The National Bank plays a key role in the oversight of the financial system and maintaining the financial stability. It is both macro-prudential authority and micro-prudential supervisory authority for the banks, saving houses, other payment service providers and as well as overseer of payment system operators. Thus, in order to keep up with its legally prescribed objectives and tasks, the National Bank is committed to looking forward to the future, anticipating trends and reacting accordingly. Therefore, the National Bank needs to better understand the drivers of the financial industry.
By actively engaging with innovators, the ultimate goal of the National Bank in this process is to gain early insight in the adoption of new technologies and their potential impact on the existing financial services providers and the financial system in general, as well as on the level of financial inclusion, bearing in mind the numerous benefits to citizens of the expected easier access to financial services.
The key objective of this process is to further increase the effectiveness and the efficiency in carrying out its mission for safeguarding financial stability. By closely monitoring the technological developments, especially innovation in finance, the National Bank would be in a position to ensure proper balance between the benefits and risks arising from the fintech sector, while acting in ways that do not stifle but encourage innovation. (back | back to Q&As)
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