The new technology hub will focus on software and product development and embraces Serbia’s reputation as Europe’s next technology hotspot, with a growing community of established brands, venture capital firms and FinTech startups being drawn to the country to take advantage of its convenient location and domestically-grown, internationally acclaimed technology talent pool.

The technology sector has become a critical part of the social and economic fabric of Serbia and will be crucial to the country’s ongoing development and economic growth. Openness to innovation, willingness to adopt new ideas, and the prioritization of digital transformation have been foundational pillars for the current Government of the Republic of Serbia, with Prime Minister Ana Brnabic taking an active role in building close relationships with the IT industry, start-ups and entrepreneurial companies in Serbia.

Her Excellency Ms. Ana Brnabic, Prime Minister of the Republic of Serbia, 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.”

In addition to a committed government and political stability to support digital transformation Serbia has excellent talent from world-recognized universities and prestigious tech multinationals, a strategic location able to simultaneously support European, American, and Asian operations, and an undersaturated market for technology development with room for growth.

Paysend will look to directly contribute to some of the innovative technology-focussed initiatives already underway across Serbia, including working with the National Bank of Serbia to test payment solutions and products in the bank’s payment regulatory sandbox, as well as joining the Digital Serbia Initiative, a non-profit that hosts events for students, helps to shape FinTech laws, as well as develop Serbia’s digital economy.

Abdul Abdulkerimov, Co-Founder and Chairman at Paysend, 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 will look to grow its headcount in Belgrade to up to 100 people by the end of 2022.