Governor Ismaili met with the team of experts from the International Finance Corporation (IFC) and the World Bank regarding the new project for Digital Financial Services

14/03/2024

The Governor of the Central Bank of the Republic of Kosovo, Mr. Ahmet Ismaili, along with his team, held a meeting with the team of experts from the International Finance Corporation (IFC) and the World Bank to discuss the possibility of cooperation on the new regional project for advancing Digital Financial Services (DFS).

During the meeting, the teams of the two institutions discussed and agreed on initiating cooperation and a new partnership in this project, to advance Digital Financial Services in Kosovo, with a particular focus on aligning regulations with international standards, expanding the use of digital financial services based on best practices, raising awareness at the financial sector level, fostering collaborations between actors in the financial system and the private sector, to promote free competition and innovation.

Governor of the CBK, expressing readiness to initiate this project, emphasized the importance of modernization and digitalization as important objectives of the CBK's Strategic Plan, further underlining the continuous progress of the CBK towards modernizing the payment system, with support also from the World Bank and other partners.

The Governor highlighted the CBK's aim to advance towards SEPA (Single Euro Payments Area) compliance, with the ultimate goal of integration into the Eurozone's TIPS (Target Instant Payment Settlement).

Additionally, the meeting discussed various areas where IFC could support the financial sector and the economy, including advancements in electronic signature, digital onboarding, and initiatives for Open Banking.

Participants emphasized the need for innovative approaches that encourage cooperation and partnership between the sector and regulators. This project will complement the technical assistance that the CBK receives through the World Bank for Modernizing the Payment System.

Governor Ismaili expressed gratitude for the continued support from the World Bank Group, which through its financial institutions has contributed and continues to contribute to the enhancement of the CBK's institutional capacities in various areas, as well as the development and modernization of the financial sector with significant impacts on the entire economy.