First, I consider that, banks and non-bank institutions should be committed for the implementation in practice of all the innovations set forth in the Law “On payment services". It is also necessary to consider and assess the possibilities of infrastructural developments endorsed in the strategy, which will enhance efficiency in the processing of payments and transfers, such as Instant Payments or the national SWITCH. The Bank of Albania – for supporting all these developments – is working to improve and upgrade the systems it operates, in order to accommodate the market’s demands. We have also paid attention to the drafting of the legal framework for the creation of the basic account. This framework aims at further promoting the financial inclusion of the population. We consider that the adoption of this Law and its implementation by the market is very important in terms of digitalization of financial services, also of the Government. In addition to promoting financial inclusion and digitalization of services, financial education is a very important element for the materialization of measures and the achievement of intended objectives. To this end, I see our coordinated actions and intensified cooperation at the heart of our joint efforts and work to promoting financial education as a national reform. In addition to the above, it remains important to overcome any issue identified during all these years by implementing the aforementioned innovations. Particular emphasis should be placed on the problems encountered by opening accounts and signing distance contracts, which are a necessary precondition for the digitalization of services.

Despite the legal and regulatory provisions regarding these issues, the implementation in practice has proven to carry technical issues. To this end, we should encourage the cooperation across all institutions and market actors to overcome the problems that may arise in relation to: 2/3  BIS central bankers' speeches  prevention of money laundering; electronic signature; concluding distance contracts; promoting the use of electronic documents and necessary information during citizens’ applications to banks. All this would further facilitate the digitalization, in terms of payments and other services, such as lending and investments, contributing significantly to the common objective for a formalised and sustainable economic growth. I also assess that by exploring the experiences of our neighbours and beyond, we can identify additional measures that will promote the formalization of the economy and reduce the use of cash in the economy. I would like to end my speech by expressing once again the full commitment of the Bank of Albania to support any necessary development, in order to achieve the intended objectives. I take this opportunity to congratulate the Albanian Association of Banks for its huge and longstanding work, in boosting and supporting every project, initiative or need identified by the market and more broadly. Your dedication and professionalism has contributed very effectively, in fully accomplishing the intermediation role between the parties, while also serving as a catalyst to promote the achievement of objectives. I am convinced that the discussions of this forum will be very fruitful in these areas and in addressing rather important issues.