3 October 2019, Skopje – Financial institutions must follow the inevitable changes. Even today we are already talking about fintech and insuretech, about the application of digital technology in both financial and insurance services. Enabled by new technologies and innovations in the next decade, you may operate in a financial landscape that bears little resemblance to today. A more assertive, values-driven and powerful consumer base, future technological disruptions and innovations, new ways of working and continued influence of the regulatory regime may define a financial ecosystem much different to the one we see today. To harness the opportunities associated with these changes, you will need to leverage your significant public trust, engage with operational and strategic challenges and articulate a clear and compelling vision for your role in the financial system, Minister of Finance, Nina Angelovska, said at the 7th Erste Investors’ Breakfast, attended by bankers and investors, held in Skopje.
At the moment, the financial system is important in credit support to both the corporate sector and the population, thereby supporting the economic growth of the country.
– With the rapid development of the technologies and the digital economy, the role of the banks is becoming even more challenging – not only to locate the high-quality projects and support them, but also play an important role in educating the market, the MSMEs in particular, the citizens and the end-users of their services.
It is our responsibility as Ministry of Finance, alongside with the Central Bank as regulator, to continuously focus on improving the regulatory framework. This will enable for more competitive environment that will ultimately lead to better and more innovative and more sophisticated solutions. New Law on Payment Services and Payments Systems is being in the process of preparation, which transposes the relevant EU Directives, whereby three debates were held with the relevant stakeholders.
Minister Angelovska also talked about the commitments of the Ministry of Finance to support the capital market and to ensure more attractive investment climate.
-As regards the capital market, let me stress that the Ministry of Finance is currently reviewing the initiative from the Macedonian Stock Exchange and the Securities and Exchange Commission for postponing and remodeling the personal income tax on capital gains. Along with this, we will review the timing and the way of implementation of the personal income tax on interest rates from deposits. In line with supporting the growth and protecting the interest of the real sector and the citizens, our efforts will be to ease the implementation and enable efficient and effective processes.