{"id":31266,"date":"2022-10-12T13:30:38","date_gmt":"2022-10-12T13:30:38","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-explains-fintech-framework-more"},"modified":"2022-10-12T13:43:14","modified_gmt":"2022-10-12T13:43:14","slug":"bon-explains-fintech-framework-more","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-explains-fintech-framework-more","title":{"rendered":"BoN explains fintech framework more"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>THE Bank of Namibia (BoN), Start-Up Namibia, and High-Tech Transfer Plaza Select (HTTPS) last week facilitated an information session with 30 existing and aspiring fintech start-ups on identifying solutions to challenges concerning regulations.<\/p>\n

THE Bank of Namibia (BoN), Start-Up Namibia, and High-Tech Transfer Plaza Select (HTTPS) last week facilitated an information session with 30 existing and aspiring fintech start-ups on identifying solutions to challenges concerning regulations.<\/p>\n

Information was also shared on the Financial Technology (Fintech) Innovations Regulatory Framework, eligibility, and application procedures.<\/p>\n

Speaking at the event, Ebson Uanguta, the deputy governor of the bank, said the current financial and technological landscape is pushing the boundaries of central banks, necessitating the need to adapt to the new reality of unprecedented technological advancements.<\/p>\n

These include distributed ledger technology, new data analytics (artificial intelligence and machine learning), cloud computing, increased mobile access, and internet speed and bandwidth.<\/p>\n

The session was aimed at fostering innovation through the transfer of technology and the formulation of new, innovation-responsive regulations.<\/p>\n

The BoN introduced the framework, which provides direction on how fintech innovations that are not presently subject to the bank’s existing regulations would be treated.<\/p>\n

The framework plays a critical role in identifying and encouraging fintech services across various sectors, such as banking, payment systems, and cross-border remittances, to promote innovations in Namibia.<\/p>\n

The accelerated emergence of fintech has compelled the bank to explore flexible approaches to fintech, while being mindful of accompanying risks and potential opportunities.<\/p>\n

\u201cThe proliferation of financial innovations significantly impacts the Bank of Namibia’s mandate and its role as a regulator in the financial system.<\/p>\n

\u201cOur position on innovations is ever-evolving, along with new technology, and it is informed by monitoring the domestic landscape and pairing this view with global standard setters.<\/p>\n

\u201cWe are determining where our limited resources should be directed and which aspects of digital innovation are a source of concern to protect consumers and safeguard financial stability as chief considerations,” Uanguta said.<\/p>\n

At the event, start-ups and stakeholders shared their fundamental interests and challenges in adopting innovative initiatives.<\/p>\n

Among the key issues raised were approval processes, fintech regulations and requirements, banking licence requirements, customer privacy, payment intermediation services, and system operations.<\/p>\n

The event also saw Cyclon Accounting, Lavoro Insurance Namibia, Pre-Eminence Financial, WOW Company, and Yetu Pay pitching innovative ideas to the BoN, as well as detailed solutions to identified problems in respective key areas.<\/p>\n

Information was also shared on the Financial Technology (Fintech) Innovations Regulatory Framework, eligibility, and application procedures.<\/p>\n

Speaking at the event, Ebson Uanguta, the deputy governor of the bank, said the current financial and technological landscape is pushing the boundaries of central banks, necessitating the need to adapt to the new reality of unprecedented technological advancements.<\/p>\n

These include distributed ledger technology, new data analytics (artificial intelligence and machine learning), cloud computing, increased mobile access, and internet speed and bandwidth.<\/p>\n

The session was aimed at fostering innovation through the transfer of technology and the formulation of new, innovation-responsive regulations.<\/p>\n

The BoN introduced the framework, which provides direction on how fintech innovations that are not presently subject to the bank’s existing regulations would be treated.<\/p>\n

The framework plays a critical role in identifying and encouraging fintech services across various sectors, such as banking, payment systems, and cross-border remittances, to promote innovations in Namibia.<\/p>\n

The accelerated emergence of fintech has compelled the bank to explore flexible approaches to fintech, while being mindful of accompanying risks and potential opportunities.<\/p>\n

\u201cThe proliferation of financial innovations significantly impacts the Bank of Namibia’s mandate and its role as a regulator in the financial system.<\/p>\n

\u201cOur position on innovations is ever-evolving, along with new technology, and it is informed by monitoring the domestic landscape and pairing this view with global standard setters.<\/p>\n

\u201cWe are determining where our limited resources should be directed and which aspects of digital innovation are a source of concern to protect consumers and safeguard financial stability as chief considerations,” Uanguta said.<\/p>\n

At the event, start-ups and stakeholders shared their fundamental interests and challenges in adopting innovative initiatives.<\/p>\n

Among the key issues raised were approval processes, fintech regulations and requirements, banking licence requirements, customer privacy, payment intermediation services, and system operations.<\/p>\n

The event also saw Cyclon Accounting, Lavoro Insurance Namibia, Pre-Eminence Financial, WOW Company, and Yetu Pay pitching innovative ideas to the BoN, as well as detailed solutions to identified problems in respective key areas.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. THE Bank of Namibia (BoN), Start-Up Namibia, and High-Tech Transfer Plaza Select (HTTPS) last week facilitated an information session with 30 existing and aspiring fintech start-ups on identifying solutions to challenges concerning regulations. THE Bank of Namibia (BoN), Start-Up Namibia, and High-Tech Transfer Plaza Select (HTTPS) last week facilitated an information session […]<\/p>\n","protected":false},"author":84,"featured_media":31265,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-31266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nBoN explains fintech framework more - Namibia<\/title>\n<meta name=\"description\" content=\"THE Bank of Namibia (BoN), Start-Up Namibia, and High-Tech Transfer Plaza Select (HTTPS) last week facilitated an inform ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-explains-fintech-framework-more\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoN explains fintech framework more\" \/>\n<meta property=\"og:description\" content=\"THE Bank of Namibia (BoN), Start-Up Namibia, and High-Tech Transfer Plaza Select (HTTPS) last week facilitated an inform ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-explains-fintech-framework-more\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-12T13:30:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-12T13:43:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/10\/postQueueImg_16-6346c45e68dac.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-explains-fintech-framework-more#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-explains-fintech-framework-more\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BoN explains fintech framework more\",\"datePublished\":\"2022-10-12T13:30:38+00:00\",\"dateModified\":\"2022-10-12T13:43:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-explains-fintech-framework-more\"},\"wordCount\":743,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-explains-fintech-framework-more#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/10\/postQueueImg_16-6346c45e68dac.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-explains-fintech-framework-more#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-explains-fintech-framework-more\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/bon-explains-fintech-framework-more\",\"name\":\"BoN explains fintech framework more - 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