RBF highlights milestones in financial innovation

November 30, 2023 10:23 am

The Reserve Bank of Fiji, in its annual report, has highlighted a number of initiatives it has taken to promote innovation and dynamism in the financial system.

Governor Ariff Ali says that among its major achievements is the RBF’s collaboration with multiple stakeholders to reform the National Payment System.

Ali states that the objective is to provide seamless payment experiences to the people of Fiji while promoting investment and innovation opportunities in various economic sectors.

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In September 2022, the 2021 NPS Act and the 2022 NPS Regulations came into effect, and in November 2022, the upgraded Real-Time Gross Settlement and Central Securities Depository were launched.

Furthermore, Ali mentions that the Bank continued efforts in the FinTech Regulatory Sandbox space to facilitate the testing and entry of new digital financial products and players during the financial year.

He adds that the RBF is also working on climate-related initiatives and has hosted awareness sessions on the Climate Change Act 2021 for its supervised entities.

Additionally, the Bank has supported businesses engaged in the renewable energy sector through its Import Substitution and Export Finance Facility.

This year, Ali notes that the RBF celebrates its five decades of existence and acknowledges the collective contribution, dedication, and unwavering support of its staff, management, Board, and key stakeholders.