Serbia has reputation as the next technology hotspot of Europe. Credit: Sava52Bogdanovic/https://commons.wikimedia.org/

UK-based Paysend has opened its new European Technology Centre in Belgrade, Serbia to focus on software and product development.

Serbia has been chosen for its reputation as the next technology hotspot of Europe. The country lays emphasis on innovation, adopting new ideas, and prioritises digital transformation. It also has political stability, talent from recognised universities, serves as a hub of operations of tech multinational firms, and an undersaturated market for technology development.

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Furthermore, the country’s strategic location enables simultaneous support to European, American, and Asian operations.

Serbian Prime Minister Ana Brnabić said: “Digitalization and the fourth industrial revolution has provided a unique opportunity for Serbia and its citizens to leapfrog other countries, particularly in the fields of technology, innovation, foreign direct investment and R&D.

“Serbia’s ability to attract leading technology and FinTech companies, like Paysend, is evidence of the strategic investments we have made in recent years to develop and strengthen the technology and startup ecosystems in Serbia.” 

Paysend plans to ‘directly contribute to some of the innovative technology-focussed initiatives’ undertaken in the country, including working with the National Bank of Serbia to trial payment solutions and products in the banks payment regulatory sandbox, as well as participate in shaping FinTech laws.

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Paysend co-founder and chairman Abdul Abdulkerimov said: “As a global FinTech, choosing Belgrade as the location for Paysend’s primary European technology hub was an easy decision given the growing infrastructure and support that the Government of the Republic of Serbia is providing to encourage the growth of technology and start-ups.

“Working in partnership with the Government of the Republic of Serbia we want to help put Belgrade on the map as the next FinTech capital of Europe. We look forward to establishing ourselves in Belgrade and contributing to the goal of developing a strong, globally competitive digital economy in Serbia.”

Paysend plans to increase its headcount in Belgrade to up to 100 people by the end of this year.

In 2020, Paysend launched its money transfer service in the US by teaming up with Central Bank of Kansas City’s payments unit Central Payments.

Established in 2017, Paysend supports cross-network operability globally across Mastercard, Visa, China UnionPay and local ACH and payment schemes, offering more than 40 payment approaches for online small and medium enterprises (SMEs). 

The global fintech firm can send money to more than 150 countries across the and has around seven million consumers to its platform.