The UNCHAIN CEE Fintech Tour – Moldova wrapped up with two insightful panels discussing the future of the country’s fintech ecosystem. Topics included collaboration between banks and fintechs, cybersecurity, startup challenges, and Moldova’s EU integration. If you missed the live event, find below the recordings of both panels.
The Role of Banks and Fintechs in Moldova
Key highlights of the discussion:
Outsourcing vs. Insourcing: Experts discussed the importance of banks determining which services should be insourced, such as core banking, and which could be outsourced to fintechs for greater efficiency and innovation.
Collaboration between Banks and Fintechs: The panel emphasized the need for banks and fintechs to collaborate, with fintechs offering specialized solutions (like AI and automation) that complement traditional banking services.
Cybersecurity in Financial Services: A major topic was the need for robust cybersecurity measures, including training for employees and customers, to mitigate cyber threats and ensure trust in digital banking systems.
Strong Customer Authentication (SCA): The National Bank of Moldova highlighted the introduction of SCA to reduce fraud risk, with a focus on customer education to ensure compliance with new security requirements.
Customer Trust and Education: The importance of educating customers on security measures and the rationale behind regulatory changes to ensure confidence in digital payments and financial services was a key discussion point.
Nurturing Moldova’s Fintech Ecosystem
Key highlights of the discussion:
Challenges for Startups: The legal complexities of transitioning from local to international structures and the need for a sales-driven model due to limited access to long-term funding in Moldova.
EU Membership Prospects: The potential benefits of Moldova’s EU integration, including streamlined legal frameworks, easier access to European markets, and reduced barriers for attracting investments.
Impact of Geopolitical Events: The ongoing effects of the war in Ukraine, energy crisis, and other global challenges on Moldova’s economy, with expectations of recovery and growth as these issues stabilize.
Crowdfunding and Investment Regulations: The difficulty startups face in navigating national and international crowdfunding regulations, and the legal complexities of operating in both Moldova and the EU.
Optimism and Proactive Engagement: The importance of being optimistic and proactive in promoting Moldova’s tech ecosystem, participating in public-private discussions, and leveraging local talent for future growth.
