today ’ s forum is another proof of this. a year ago, again before the audience of a scientific conference organized by vuzf university, i expressed my purely professional dissatisfaction with the fact that we rarely hear the prudent voice of the bulgarian academia. while the world has been analyzing and discoursing for years on the causes, manifestations, and lessons learned from the global crisis, our academic community rarely expresses any views on these issues and seems to be still encapsulated in its own circle, engaged in its internal management or even day - to - day problems. therefore i am glad now to admit that in this also vuzf university is an exception. i have been following with interest the public appearances of your rector, vice rector, and other professors and academics of your university. vuzf university representatives have often bis central bankers ’ speeches come up with authoritative public comments on topical economic subjects of great public significance. today i congratulate vuzf university for outpacing “ the older ” universities of economics by organizing this timely discussion. the announced topic – “ global and regional challenges to the economy and the financial system : do we have working solutions? ” – speaks for itself and is an eloquent testimony to the importance of today ’ s forum. because external environment is of special significance for the dynamics of such an open economy as that of bulgaria. it is a known fact that the original causes of the global financial and subsequently economic crisis did not stem from our region or from europe ’ s emerging markets. still, we should in no way take comfort in the external origin of the crisis because no matter what the origins of the crisis might be, we, here in bulgaria, must deal with its consequences. this is the right place to stress that the bnb is aware of its huge responsibility for the financial stability of this country and consistently works in fulfilment of the functions and tasks assigned to it by law. in its work, the central bank collaborates with many other international and national institutions, and whenever a need arises, it steps into the role of a constructive opponent. because, as i have stressed on various occasions, it should not surprise us, nor should we show intolerance to the fact that the political institutions in the democratic countries are very sensitive especially with regard to quick achievements within the context of the electoral cycle. whereas the tasks of central banks go beyond the horizon of the next parliamentary or presidential elections. we are guided by the understanding

nina stoyanova : opening of “ fintech summit ” conference statement by ms nina stoyanova, deputy governor and head of the banking department of the bulgarian national bank, at the opening of the “ fintech summit ” conference, organised by capital newspaper, video conference, 30 march 2021. * * * i would like to welcome you to the annual fintech summit organised by capital weekly. until a few years ago the term ‘ fintech ’ was mainly associated with small innovative companies that by using digital technologies were trying to redefine the provision of financial services and find their own place on the market. today and even more after the watershed year of 2020, we can assert that technologies and innovations have become an intrinsic feature of the financial sector and a trigger for its rapid developing. recent trends show expanding cooperation and technical exchange between banks and fintech companies, which is to the benefit of clients, and results in better, faster and more secure services. the coronavirus crisis and expected recovery act as an impetus for further modernisation and digitalisation in response to consumers ’ demand and changes in society. in this context, the ambitions for accelerated reforms were also confirmed by the european commission in the ‘ eu digital finance strategy ’ and the ‘ eu retail payments strategy ’ published in september 2020. almost half a year after their launch, we can already note the first concrete steps in the implementation of the goals set in these strategies. first and foremost, i would like to focus on instant payments introduced in response to the dynamic development of communications, digital services and e - commerce. instant payments outline the forthcoming changes in payment infrastructure both in the eu and in the country. their advantage is the possibility for synchronisation between dispatching of goods and receipt of payment. transferred funds are immediately available, which enhances the security and trust in business relations and in the payment process. in the eu retail payments strategy, instant payments are called ‘ the new normal ’. the commission aims at full uptake of instant payments in the eu by the end of 2021. in bulgaria the project of instant payments in the national currency ( bgn ) is already at an advanced stage. it has been developed by the bisera6 retail payment system operatorborica ad with the assistance of the bnb as the operator of the national rtgs system rings. recently, the necessary amendments have been made to the legal framework and the payment systems. technical and functional changes were implemented in the bnb - operated rings system that ensure a possibility