Fiji, like the rest of the world is prone to cybercrime, therefore, when building FinTech solutions it is crucial to consider data protection, cyber security issues amongst other things, says Reserve Bank of Fiji governor Ariff Ali.
Mr. Ali who is a judge at the 2022 Pacific Islands Fintech Innovation Challenge in Singapore, said Fiji served as a hub of the Pacific.
“So, the Reserve Bank is making strides to attract FinTechs that introduce innovative solutions that can enable financial inclusion in Fiji,” he said.
In his remarks at the event, Ali said the RBF introduced the FinTech Regulatory Sandbox in 2019 aimed at fostering the development of innovative financial solutions in a controlled environment, which was expected to encourage experimentation in FinTech so that innovations can be tested in the market which would promote wider adoption in Fiji, foster increased efficiency; and improve the ability to manage risks and the creation of new opportunities and improved standards of living.
“For Fintech’s applying to problem statements of implementing partners in Fiji, we have the necessary infrastructure to support digital financial services — high connectivity and mobile penetration rates and most importantly, the support of the Fijian Government through their Digital Transformation programme.
“In terms of connectivity, infrastructure, and mobile penetration rates – Fiji is one of the best in the Pacific. “In fact, Fiji is third on the list in terms of cheapest data charges in the world,” he said.
He stressed that as the regulatory arm of the Fijian economy, the Reserve Bank through agencies such as the UNCDF was happy to support Fintechs in fulfilling the regulatory requirements and provide guidance under the Regulatory Sandbox.
“We also acknowledge the role of HFC, FDB and Vodafone as participants in the Fintech Bootcamp and will be collaborating with Fintech companies to assist them to leverage technology to better serve their customers.”
Ali added that Vodafone’s M-PAiSA is a success story for the Pacific – made possible with buy in and assistance from the Fijian government during the COVID-19 pandemic where COVID assistance pay out were directly deposited into the mobile wallets of beneficiaries.
