Norwegian telecom firm Telenor Group’s first wholly-owned financial institution Telenor banka has launched its operations in Serbia to offer customers an array of mobile banking services.

The bank has also partnered with MasterCard, which will enable its consumers in Serbia to access the bank’s own and other ATMs for money withdrawals and deposits.

In addition, Telenor banka customers will be able to open their account at Telenor service shops across Serbia.

Kjell-Morten Johnsen, EVP and head of region Europe said: "The launch of the bank in Serbia is conducted in close cooperation with Serbian authorities and represents a significant step in the company’s financial service history.

"We are currently also evaluating the establishment of financial services in other Telenor markets in Europe. As market conditions vary across Europe, the approach might be different from the one in Serbia."

Telenor group, that purchased KBC Banka in 2013, noted that the digitalization of cash payments and the convenience of online and mobile banking will boost financial and economic growth in Serbia, where nearly 80% of transactions are performed in cash currently.

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