10/12/2026 11:54
Organised by UMFO and the Zagreb Stock Exchange, the leading regional financial conference addressed key issues shaping the future of financial markets, investment, the pension system, artificial intelligence and financial literacy, attracting a record number of nearly 600 participants.
The regional financial conference The Challenge of Change, held on 8 and 9 October in Poreč under the auspices of the Government of the Republic of Croatia, brought together nearly 600 representatives of the financial industry, business community, investment community, regulatory institutions and academia from Croatia and abroad. The conference is traditionally co-organised by the Association of Pension Fund Management Companies and Pension Insurance Companies (UMFO) and the Zagreb Stock Exchange (ZSE).
The conference was opened by Kristijan Buk, President of UMFO, and Ivana Gažić, President of the Management Board of the Zagreb Stock Exchange, who emphasised the importance of cooperation and open dialogue in further developing the capital market and adapting to new economic and technological circumstances.
“When we joined forces with the Association of Pension Funds and Pension Insurance Companies 15 years ago to create this joint conference and gave it the name The Challenge of Change, we could not have imagined the extent to which change would truly become a challenge and part of our everyday lives—in the economy, technology, finance and business. Year after year, The Challenge of Change breaks records in the number of speakers and participants from the financial and business communities, demonstrating the particular value of exchanging knowledge and experience in person at a time when things are changing faster than we are accustomed to. At the Zagreb Stock Exchange, we want to continue contributing to the development of the capital market and creating an environment where Croatian companies can find capital for growth and development, and investors can find quality investment opportunities. I believe that the capital market can play an even more important role during periods of change, and our challenge is to ensure that we do not face these changes unprepared, but instead recognise them as opportunities for progress,” said Ivana Gažić.
In the opening session, Matej Bule, State Secretary at the Ministry of Finance, highlighted the importance of further capital market development in sustaining economic growth and the potential of initiatives such as the investment account to encourage greater citizen participation in investment. Melita Čičak, Head of the Pension System Directorate at the Ministry of Labour, Pension System, Family and Social Policy, addressed the challenges of pension system sustainability amid demographic change, longer working lives and new technologies. Anamarija Staničić, Deputy Chair of the HANFA Governing Council, emphasised the importance of funded pension savings, voluntary pension funds and financial literacy, while Ante Žigman, Governor of the Croatian National Bank, spoke about the resilience of the Croatian economy and the risks associated with global economic developments and inflation.
One of the highlights of the first day was the panel “The Blue-Green Economy: From Field to Coast—Investments Transforming Croatia”, featuring Martina Dalić, President of the Management Board of Podravka; Marko Pipunić, President of the Management Board and founder of Žito Group; Željko Kukurin, President of the Management Board of Valamar Riviera; and Vanja Vlak, member of the Management Board and Investment Committee of BOSQAR d.d. and Chief Financial Officer of the BOSQAR INVEST Group. The discussion focused on how investment, innovation and cooperation across economic sectors can increase the added value of domestic production, strengthen corporate competitiveness and enhance the resilience of the Croatian economy.
Gerhard Schwarz, Head of Equity Market Strategy at Baader Bank AG, also presented European macroeconomic trends and their impact on financial markets.
The first day's programme also featured discussions on private and alternative capital, the development of ETFs and digital investment solutions, the application of artificial intelligence in finance, investment opportunities in Central Europe, the future of the pension system and the regulatory framework for capital markets. Particular attention was given to financing business projects and supporting the growth of Croatian companies.
On the second day, Luka Podlogar, President of the Management Board of NLB Skladi, delivered a presentation on investment opportunities in the real estate markets of Southeast Europe, focusing on regional developments and the potential of specific market segments.
This was followed by the panel “A New Era of Decision-Making—Who Decides? Artificial Intelligence, Data Centres and the Human Mind in an Era of Exponential Change”, introduced by Nikola Erceg, Senior Assistant at the Department of Psychology, Faculty of Humanities and Social Sciences, University of Zagreb, and external associate of the Faculty of Economics and Business, University of Zagreb. Panellists Goran Đoreski, Ozren Kobsa, Zvonimir Galić and Zvonko Kostanjčar discussed the impact of artificial intelligence on business and the labour market, the development and financing of data centres, and the ethical challenges surrounding human judgement and accountability in decision-making. The panel was moderated by Zlatko Berdin, Chief Portfolio Manager at Allianz ZB.
The conference concluded with the panel “Financial Literacy: Knowledge, Responsibility and Decisions for a Financial Future”, featuring Martina Verić, Ana Zorić, Zvonimir Galić and Kristijan Buk, moderated by Professor Dajana Barbić. The discussion focused on financial knowledge and habits, decision-making related to saving and investing, and the role of institutions and the financial industry in strengthening citizens' financial literacy.
Over two days of discussion and the exchange of expert insights, The Challenge of Change once again confirmed its role as an important meeting place for Croatian and international experts to share knowledge and experience on the developments shaping financial markets and the economy. By bringing together the financial industry, business community, regulators and academia, the conference fosters dialogue on new investment opportunities, sustainable development and the challenges that require cooperation, responsibility and a willingness to adapt.
(Photo: Niko Goga)
