Payment service provider granted license in Macedonia for operations
IutePay Macedonia Obtains Electronic Money Institution License, Set to Revolutionize Financial Services
IutePay Macedonia, a subsidiary of the Estonian fintech company Iute Group, has secured an Electronic Money Institution (EMI) license from the Central Bank of the Republic of North Macedonia. This license marks a significant step forward in the digital transformation of financial services in North Macedonia.
Established in 2008, Iute Group specializes in consumer finance, payment services, banking, and insurance products. With the EMI license, IutePay Macedonia completes its service ecosystem, having initially focused on loan products and expanding into insurance brokerage last year with the launch of IuteSafe.
The new license enables the issuance of electronic money and the provision of payment services, without the mediation of traditional banks. IutePay Macedonia, under the leadership of CEO Aleksandar Petkovski, focuses on digital solutions, speed, flexibility, and user control through mobile and online platforms.
With the EMI license, IutePay Macedonia is set to offer a wide range of digital payment services to customers across North Macedonia. These services include opening payment accounts, topping up digital wallets, accessing funds through cardless ATMs, real-time cashless money transfers, and quick payments to merchants using a QR code.
Iute's technology has already transformed the way payments are made in several countries, both inside and outside the EU. The company finances its loan portfolios with equity, deposits, and secured bonds on the Regulated Market of the Frankfurt Stock Exchange and the Nasdaq Baltic Main List.
Aleksandar Petkovski, CEO of IutePay Macedonia, stated that the license marks a significant step and the beginning of a revolution in the way financial services are offered and used in North Macedonia. He further added that the mission of IutePay Macedonia is to offer fast, seamless, and user-oriented solutions with the highest standards of security and innovation.
IutePay Macedonia plans to launch payment services during the first quarter of 2026. From now on, customers in North Macedonia will be able to enjoy the benefits of digital payments, offering convenience, speed, and security.
[1] Please note that there is no specific public information yet about the exact timeline for the launch of its digital payment services following this licensing.
Technology plays a fundamental role in IutePay Macedonia's mission, as the company employs advanced technology to provide seamless digital payment services, revolutionizing finance and business in North Macedonia. With the acquisition of the Electronic Money Institution license, Iute's technology will allow customers to benefit from services such as account opening, digital wallet topping up, cardless ATM access, real-time money transfers, and QR code-based merchant payments.
