"The use of digital payments is growing year by year, but this does not mean that cash is dead. Cash continues to be used in Europe. For example, in the last four years, 75 percent of all transactions in Croatia were made in cash. Cash is still popular here, and many European countries, especially the northern ones, are amazed at this. We even received inquiries about whether paying exclusively in cash was legal at all. However, trends clearly show that Croatian citizens are increasingly using digital banking services", said Governor Boris Vujčić in the panel discussion "Fintech – Future of Banking" at the 16th Weekend Media Festival in Rovinj.

The panel, which was attended by the Governor, Hrvoje Ćosić, CEO of Aircash and Maximilian Tayentha, Vice President of the Management Board and COD of N26 AG, discussed how the fintech sector significantly changed the way we access financial products and services. The discussion was moderated by Mato Njavro, Dean of ZSEM.

Through the discussion on the role of technology in the development of digital banking, the panellists explained that traditional banking was a combination of transactional business and regulation, while digitalisation created a banking triangle that included an element of technology. All three elements must be in a kind of "coexistence" and respect the regulations of others and their own.

Adapting to a constantly changing regulatory environment is sometimes challenging and may limit innovation, but panellists agreed that fintech regulation was necessary.

"I think we have too much regulation. However, we need regulation. When it comes to fintech companies, we support innovation in regulatory terms, and our idea is to encourage a higher degree of innovation. We are preparing the ground for more innovation, for example through the PSD2 directive," the Governor said.