BQK Governor Meets IFC and BB Experts Team, Talk About Digital Financial Services

Kosovo Central Bank Governor Ahmet Ismaili along with his team hosted the International Finance Corporation (International Finance Corporation IFC) expert team and the World Bank to discuss the possibility of co-operation in the new regional project to advance towards Digital Financial Services.

The report reportedly at the meeting the teams of the two institutions discussed and agreed on the launch of new co-operation and partnership in this project, to advance Digital Financial Services in the Republic of Kosovo, with particular focus on complying with regulation with international standards, enhancing the use of digital financial services based on better practices, raising awareness at the level of the financial sector, promoting co-operation among financial and private sector acts, to promote free competition and innovation.

The BQC's “Guvrenator expressing readiness to launch this project, stressed the importance of modernisation and digitalisation as the key targets of the BQ's Strategic Plan, noting the continued progress of the CEC towards modernising the payment system, with the support of the World Bank and other partners”, the report said.

Similarly, Governor Ismaili noted BQK's intention to advance towards compatibility with SEPA (Single Euro Payments Area), with the final goal of integration into the T system IPS (Target Instant Payment Setment) of the Eurozone.

“The meeting was also discussed on various areas where the IFC can support the financial sector and the economy, including advances in the field of electronic signing, digital client identification banking activities (Digital Onboarding) and Open Banking Initiatives (Open Banking). Participants stressed the need for orientation towards innovative methods that promote co-operation and partnership between the sector and regulators. This project will be compatible with the technical assistance the BQK has through the World Bank for the Modernisation of the Paying System”, says the report.

Governor Ismaili expressed gratitude for continued support for the World Bank Group, where through its financial institutions it has contributed and is contributing to the establishment of BEC institutional capacities in various fields, as well as the development and modernisation of the financial sector with significant impacts across the economy.