Nepal Rastra Bank (NRB) has launched a digital financial innovation hub to promote financial innovations. The service is expected to greatly assist in growing fintech technologies and promote financial inclusion in the country.
The federal bank’s digital financial innovation hub aligns with the growing tech and innovation in Nepal’s banking sector. Various banks and financial institutions (BFIs) these days are bringing new technologies to ensure efficient and hassle-free services.
Taking this into consideration, Rastra Bank has established a Digital Innovation Hub with the aim of informing financial innovators about the existing policy and regulatory framework, analyzing innovative proposals in the financial sector received from stakeholders, and the opportunities and challenges they may bring.
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The NRB Hub also provides regulatory perspectives, non-binding guidance, consultation, and suggestions, and further stimulates innovation by expanding easy access to regulators, with arrangements for the participation of other regulatory and stakeholder bodies and the private sector.