Iute Pay Macedonia, part of the Estonian-based Iute Group, has received a license from the National Bank of the Republic of North Macedonia to issue electronic money and provide payment services. This license allows issuance of electronic money and the provision of payment services without the involvement of traditional banks. Unlike conventional financial institutions, electronic money institutions focus on the latest technology, digital solutions, speed, and flexibility—providing users full control through mobile and online platforms.

Users will be able to open payment accounts, top up funds into their digital wallet, access their money through cardless ATMs, perform real-time cashless money transfers, and make fast payments to merchants using QR codes.

"Obtaining the electronic money license is a significant milestone that represents not only regulatory approval but the beginning of a revolution in how financial services are offered and used in Macedonia. Our mission is clear: to deliver fast, seamless, and user-centric solutions with the highest standards of security and innovation. This is just the beginning. We remain fully committed to digital transformation, financial inclusion, and creating value for all users," said Aleksandar Petkovski, Executive Director of Iute Pay Macedonia.

Behind this initiative stands the Iute Group—an international fintech industry leader with Estonian-developed technology that is already transforming the way payments are made across several countries within and beyond the European Union. Now, that technology will be available in Macedonia as well.

With this license, Iute Macedonia completes its financial services ecosystem. After establishing lending as its primary activity, the company recently entered the insurance brokerage market with the launch of Iute Safe.