A multidisciplinary team of lawyers specialized in banking and finance law from Reff & Associated | Deloite Legal and advisors from Deloitte Romania assisted NETOPIA Payments, one of the pioneers and leading players in the local digital payment market, in the process of obtaining the payment institution license from the National Bank of Romania. The company thus marks a significant milestone in its evolution and opens a new chapter in the development of financial services.
The authorization process involved aligning the company’s operating model, governance framework and internal control systems with the regulatory standards applicable to licensed financial institutions, reflecting both the complexity of the regulatory requirements and the maturity of the company’s payments infrastructure.
Reff & Associates | Deloitte Legal and Deloitte Romania multidisciplinary team, which assisted NETOPIA throughout the authorization process, combined expertise in legal and regulatory matters, financial services regulations, corporate governance, risk management, anti-money laundering and counter-terrorism financing, cybersecurity, and digital operational resilience expertise, reflecting Deloitte's multidisciplinary approach to complex transformation and authorization projects in the financial sector. The banking and finance team of Reff & Associates | Deloitte Legal included Andrei Burz-Pinzaru, Partner, Danut Arion, Managing Associate, Andrei Banescu and Bogdan Vlad, Senior Associates. Deloitte Romania's advisory team consisted of Andrada Tanase, Partner, Laura Lica-Banu, Director, Silvia Mata, Assistant Director, Raluca Anton and Cristina Viisoreanu, Senior Managers, Oana Ceban, Lavinia Munteanu and Octavian Popa, Managers, and Victoria Tocan, Senior Consultant.
"Transitioning from a fintech company to a regulated payment institution is a highly rigorous process that tests the limits of any organization’s ability to adapt and its governance structure. For NETOPIA, the support provided by the joint team of Deloitte and Reff & Associates was essential in achieving this important milestone. The integrated approach – combining legal rigour, risk management, technology, and cybersecurity expertise – enabled us to align our payments infrastructure to the highest industry standards. Together we have demonstrated that fintech innovation can successfully coexist with a robust compliance framework, creating the foundation for future growth opportunities in the local market. We are grateful for this successful partnership," said Delia Paceagiu, COO, NETOPIA Payments.
"The financial services industry is undergoing a profound transformation in which innovation and growth must be supported by strong governance, effective control, and operational resilience mechanisms. NETOPIA’s authorization as a payment institution, an achievement we are proud to have supported, demonstrates that Romania’s fintech ecosystem has reached the maturity required to build financial institutions operating to European regulatory standards. The project also confirms the value of Deloitte's multidisciplinary model, in which legal, regulatory, risk, and technology expertise work together to respond to challenges that can no longer be addressed through a single practice area, and the new role of the lawyer involves understanding and integrating complex requirements related to regulation, governance, operational resilience, cybersecurity and risk management," said Andrei Burz-Pinzaru, Partner, Reff & Associates | Deloitte Legal.
"NETOPIA’s authorization as a payment institution confirms that organizations that invest early in compliance, risk management, and security are best positioned to capitalize on the development opportunities created by the digital transformation of the financial sector. Transforming a technology company into a regulated financial institution is a complex process, which significantly goes beyond the legal dimension of an authorization and involves adapting the operating model, internal control framework and governance mechanisms to the standards applicable to financial institutions," said Andrada Tanase, Partner, Deloitte Romania.
NETOPIA Payments is one of the leading digital payment solutions providers in Romania, offering a broad range of payment acceptance services and serving an extensive portfolio of business operating across the digital economy.
Reff & Associates | Deloitte Legal is celebrating 20 years of activity in the Romanian market, during which it has steadily grown and consolidated its position in the business law, and its activity has expanded to 14 practice areas. With a team of 85 lawyers specialized in the main areas of practices of business law, the firm is recognized as a leading law firm in Romania for the quality of services and ability to deliver solutions on complex legal matters. The areas of practice include banking and finance, business integrity, capital markets, competition, consumer business and data protection, corporate, commercial and mergers and acquisitions, dispute resolution, employment, energy and environment, insolvency, intellectual property, legal management consulting, public sector and real estate, as well as tax controversy. The firm represents in Romania Deloitte Legal, a global network with more than 3,100 lawyers in 75+ countries.
For more information about Reff & Associates, please visit www.reff-associates.ro.
Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 people worldwide.
Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,300 professionals.
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