and electronic payment instruments and reduce cash, in order to reduce the cost of payment services for the most efficient flow of transactions as well as other positive effects on the economy. we have created the possibility for access to the payment system of non - bank financial institutions, as well as the possibility of having an iban, to increase access to finance, within the concept of " payment account ", where we have also approved the relevant regulation. we have changed the organizational structure, where the responsibility of payment institutions and electronic payment institutions supervision has been added to the mfi / nbfi supervision division, the it systems supervision division has been established, within the credit registry division, the responsibility of register of bank accounts, as well as the department of consumer protection was established where, in addition to the division of consumer complaints of financial services, the division of supervision of market practices was also established. we are in the process of finalizing the draft law on payment services, in compliance with eu directives such as psd2 ( payment services directive 2 ), emd ( e - money directive ), pad ( payment account directive ), and interchange fees, where at the beginning of february we have organized jointly with the world bank and financial institutions the two - day workshop in order to increase knowledge about payment services based on the most advanced developments in this field. the law on the anti money laundering will also be revised and the relevant cbk regulations will be amended in order to fulfill the necessary criteria in this field we are in the process of building infrastructural capacities and human resources to ensure that systems, equipment, knowledge, skills and personnel tools remain relevant and effective in overseeing the risks of new technologies and innovative business models. we have approved the regulation on cash operations as one of the basic criteria towards membership in the sepa payments scheme and access to the european union's fast payments system ( tips ). recently we are in contact with central bank of italy ( banca d'italia ) and we are interested in gathering insights on the current status of the tips clone project, its features, potential implementation in our domestic context, and, possibly, associated costs. we are also working to increase the awareness in our institution and to the supervised institutions for the risks that are linked with digitalization. cyber intrusions pose a risk to the stability of national and international financial systems due to their potential cross - border spillover effects, and are becoming more complex as a result of increasing digitalization, growing

dependence on third parties, and geopolitical tensions. strengthening cybersecurity in the financial sector is therefore a high priority, particularly for financial institutions and for the financial stability of the country. 3 / 4 bis - central bankers'speeches during the conferences and workshops organized, the cbk has also encouraged all financial institutions to have effective governance structures and risk management processes, risk management practices and processes in place in relation to outsourcing services and to have qualified personnel to monitor and oversee their outsourced activities, including operational risk management, ongoing monitoring and proper execution of contracts with outsourced service providers that define each party's responsibilities, agreed service levels and audit rights. i would like to take this opportunity to thank our international partners, such as the imf and the world bank, for their cooperation and coordination, especially the world bank which has supported us in recent years through the seco - funded payments and remittances program and the european union - funded western balkans payment system modernization project, administered by the council for regional cooperation ( rcc ). let me conclude by reiterating that the development of the national payment system of kosovo through the possibility of " instant " payments ( 24 / 7 ), as well as the connection to the tips system, as a goal of the cbk, if achieved, will have a great impact on the economy of our country, the region, the diaspora, as well as the circulation of payments for commercial exchanges with the eu, as the largest trading partner of the republic of kosovo, with an importance for the free movement of capital, services and products, including the free movement of people from kosovo through the liberalization of visas from january 1 this year. 4 / 4 bis - central bankers'speeches