Answer ... (a) Crowdfunding, peer-to-peer lending
Acting as an intermediary in crowdfunding and peer-to-peer lending is an unregulated activity. Companies that engage in such activities must ensure compliance with the requirements under consumer protection, privacy and data protection, cybersecurity and anti-money laundering legislation.
(b) Online lending and other forms of alternative finance
Lending to consumers is a regulated activity and companies that intend to engage in such activities must be authorised by the Ministry of Finance. Such companies must also ensure compliance with the requirements under consumer protection, privacy and data protection, cybersecurity and anti-money laundering legislation.
(d) Forex
A foreign currency exchange service is a regulated activity in North Macedonia which may be provided only by a bank or financial institution.
(e) Trading
Trading is a regulated activity which must be authorised by the Macedonian Securities Exchange Commission. Trading must be conducted on the Macedonian Stock Exchange (MSE) – the only regulated stock exchange in North Macedonia, which acts as a central marketplace for the admission and trading of equity, debt and other securities.
In 2014, to facilitate integration with other Southeast European markets, the MSE – together with the Bulgarian Stock Exchange and the Croatian Stock Exchange – established SEE Link. SEE Link is a special purpose business vehicle which operates an electronic system for order routing between stock exchanges in Southeast Europe. The principal objective of SEE Link was to integrate regional equities markets without merger or corporate integration, using only technology that enables participating stock exchanges to remain independent, yet complementary, and that affords investors a more accessible, more efficient approach to these markets through a local broker. Today, SEE Link has a combined equity market capitalisation of more than $50 billion, allowing order routing of almost 1,200 securities listed on exchanges in Bulgaria, Bosnia and Herzegovina, Croatia, Macedonia, Serbia and Slovenia.
(f) Investment and asset management
Investment and asset management is a regulated activity which must be authorised by the Macedonian Securities Exchange Commission. Fintech companies must ensure compliance with all sector-specific requirements to engage in the management of investments and assets.
(g) Risk management
Banks and financial services firms are subject to risk management rules and internal control requirements. These requirements will also apply to fintech companies.
(h) Roboadvice
There are no specific regulations applicable to roboadvice companies under Macedonian law. If a roboadvice company provides advice in any of the regulated activities, it will be required to obtain proper authorisation.
(i) Insurtech
Insurance (life and non-life) is a regulated activity in North Macedonia which must be authorised by the Insurance Supervision Agency (ISA). The ISA is authorised to oversee and issue authorisations to insurance brokerage companies, insurance agencies, insurance brokers and agents. Insurance companies generally offer insurance online and there are a few start-ups which provide data analysis in the insurance sector.
