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Agile Response to Dynamic Changes in Regulations and Payment Services

Third quarter was a very good quarter for Asseco SEE. Despite decreased growth dynamics we maintained a double-digit net profit growth rate.

A message from Piotr Jelenski

The biggest increase in sales revenues was recorded by the Payment business unit and amounted to EUR 36.5 million, up 12% compared with the same period of the last year, with a considerable amount coming from the infrastructure part of the payment business. We also achieved double digit growth in the Banking business unit with sales revenues reaching EUR 24.7 million, up 10%, where a substantial increase resulted from the sales of mobile and authentication solutions, the trend which we have been observing for some time already.

With new regulations important for the banking sector and coming into force next year, such as IFRS 9, PSD2 and GDPR, we continued to support our clients in meeting these requirements by providing relevant solutions and education. We signed 10 contracts in Serbia, Montenegro, Bosnia, Romania and Kosovo for the implementation of Asseco IFRS 9 Impairment Solution. We held the second webinar on PSD2 – this time on PSD2 API`s – with the third one to follow at the beginning of the next year. As an extension of our PSD2-related efforts, ASEE sponsored and participated in the Berlin Group’s NextGenPSD2 Conference 2017 and public market consultations on implementation guidelines of the pan-European Interoperability Framework. At our Fast-forward Banking event in Serbia we presented how our clients can take advantage of the regulatory changes that are shaking up the financial industry, focusing on the PSD2 Enabler Package and GDPR challenges requiring current data protection assessment and preparation for future ongoing compliance. We also offered insights into the rising need for real-time, always-online services introduced by Instant Payments, along with the recommendations for going beyond compliance to leverage the regulations for business growth.

Apart from that we sold a number of security and digital solutions to our clients. Zagrebačka banka implemented ASEE HCE solution for contactless payments, which meets MasterCard’s high security standards. Addiko Bank in Croatia has started to use Asseco SEE 3-D Secure ACS hosting service to provide their customers with 3D secure fraud protection during online payment. And again Asseco SEE has recently been approved by MasterCard and VISA as a SecureCode and VerifiedByVISA compliant ACS service provider. We also developed a brand new digital banking application for Privredna banka Zagreb, a member of Intesa Sanpaolo Group. Overall, last quarter we signed a few important long-term agreements within banking and payment business which allow me to look with optimism into the future.

We also completed earlier announced demerger of our Payment business unit in Croatia out of which we established the first Payten entity which is providing payment solutions and services within Asseco South Eastern Group. The whole process is to be completed in other affected countries where Payten company will operate, such as Serbia, Romania, Turkey, Montenegro,  Slovenia, Macedonia and B&H, in the first half of the next year. This move is our response to the dynamic changes happening on the payment services market. I am convinced that it provides for extra flexibility expected by our partners, vendors and clients. I am excited and looking forward to the development of our payment business under the new Payten brand.

As the year is heading to its end, I'd like to take this opportunity to thank our clients, partners and employees for the successful 2017 and to wish you happiness and prosperity in 2018!

Piotr Jeleński

CEO, Group President of Management Board of Asseco South Eastern Europe