Kathmandu, Sept 24
Nepal Rastra Bank (NRB) has started
studying the possibility of using Central Bank Digital Currency to replace
existing fiat currency, said Deputy Governor Bam Bahadur Mishra.
"We
are also studying opportunities and challenges of using services related to cloud
technology. We will continue to study, explore and adopt digital innovations at
the NRB and will encourage and facilitate financial system to adopt it,"
he said while addressing a seminar on 'Knowledge exchange on digital
transformation', organised by the Computer Association of Nepal (CAN)
Federation on Friday.
According
to him, although payment is a major facet of digital finance, other services
should be taken care of as well.
"Customers
should be able to open bank accounts without being present in the bank or apply
for the loan digitally. Shared platform can be developed to share customer
information among different service providers with strong data protection
framework so that customers don’t need to present same documents time and again
to avail similar services," Mishra said.
He
maintained that artificial intelligence could be used to provide information
about different products or services with minimal human interference and to
protect financial industry from being used as a gateway for money laundering.
Similarly,
cloud computing can be used to increase the flexibility and cost effectiveness
of service providers, stated Mishra.
He said
that digital transformation and its success are built on the trust and
suggested that technology should be tailored to the need of the users and
security of transactions should be taken care of.
"Some
of the key reforms include making apps available in vernacular languages,
informing customers about success and failure of the transactions immediately
and robust dispute handling mechanism so that people will trust service
provider when they find no one is in front of them physically to listen to
them," he said.
According
to him, digital transformation has increased the efficiency and service
delivery both in private and public sector, thus boosting transparency and
trust in the system.
"As
financial services are prime target of attackers, safeguarding trust in the
financial system is now particularly important. To protect our system, we need
to adopt new cyber security techniques and it needs to be rectified
continuously," he said.
President
of CAN Federation, Nawa Raj Kunwar, said that in the age of Information and
Communication technology, digital transformation
is about technology, data, process, and organizational change. He added
that to reap the benefits of the digital reality, the digital transformation
should be adapted in business strategy.
He also suggested that Nepal
overcome barrier such as digital divide, digital infrastructures to get the
digital transformation policies and framework in right direction.
According to him, the programme was organised for the exchange of knowledge of
best practices in digital transformation internationally and discuss about
shaping future of digital economies in the region, and expanding business
opportunities.
The conference was attended by the
delegates from the Asia Pacific region and participation was made from diverse
sectors, business, technical, and policy-making bodies as government and
non-government agencies, telecom operators, bankers and academicians. The
programme was organised in a hybrid mode.
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