Blockchain-empowered Digital Business Solutions and Cloud Services

Streamlining Business Processes for Capital Market Authority (CMA) of Montenegro

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The Challenge

Prior to commencing operation(s) legally, applicants (business owners/investors) must adhere to mandatory licensing by applying for a general or industry/sector-specific license from the local licensing authority.

A business license is required by the legislation as part of compliance, it is administered by multiple federal agencies, statutory bodies, and state authorities under stringent regulations. Once licensing authority and government agencies have received a business license application, it will be subjected to regulations—review and approval—before a business is permitted to officially commence operations.

Visibility, time, manpower, and expenses are inherent issues in a network involving many divisions.

With this in mind, Montenegro's Capital Market Authority (CMA) recognises that the paper-based component of their service chain offerings is no longer serving consumers in the most effective manner.

The Solution

Since we have a high degree of technical expertise and solid experience, the Montenegro Capital Market Authority (CMA) wants an agile strategy in our approach to help create their ideal tech-solution. We’ve partnered and worked closely to develop the Capital Market Authority Portal, a modern and innovative approach that works for all countries and simplifies the CMA's creativity and introduction of new features and services.

To reduce processing time and labour required for review and approval, as well as to produce transaction-ready licenses, the CMA Portal is an efficient workflow solution that digitally transforms existing processes to facilitate a seamless issuance of business licenses.

For Applicants (Business Owners/Investors)

Upon approval, applicant can retrieve the business license softcopy (e.g., registrations, approvals, licenses, and permits) from their email inbox. The authenticity of the business license softcopy can be verified on Business Verifier Portal.


Maxonrow Fully functional web-based portal
Fully functional web-based portal

The Capital Market Authority (CMA) Portal is a workflow solution in the form of a web application that caters to different customers within a licensing authority. It was designed with the issuing of business licenses in mind. The change to a web-based portal has increased consistency and usability. The user experience has also changed because of the simple, browser-based user interface.

Maxonrow Unifying critical processes
Unifying critical processes

The CMA Portal allows the integration of mission-critical processes through various agencies. The applications streamline the review and approval process for licensing authorities (e.g., Companies Commission, Securities Commission, etc.). Each level of the application approval process requires two-factor authentication (2FA), it helps in verifying signer identity and timestamp of signature.

Maxonrow Costs saving & securely by blockchain technology
Costs saving & securely by blockchain technology

Digital record keeping eliminates paperwork management and the need of storage facility along with its cost; digital record keeping of business licenses is also made even more secure on a blockchain platform. Applicant’s business supporting documents are encrypted before they are stored on-chain, with file hash that uniquely represents each and every document. All changes are securely recorded in the blockchain.

The Capital Market Authority (CMA)

About the customer

The Capital Market Authority (CMA) of Montenegro supervises investment, the capital market itself, stock exchange, authorized dealers on the market and pension funds. The Capital Market Authority also oversees the securities settlement system through supervision of the CSD&CC.

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There is no doubt that the adoption and implementation of modern technology, especially Blockchain, into current business operation practices could further enhance the way we conduct and run businesses. The digitalization of businesses mean more effective and efficient operations, drastically reduces costs and resources, and minimizing environmental impact by reducing our carbon footprint.

As digital business license can be issued and sent to the applicant directly to their email inbox, reducing even more paper waste for improved environmental sustainability in business practices.

The digital business license can be used for a variety of purposes, and the digital copy can be checked via the CMA site. Since the file is identical (i.e., a unique hash that reflects the file is generated depending on its content, even the tiniest change in content generates an entirely different hash from the original), a fabricated file with different content can be quickly detected and flagged. This, we conclude, is the way all business progress would go in the future.

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