Apart from already issued licence for operations in Montenegro, Union Pay issued international cross-border licence for eCommerce to Atlas Bank AD Podgorica.
Union Pay International is an international company of card association China Union Pay, operating in 162 countries, with membership of 1500 financial institutions and over 14 million card users. This card association with 43% of market share in global market in 2015. surpassed the most famous card associations Mastercard and VISA. Along with Alibaba and Baidu, China Union Pay represents a digital giant of Chinese economy.
By receiving an international licence, Atlas bank positions itself as the only bank in the wider region providing eCommerce service to local and international companies.
Thanks to this service Atlas bank will realize significant turnover. We expect international companies to initiate a more intensive business with Montenegro, and we will be able to attract other leading companies from international equity market. Presence of such companies greatly affects rapid standardization and modernization of electronic business, while contributing to strengthening of competitive position of Montenegro in regional and global economy.
We would like to thank the Central Bank of Montenegro, and Ministry of Finances for understanding, because they recognized the significance of E-economy and its introduction to Montenegrin market, even though Montenegro has still not implemented PSD and MIFID regulations.
We hope that this new service in electronic and payment operations will help Montenegro position itself as a regional financial center, following the example of some European countries like Cyprus, Malta, Baltic states, Luxembourg, Great Britain… By development of financial services Montenegro could achieve the income greater even than tourism industry.
Apart from introduction of cross border eCommerce service, Atlas bank is at the final stage of negotiations with company Wirecard from Germany, and it is expected to formalize this partnership soon. Wirecard is a financial technology company seated in Germany, which reached market value of EUR 22,5 billion. It is one of the blue chip companies at Deutsche stock market.
Wirecard shares doubled their value in previous year making this company one of the biggest European and global providers in electronic payment services.