Moldova plans to launch an open banking innovation in 2024.
It will unite accounts and data between financial institutions for use by consumers, banking institutions and third-party service providers. This was announced by the head of the Financial Technologies Department of the National Bank of Moldova, Vadim Jeleascov, within the fifth edition of the podcast "Give Sense to Money". According to him, this is a very important project. "We are guided by the 2-3-year-old EU vision. You can get data from different banks or non-banking organizations. For example: each bank should make an API mechanism, which is a database that is open to other participants in the system. When I say other participants, it means that it is a NBM-compiled list of operators who have security certificates, that not all of them have access to the data. But for example: I have an application from bank A and I have an application from bank B and C. I also add the data from bank B and C to my bank and I can see all my accounts in all banks. This is a small example," said Vadim Jeleascov. He stressed that, for example, the app will be able to analyze all expenses. "I add my accounts from different banks to the app, and it tells me what types of payments I have made, and you can make suggestions on how you can better manage your expenses, where you can save money. There are many options, these are just a few examples, but this will be a future step of the Moldovan Fintech community. For example, you have accounts in three banks, but you want to use one app for three banks. It can be like an aggregator. There are many solutions that can be used, mostly by startups. The idea is that we can implement something new, and Moldovan companies can do something in Europe, because the technology will be the same. So they will make a prototype here and go to Europe," said the head of the Financial Technologies Department of the National Bank. // 11.08.2023 - InfoMarket.
