As banking institutions Angolan women must follow innovative processes in order to adopt technological standards, according to the governor of National Bank of Angola (BNA), Manuel Tiago Dias.
Speaking at the II edition of the “Angola Baking Conference”, the person responsible said that given the potential and risks of this new dynamic, “The authorities' challenge is to ensure that the financial sector follows innovative processes with the aim of adopting international technological standards, absorbing the benefits of technology and mitigating risks while maintaining legal and institutional security".
Therefore, he pointed out that it is important to mention that the international clearing bank states that the future of central banks involves keeping up with innovation.
For this reason, the governor of the central bank understands that, for the Luanda forum, the aforementioned topic has become crucial on the work agenda, as in the process of technological innovation affecting the financial sector in a broad way, central banks need to monitor digitalization and walk through the process of its implementation.
"The holding of this event represents recognition of the growing importance of banks in the Angolan economy as banking activity has a direct impact on the lives of citizens”, He stated.
Governor Manuel Tiago Dias highlighted that innovation and the adoption of “ESG” principles are principles that must be at the center of the transformation of the banking sector, through measures applied internally or through imposition from customers and investors, through access requirements information and quality to support decisions.
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As I said, recent years have brought new challenges to the financial system at the global level, which has been going through a high process of digitalization and the emergence of new business models, new financial products and solutions both in the “back office” and in the “ front office”.
In the opinion of the BNA governor, these innovations will bring benefits, in this case greater productive efficiency and better allocation of resources, at the same time as they will expand access for citizens and companies to the financial system.
However, he highlighted, it must be noted that they represent new challenges for authorities as part of these innovations bring issues that are not covered, creating regulatory gaps, which can thus generate disincentives for users of new financial products and services.
"Innovations arrive through different paths, such as the entry of new market participants, such as “fintechs” and “bitechs”, which push for a new competitive dynamic in the sector. Furthermore, added Manuel Tiago Dias, new financial assets and new forms of transactions also emerge, such as cryptoassets and the free model of centralized settlement as significant changes to the operations infrastructure.
