NTA and NRB have joined hands to find measures to make digital financial services secure for Nepali consumers. The two partners had agreed to study the prospects a few months ago. Now, they have formally put forward the plan.
The two government-backed organizations will assess and find measures to ensure digital financial services are safe and secure for all. Nepalese have largely adopted digital wallets for payment. Nepal’s share market activities also take place online, and bank transfers through mobile apps have become more common. Interoperability and cross-border payment have elevated its use cases even further. But still, the possibility of cybercrime, hacking, and data theft cause worry to the users of fintech.
At this, cooperation between two large authorial bodies could help implement stringent measures to ward off any risks and dangers in digital financial services.
“Both Nepal Rastra Bank and Nepal Telecommunications Authority will study how internet-based payment can be made safe and secure. This will be the guiding aim of this collective venture,” NTA Director Ambar Sthapit said.
NTA and NRB to render digital financial services secure and safer
Both the partners will explore how they can contribute to the aim of forfeiting internet-based financial services. “A committee has been formed to discuss the modality of telecom infrastructure built by NTA. The committee is formed under his own coordination and includes a representative from NRB too,” Sthapit added.
“Digital financial services have to become more secure. Will a regular Quality Service Test conducted on VAS service be enough or more necessary protocols should be followed? Should we follow any particular parameters for the purpose? We are studying over these topics,” Sthapit said.
The two organizations had first agreed on a joint study into the project. Now, they are holding dialogue with stakeholders. Sthapit says a report will be prepared regarding their study in a few weeks.
Digital financial services or Fintech is experiencing a transformative boom post-Covid-19. However, cyberspace is a volatile sphere and can bear a risk to the consumers. The service providers do have security standards in place to keep digital finances monitored. However, the risk is always possible.
The joint effort between two regulatory organizations of telecom and financial institutions would greatly elevate the security of digital financial services, and also boost the confidence of people in using them.
How secure do you feel about online transactions? Do leave your opinion in the comments below.