Moldova

According to the Global Findex Database, 76% of Moldovans had access to the internet at the end of 2020. 

Moldova has approved new regulations on the payment services market in order to harmonise with the PSD2, which is a European Directive that regulates electronic payment services. The legislative measures will stimulate transparency in the field of electronic payments.

44% of Moldovan adults had bank accounts at the end of 2020, leaving 56% unbanked.

Moldova still has low financial inclusion. The government has enacted regulation to strengthen the integrity and finality of the National Bank’s regulatory and supervisory decisions. However, Moldova still faces challenges from limited financial inclusion and shallow capital markets. 

According to Tracxn, there are 8 Fintechs in Chisinau.

Fintech Moldova is an initiative that aims to be at the forefront of the Fintech Ecosystem in Moldova by working together with potential stakeholders to develop the ecosystem through various initiatives. Fintech Moldova focuses on 5 fundamental components:

1. Education, Capacity Building, Innovation, and Entrepreneurship
2. Cross-Industry Collaboration
3. Financial Inclusion and Literacy
4. International Relationships and access to Foreign Markets
5. Regulatory Framework and Advocacy

Moldova ranked 73rd in The Digital Skills Gap Index (DSGI) 2021, which identifies and evaluates the factors that underpin the pillars of digital strength, resilience, and responsiveness. Digital skills are one of the six priority areas for EU4Digital, a programme which supports the implementation of digital skills strategies in Moldova, helping the government to evaluate and forecast gaps in digital skills, defining a digital competencies framework for small businesses, and supporting the creation of a national skills and jobs coalition, coordinated by the Moldova ICT association – ATIC, which will help stakeholders, such as the government, businesses, NGOs and academia, to coordinate the development of digital skills. 

Moldova has not yet established a standard but the government approved new regulations on the payment services market in order to harmonise with the PSD2 in 2022.