Moldindconbank Partners With Salt Edge to Comply With Open Banking Legislation

Moldindconbank, one of Moldova’s leading financial institutions, has joined forces with Salt Edge, a pioneering open banking solutions provider, to comply with Moldova’s law on PSD2 legislation.

Open banking has traditionally been associated with the UK and EU markets, where governments set regulations and frameworks to support the concept ahead of the rest of the world. However, open banking is now stepping onto the global stage, with many more countries recognising its value and considering related initiatives. One such country embracing the trend is Moldova.

In August 2022, Moldova transposed the European Payment Service Directive (PSD2) into its legal framework through Law 209/2022, which amends Law on Payment Services and Electronic Money No 114/2012 (“Law 114/2012”).

The Law, which was issued by The National Bank of Moldova (NBM), the local financial sector regulator and the institution that supervises the open banking reforms within the country, mandates banks and other financial institutions falling under its scope to comply with the new requirements by February 2025.

The updated Law 114/2012 aims to foster innovation, competition, and efficiency in Moldova’s financial sector. Once enacted, it will allow banks and fintechs authorised access to customer and business bank data to facilitate payments and offer banking information-related services.

Moldindconbank is among the largest financial institutions in Moldova and one of the pillars of the country’s banking system, with a market share of over 20%. With the largest network of subdivisions in the country, Moldindconbank provides a full range of financial services to all categories of clients: individuals, legal entities, and financial institutions.

The partnership with Salt Edge underscores Moldindconbank’s commitment to delivering innovative, customer-centric services. Salt Edge’s full-stack Open Banking Compliance solution will enable Moldindconbank to swiftly meet the NBM’s requirements and empower its clients to access a comprehensive overview of their financial transactions through any regulated app of their choice.

Mihail Iovu, Deputy Chairman of the Managing Board at Moldindconbank: “Our commitment to leveraging technological advancements that simplify our clients’ lives, streamline service interactions, and enhance security is at the heart of our collaboration with Salt Edge, a reliable and trusted partner. Harnessing Salt Edge’s international expertise in regulatory compliance allows Moldindconbank to quickly comply with local open banking requirements while elevating our digital solutions, furthering our dedication to providing top-notch services to our clients.”

Dan Martalog, Senior Open Banking Solutions Expert at Salt Edge: “As a leader in offering comprehensive open banking solutions for over ten years, Salt Edge is proud to assist Moldindconbank in meeting local open banking requirements and becoming the open banking frontrunner in Moldova. Salt Edge has been actively monitoring the country’s open banking path and engaging in consultations with local stakeholders. We are happy to assist one of the biggest Moldovan banks in becoming an even smarter institution that values its customers and tends to offer them innovative solutions to their ever-evolving needs. Open banking is not merely about complying with strict requirements; it’s an opportunity to enhance the entire country’s banking experience and boost local financial health. Salt Edge is delighted to put a shoulder to the wheel to help Moldindconbank achieve this significant milestone.”