Kathmandu. The Nepal Rastra Bank has established a ‘Digital Finance Innovation Hub’. The bank has established the hub to implement innovative measures.
Suman Neupane, the bank’s information officer, informed that the hub is under the Payment Department of the Nepal Rastra Bank. According to him, the Payment Department has only just been established. Now the Nepal Rastra Bank will develop it in detail.
The bank has established the hub to address new issues that are emerging in the era of technology. Information Officer Neupane said, “The regulations of the National Bank cannot cover all the issues, new issues and different types of products are coming up. The plan is to create a common forum for that. It will especially cover individuals and organizations that come up with new solutions. Digital finance has been given the most importance. In which policymakers, the private sector, and those who want to do start-up business will be in one place.”
The hub will also discuss legal issues arising from new issues. For example, if a person is going to work on digital trade or solutions with new solutions and the current law does not address it, the hub will find a solution to such legal issues. For this, the private sector, the Ministry of Finance, and the National Bank are brought together in one place.
Economist Dr. Vishwanath Poudel says that innovation is essential for the development of any country. Not all startup businesses will be successful, but he says that any innovation can have a positive impact on the economy of the country as a whole. He said in a conversation with Singha Durbar, “Innovation can be a great tool for development for any country, even a small spark of innovation can have a significant impact on the country’s economy.”
The National Bank has issued a notice saying, “In the context of developing modern technology-based financial services in the banking and payment systems sector, this notice has been published for the information of all concerned, stating that the Digital Finance Innovation Hub has been established in this bank with the aim of informing financial innovators working in this sector about the existing policy and regulatory arrangements, analyzing the innovative proposals received from stakeholders in the financial sector and the opportunities and challenges they may bring, providing regulatory perspectives, non-binding guidance, consultation and suggestions, and further stimulating innovation by expanding easy access to the regulator. This notice has been published for the information of all concerned. .’
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