Albania, cooperation with Austria on financial challenges/ Sejko: We are mindful of the risks related to digitalization and cyber attacks
The Bank of Albania will have close cooperation with the Bank of Austria in terms of sharing experiences and expertise, but also in addressing common risks that may include cyber attacks or artificial intelligence.
With the launch of SEPA transactions in October last year and the launch of the instant payment system by the end of this year, Albania will have achieved its main objectives in terms of payment systems.
" The Austrian National Bank has always been a central bank that has supported, cooperated and assisted not only the Bank of Albania, but also the financial and banking sector in Albania. We have many connections and many correlations with the Austrian economy and foreign direct investment has been a key player in our economic growth here. We look forward to cooperating with the Austrian National Bank. We are all aware that in addition to the traditional risks, which are credit risk, liquidity risk, market risk, which we have under our attention as supervisors and regulators, the contemporary risks or risks of the time that we are facing are related to digitalization, the modernization of payments and to some extent to cyber attacks , " said Sejko.
The Governor of the Austrian National Bank also claimed that the Austrian banking system is very similar to the Albanian one, especially in terms of the banking sector's exposure to property loans.
“ There is a long tradition and cooperation between the region, between Albania and Austria. I think the banking systems in Austria and Albania are actually quite similar, strong banking sector with similar credit exposure of companies and, of course, in the real estate markets. Measures have been put in place to reduce exposure. When we talk about financial risk, I think it is important to add, and you mentioned it briefly, Governor, that one thing is the traditional financial risks that we are all facing, and which we, I think, as supervisory institutions know how to deal with, and the banks also know how to deal with. Another thing is the risks that arise from cyber attacks, from artificial intelligence, from digital opportunities that were not present 5 or 10 years ago”, said Martin Kocher, Governor of the Austrian National Bank.
In the context of joining the European Union, the Bank of Albania is approximating the banking law, the payment law, the Central Bank's own law and other laws with those of the European Union. The Austrian Governor stated that Austria had followed the same process before joining, while after joining the benefits were very large in terms of increased profits and expansion of companies.
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