BFIN hosts international conference on global economy and technology

By TRN Online, Kathmandu, Aug 15:  Banking, Finance and Insurance Institute of Nepal (BFIN) hosted an international conference on ‘Global Economic and Technological Landscape: Strengthening Growth, Ensuring Stability, and Embracing Innovation’ to celebrate its 7th Anniversary.

Speaking on the occasion, managing director of BFIN,  Dr Binod Atreya, said that the training, research and policy conferences conducted for the sustainable development of bank, insurance company and financial institution are some commendable achievements accomplished by the institute.   

At the conference, a member of the Planning Commission, Dr Prakash Kumar Shrestha, outlined five major global shifts: a transition from a unipolar to a multipolar world, a rise in protectionism and economic nationalism, significant demographic changes, rapid technological innovation, and the growing impact of climate change. These global trends have profound implications for the financial sector, including financial fragmentation, a re-evaluation of currency dominance, the rise of fintech, and increased cybersecurity risks. These global changes to the Nepalese economy transmit through channels like trade, remittances, tourism, foreign aid, and FDI. Nepal's financial sector is affected from these shifts, because of change in liquidity and interest rates.

A member of board of directors of Nepal Rastra Bank, Dr. Ravindra Prasad Pandy, said that innovation in the banking sector is no longer an option, its essential and mandatory. challenges ahead depend on whether cyber security, changing market condition, climate risks, evolving customer needs depends on bank adapt and innovates, stay relevant in global market.  

Similarly, Chinta Mani Siwakoti, a member of Board of Directors, Nepal Rastra Bank, said Technological transformation reshaping the financial sector, traditional banking traforming to digitalization, mobile banking , QR wallet making financial services more accessible  and efficient while technology bringing transparency and trust.