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Danilo Mrvaljević, Co-President of the FIC Financial Services Committee (Banca Intesa a.d. Belgrade)

Sustainable Financing Is Crucial for Serbia

Through the organising of public events that bring together key stakeholders from the world of public policy and business, and through the work of our committee, we generate new ideas to improve the financial market

Serbia’s capital market cannot yet be considered adequately developed, as banks remain the dominant institutions responsible for the intermediation of capital surpluses and their allocation to credit seekers. However, this does not discourage the FIC from continuing to make significant efforts and initiate new progress through cooperation with government bodies and all relevant market participants, in order to remove regulatory, infrastructural, and institutional barriers to the deepening of the bond and equity markets – representing the key pillars of a diversified capital market.

The second FIC Financial Services Conference that was held recently brought together a number of prominent representatives of the expert community with the aim of exchanging views and formalising the next joint steps in the process of developing and deepening the market. Speaking on that occasion, National Bank of Serbia Governor Tabaković highlighted, among other things, the example of the highly dynamic development of the IPS (Instant Payment System), which significantly improves the payment system for citizens and businesses. She also announced a partnership with Rakuten that will enable mobile payments via the popular Viber app for certain types of transactions.

We propose the introduction of new financial services and instruments

The FIC will remain committed to improving the regulatory, infrastructural, and institutional framework with the aim of deepening the bond and stock markets, which are key pillars of a diversified capital market

The discussion additionally covered technological tools that allow for a greater number of transactions in a secure manner, while simultaneously improving the efficiency of intermediation among financial market participants, as well as new forms of debt financing in support of the so-called “Green Agenda.”

Particularly emphasised were “Sustainable Bonds” (ESG Bonds), a type of debt securities through which the state and companies will raise funds on favourable terms to finance projects that contribute to environmental and socially significant aspects of preserving the environment and ensuring the sustainable functioning of an inclusive society. Such examples of robust technological development in the provision of financial services and instruments for financing sustainable development projects provide further impetus to competition in the financial services sector and the emergence of dynamic fintech companies, which will gradually take an increasing share of the market from traditional players, to the benefit of service users.

Given that Serbia is a signatory to the Paris Climate Agreement, sustainable financing is expected to become increasingly central to companies’ operations. With its successful issuance of sustainable Eurobonds, the state has set a gold standard for other companies in this important and promising segment of the capital market. Significant results from the government’s initiative to issue corporate bonds by companies and incorporate these instruments for trading on the Belgrade Stock Exchange are also expected this year.