Much has changed in terms of Fintech’s positioning in Serbia and the region, but still not enough, says ZWEBB Fintech CEO Zoran Marinković
We spoke with ZWEBB CEO Zoran Marinković about the position of Fintech companies in our market – still predominatly banks – the future of the industry, the impact of artificial intelligence on the financial sector and the investment potential of the GCC region.
Many accolades confirm the quality of your products and commitment to Fintech development, the most recent being the Excellence in Finance SaaS award from the FiNext conference. What sets you apart from the competition?
— I believe the jury was guided by the fact that our products are used by a variety of financial companies and organisations across different parts of the world.
In our motivation letter, we highlighted clients from Sweden, Germany, Malta, Mauritius, Mexico and Saudi Arabia. The essence of the FiNext conference is internationalisation and the exchange of Fintech experiences between countries, so I believe we fit perfectly into this concept here in Dubai.
Could it be said that your presence in the Gulf countries—Saudi Arabia, Bahrain, and the UAE—also contributed to winning the award?
— The GCC (Gulf Cooperation Council) region boasts the world’s strongest investment potential, which was certainly an additional advantage. Understanding this market, as well as ensuring smooth communication with clients from the Gulf countries, is undoubtedly valuable. However, it’s also important to note that the final decision on award winners is made by the FiNext conference leadership in the United States, not locally in the Emirates. The investment potential of the GCC region is almost unparalleled, but it must be understood that investments and capital are allocated exclusively to exceptional conceptual solutions and projects.
How would you assess the current state of the Fintech industry and the financial sector in general?
— There is a great deal of hype around AI – too much, in fact. I addressed this at the conference and in interviews. Of course, artificial intelligence has a place in Fintech and the financial world. We are well aware that AI will help create useful services and tools for data analysis, transaction monitoring and other financial operations. However, AI cannot drive the Fintech innovations that the financial sector truly needs.
The investment potential of the GCC region is almost unparalleled, but it must be understood that investments and capital are allocated exclusively to exceptional conceptual solutions and projects
For instance, you cannot fully rely on AI-generated risk assessments for potential investments, because the data sources required for a high-quality AI process are still very limited worldwide. This will not change significantly over the next five years, so I believe it is better to remain focused on Fintech for now, and to only discuss AI when the conditions for its effective use are in place.
As for the traditional financial sector, I see banks here still sticking to their classic approach, while Revolut and neo-banks are irreversibly attracting clients and gaining market share.
The biggest Fintech expansion is yet to come?
— To be honest, the Fintech era in Serbia has not even begun. It appears that the banking lobby still firmly controls the legal framework, preventing Fintech companies from fully entering our market. A positive example is Yettel Bank, with its innovative, e-banking system, also the existence of the national payment card “Dina”, which secures country’s financial independence. Only a handful of nations in the world have that opportunity. There is also a top-class Fintech conference every May in Belgrade – Finticipate, which I warmly recommend. The real Fintech era will begin when platforms are introduced that allow for the seamless and automated financing of small and medium- sized enterprises by local private investors. That is what truly fosters inclusivity and prosperity, not banks and casinos.
