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The National Bank may be authorized to promote innovation and digital transformation of the financial market.

The National Bank may be authorized to promote innovation and digital transformation of the financial market.

Such powers can be given to the National Bank in accordance with the amendments to the Law on the National Bank of Moldova proposed by the Ministry of Economy. The authors of the project propose to create a FinTech Hub in Moldova for the development of the FinTech market in Moldova - a specialized center for online consultations for IT companies. In it, in the process of developing the implementation of information technologies in the field of finance, companies will be able to receive advice related to the regulation of the banking and non-banking sectors, as well as tax and customs legislation. It is planned that the FinTech Hub will be managed by the National Bank, and assistance in the course of consultations will also be provided by the NCFM and the Ministry of Finance. Consultations will be provided through a specialized portal through which any company from the FinTech sector, before or after legal registration, will be able to request information on fintech projects that it plans to implement. The request will be considered by competent specialists, and the answer will be provided within 10 to 30 business days. Advice to entrepreneurs will be provided free of charge. Preliminary consulting is expected to allow companies to adequately apply banking and financial legislation in the course of import, development and implementation of information solutions in the financial sector.// 08.06.2022 — InfoMarket

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