Malay: Digitization of the banking system, a necessity - "Albania must harmonize fiscal and monetary policies with the EU"
Digitization of the banking sector and payment systems, focusing on the role of digital banking in promoting economic growth, was the other focus of the Bank of Albania's annual conference.
The Minister of Finance, Petrit Malaj, placed the emphasis on the digital transformation and the necessary institutional collaborations for a successful transition towards membership in the European family.
"European integration presents us with a series of tasks that we must approach with certain standards. For this, inter-institutional cooperation is very important. For example, digital transformation is one of the areas where together we should aim to encourage the use of electronic payments, which, together with the improvement of services, will further increase access to finance for local consumers."
According to Chief Negotiator Majlinda Dhuka, the modernization of the banking system is one of the three missions of the Bank of Albania within the integration process.
"We, all together, have at least 3 big missions to fulfill. First, as we enter more into the European common market and get closer to membership, it is very important that we maintain the economic stability of the country. Secondly, I think that we must fulfill a mission for the complete modernization of the banking financial system, the progress is visible. I think we have another very important mission, a third mission to fulfill together, integration in practice. Our role is that of 'opportunity hunter', we need to create practical, real opportunities and benefits for our citizens and businesses."
With the opening of the negotiations, Albania should work more on aligning the monetary policy, the regulatory framework and the financial system with EU standards.
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