fledged digital wallet.
The market is definitely going in the direction of digitalization. OTP Bank Moldova is doubling down on digital transformation and sustainable growth, earning recognition as Best Bank for SMEs, Corporates, and Corporate Responsibility.
At the same time, Victoriabank has also been prioritizing digital banking and customer engagement. In 2024, it made a major move by acquiring BCR Chișinău, with support from Financial Group Banca Transilvania to integrate the new operations.
Source:https://www.bstdb.org/BSTDB_Overview%20of%20the%20financial%20sector_MOLDOVA.pdf
Behind Moldova’s Digital Finance Shift
Moldova’s ecosystem doesn’t revolve as much around fintech companies. In reality, the foundation of the country’s shift toward digitalization comes from tech providers and payment processors. They are the ones modernizing the system from within, helping traditional institutions integrate new technologies.
Maib is a great example. In 2024, Mastercard named it the leader in digital banking experience, as the bank has been continuously investing in digital banking with its Maibank app reaching 700,000 active users. More than 70% of loans and 74% of deposits are now processed online, signaling a shift toward mobile-first banking.
At the same time Eximbank, a key member of the Intesa Sanpaolo Group, has partnered with ASEE to build an Open Banking Platform, which could pave the way for more fintech integrations.
Meanwhile Salt Edge partners with banks like Comertbank to integrate open banking solutions, allowing for secure financial data access through APIs and supporting the bank’s digital transformation.Beyond banks, tech providers are stabilizing the infrastructure. DAAC Digital, in partnership with Maib, has been working on improving banking security and digital infrastructure.
Fintech Startups: Innovation In Progress
Despite the small size of Moldova’s fintech ecosystem, there’s noticeable movement. New ideas are getting funding, investors are paying attention, and there’s a real push to build something sustainable. Here are some fintech startups to watch:
Fagura– A peer-to-peer lending platform connecting entrepreneurs and investors, raising €1 million, and expanding across Central and Eastern Europe. It provides freelancers and small businesses fast access to capital.
Paynet– A mobile wallet turned payment solution provider, offering transfers, bills, loyalty programs, and remittances, now integrating with MIA Instant Payments for real-time transactions.
BPay – A payment solution provider with its own network of Cash-In/Cash-Out terminals and ATMs. In 2024, it partnered with CryptoSphere to enable cryptocurrency trading.
Omnis – Moldova’s first insurance app offering services like RCAs, Green Card, and Travel Insurance, along with automatic insurance imports and reminders for expiring documents.
In terms of funding, that is still a challenge. In 2022, 11 Moldovan tech startups raised a total of $11 million, with an average investment of around €865,000 per deal. Compared to other regional markets, there’s still a long way to go.
There has been some move in the right direction by European Bank for Reconstruction and Development (EBRD), committing €10 million in 2024 to the GapMinder Fund II. The funds will go directly to early-stage tech startups in Moldova and neighboring countries. This will further support the ecosystem’s access to much-needed capital.
Support & Acceleration
Fintech associations play a key role in fostering collaboration, advocacy, and knowledge sharing within the fintech industry. Fintech Moldova is actively working to bring the financial sector and tech innovators closer together, fostering collaboration, advocacy, and knowledge sharing within the fintech industry. Through events like the Fintech Moldova Conference and the Digital Banking Club, they’re helping drive conversations between banks, fintech founders, and regulators—something that’s critical for the sector’s long-term growth.
Recently, they also became an official UNCHAIN ambassador, further helping shape the conversation around fintech growth in the country. This week, this conversation continues with an online event dedicated to Moldova’s fintech ecosystem. Fintech Moldova will serve as the primary point of contact for representing the country, ensuring smooth coordination and communication with the local ecosystem.
Moldova: A Landscape Worth Watching
Moldova’s fintech sector is steadily accelerating growth. Between new regulations, better payment systems, and a growing digital-first mindset, things are shifting.
Digital payments in Moldova are growing fast. Right now, the market is worth $1.25 billion, but with an annual growth rate of 27.2%, it’s expected to hit $4.17 billion by 2029. To put that in perspective, the entire Eastern European digital payments market is projected to grow from $249.2 billion in 2024 to $618.4 billion by 2029—a 19.9% annual growth rate.
So while Moldova’s market is still small in absolute terms (less than 1% of the region’s total), it’s expanding pretty fast. The growth is fueled by mobile wallets and online banking (with names like Moldcell and Paynet leading the way) and the slow but steady move away from cash-heavy transactions. However, access to finance remains a significant challenge, with only 64% of adults holding bank accounts. In response, the government is prioritizing financial inclusion, and the National Commission for Financial Markets is developing strategies to support capital markets and broaden access to financial services.
In March 2024, Moldova’s new crowdfunding law (Law No. 181/2023) officially went live, opening up an alternative way for startups and small businesses to raise money. The law sets clear rules for how crowdfunding platforms can operate, what protections investors have, and how businesses can use these platforms to attract funding. Right now, most early-stage startups in Moldova struggle to access venture capital or bank loans, so having a regulated way to raise funds from the crowd could be a big step forward.
Moldova’s fintech sector is steadily moving forward. The next few years will show just how fast Moldova can turn potential into real growth. The country is still at a turning point shaped by larger geopolitical and economic shifts. This means now’s the right time to be paying attention.
For those who want to get a closer look at the market and see where it’s heading, UNCHAIN’s CEE Fintech Tour is kicking off in Moldova on February 20th, 3PM CET.This is the place to hear directly from the source, from the people shaping Moldova’s ecosystem and financial future. More details here.
