MINSK, 5 March (BelTA) – The National Bank of the Republic of Belarus has approved the strategy that will guide the development of digital banking in Belarus in 2016-2020, BelTA learned from the website of the country's central bank.
The document contains over 30 pages and lays down general guidelines, goals and tasks. It also describes global trends in the development of digital banking technologies in the financial sphere. Some sections are dedicated to digital banking technologies in Belarus, major guidelines for developing digital banking in the country till 2020, and digital banking development indicators.
Apart from that, the document mentions the results the strategy's implementation is expected to achieve. In particular, the successful implementation of the strategy is supposed to secure the development of the entire economy in addition to the development of banking products and services.
The development and assimilation of common security standards for digital interaction in Belarus, including biometric standards is expected to raise the nation's trust in the national financial system. The establishment of a single center to respond to information security incidents in the sphere of finance will be a factor, too. The crime rate relating to the banking industry is expected to drop as well as the money the banks spend on fraud-related expenses.
The implementation of the strategy will broaden interaction between banks, their clients, central government agencies, and commercial organizations by utilizing digital communication channels. The interaction process will become transparent and secure for all the parties. In the end it will contribute to the digital transformation of the Belarusian economy and to raising the economy's competitive ability.
On 1 December 2015 Belarus President Alexander Lukashenko signed decree No. 478 on developing digital banking technologies. The document is designed to encourage the development of digital banking technologies, to simplify banking procedures, to reduce the cost of banking services, and to protect consumer rights.
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