‘Digital economy and financial economy implementation still weak’

Stakeholders have expressed concern that Nepal’s digital economy and financial economy are weak in implementation.

They expressed this concern on the second day of the Huawei Digital Nepal Conclave 2023 on Saturday, discussing the potential of digital economy and financial economy.

In the program, Executive Director of Nepal Rastra Bank Payment System Department, Guru Prasad Paudel said that the reason for the weakness of the digital economy is not the policy, but some weakness in the implementation. He says that now trade deficit can be reduced not by exporting goods but by exporting services.

He said, ‘We are not weak in policy. There are some weaknesses in the implementation. Earlier it was said to reduce the trade deficit by exporting goods first. However, now we can reduce the trade deficit by exporting services.’

Similarly, he said that a lot of work has been done in the foundation under the Digital Nepal Framework and said that private and government bodies should all work together to move it forward.

The basis of the digital economy is the digital foundation. A lot of work has been done in the foundation under the Digital Nepal Framework,’ he said.

He said that the National Bank is working on establishing a digital bank, introducing its own virtual currency and Sanbox.

Similarly, Fintech Alliance Nepal President Sanjeevraj Bhandari said that there is an opportunity to make the Digital Nepal Framework a reality to boost the digital economy.

He said, ‘Now glorifying the Digital Nepal framework is over and now we have to come to reality and work.’

He said that it will help the digital economy in a unique way when Nepalis are scattered all over the world.

He said, ‘Nepal’s population of 30 million is not small. Nepali talent is scattered all over the world. Which country is spread like this?’

Deepak Sapkota, Chief Executive Officer (CEO) of Phone Pay said that PhonePay is preparing a digital foundation for fintech.

He said, ‘PhonePay is preparing a digital foundation for fintech. This is not only for you but for everyone. Banks, payment service providers are all connected to the foundation we have prepared.’

He said that since digital technology has been used rapidly in Nepal only after the corona epidemic, emphasis should be placed on digital literacy to avoid cyber security.

“Not only in Nepal but also in any robust system in the world, it should be understood,” he said, “to avoid cyber security such as hacking and fraud, emphasis should be placed on digital literacy.”

He said that now it is necessary to bring all the scattered data together. “Now the scattered data needs to be brought together in one place and put AI/ML at the top of it.”

According to Pravin Regmi, CEO of IME Pay, digital transactions are also facing problems due to lack of quality internet. He emphasized on digital literacy and infrastructure.

He said, ‘Due to the lack of quality internet, problems have also been seen in digital transactions. Therefore, emphasis should be placed on digital literacy and infrastructure for the digital economy.’

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