1. As the Chair of the Banking & Finance Committee, what initiatives and strategic goals are you currently promoting to improve the financial sector in BiH?
Given the broad membership of the Committee, our focus is multidimensional and is generally aimed at encouraging ideas and initiatives aimed at ensuring a sustainable and resilient financial sector that will contribute to the development of specific economic activities in BiH. Through the work of the Committee, we aim to encourage initiatives that strengthen the transparency, stability and competitiveness of the financial system, with an emphasis on strengthening the clarity of the legal framework and legal certainty. We would like to pay special attention to encouraging the implementation of modern financial trends in the local market, which can ensure faster and better access to services for citizens and businesses of all sizes. First of all, I am thinking of the digitalization of financial services, which I believe can greatly improve the quality of the client experience in using financial sector services, but on the other hand, make our market more attractive for investments and further development. Popularizing electronic signatures and encouraging the creation of a wide range of possibilities for their use in everyday activities is certainly not only the goal of our Committee, but also of many business entities, institutions and associations. Ultimately and at a strategic level, the goal is to promote the need to harmonize the regulatory framework with European practices and standards, thereby contributing not only to better service for clients, but also to stronger connections of BiH with European financial markets.
Of course, as a committee, we wish to help AmCham position itself as a strong partner of other sector associations that bring together banks, insurance, leasing and microcredit companies, including the Foreign Trade Chamber and the Foreign Investors Council, on specific topics. In this regard, we have also achieved concrete results through the organization of a couple of round tables coordinated by AmCham, at which the needs for improving the regulatory framework of foreign exchange payments and digital payments were promoted. Representatives of the insurance sector are also to be commended, who also organized a round table on the topic "How to achieve a sustainable pension and health system - insurance as part of the solution", which brought together representatives of all relevant institutions and entities for this topic and provided an opportunity to present open issues and proposals for improvement.
I use this opportunity to invite all members of our committee to highlight initiatives, activities and proposals on which we can work together through the committee and promote common interests.
I must emphasize that AmCham has a broad and respectable membership and I see this fact as an asset that provides a strong source of information, initiatives and proposals. The idea is to make a step forward in connecting the membership of AmCham by giving opportunities to members to present contemporary trends that can be useful to members and at the same time opportunities to introduce each other. We have already started with such an initiative and it will be presented to the members during this period.
2. How does the legal framework follow the development of digital technologies and fintech innovations, and how does this affect banks and clients?
It is undeniable that the development of digital technologies and fintech solutions brings great business opportunities, but also challenges. The legal framework in Bosnia and Herzegovina is gradually being adapted to European standards in various areas, and I think that in the financial sector a high level of compliance has been achieved in various areas, which ultimately makes this area highly regulated. Of course, further harmonization will be necessary in various areas, for example in relation to the PSD2 regulation and other related areas, and I would emphasize that it is particularly necessary with regard to the regulation governing transaction business and payment transactions with an emphasis on foreign payment transactions, where we think it is necessary to make a significant step forward in terms of the implementation of simpler and clearer solutions that will enable business entities and every citizen to have a faster and more efficient cash flow.
This area is one of those where in banks we have the largest number of complaints from clients and requests to simplify the process and conditions for the realization of transactions, which speaks volumes about the need to change the situation. The existing challenges in the area of foreign exchange payments arise primarily from the state of the regulations, which are quite outdated, and therefore we are launching various initiatives from round tables, conferences, as well as written initiatives to draw attention to the urgent need to amend these regulations and adapt them to current market needs.
Therefore, in order to fully utilize the potential of digital innovations, it is necessary, as I mentioned, to further strengthen the regulatory framework and accelerate implementation processes so that the market remains safe, competitive and adapted to the needs of users.
3. What legal advice is most important today for entrepreneurs and companies in BiH in the context of financial operations?
We live in a rather complex legal and regulatory environment, which carries its own specificities and challenges, which is why it is crucial for entrepreneurs and companies in BiH to continuously and timely familiarize themselves with the relevant regulations, which is not at all easy, and to ensure compliance of their operations with applicable regulations. The next step is to always try to highlight the illogicalities and ambiguities of the mentioned regulations and try to address the same to adequate addresses, in order to show proactivity in building a successful economic and legal framework. It is here that AmCham can play a key role in collecting, shaping and helping address such initiatives to the right addresses.
It is undoubtedly necessary to look ahead and prepare in advance for upcoming regulatory changes, especially in the area of digitization, ESG requirements and international standards, and pay special attention to:
- adequate risk management,
- personal data protection and cyber security, which is becoming crucial in digital business,
- adoption of ESG principles, because sustainable and responsible business is becoming an increasingly important criterion for investors and financial institutions.
In this way, entrepreneurs as a crucial economic factor create additional value and a safer environment for their partners, clients and the wider community.
