ahmet ismaili : western balkans towards the single european payment area ( sepa ) speech by mr ahmet ismaili, governor of the central bank of the republic of kosovo, at the event " western balkans towards sepa ", organised by the bank of albania, tirana, 28 february 2024. * * * dear mr. mete, minister of finance of albania dear mr. sejko, governor of the central bank of albania ministers of finances of wb6, governors of central banks wb6, world bank representatives, ladies and gentlemen, i would like to thank the bank of albania for organizing this event on the regional ministerial " western balkans towards sepa " in the framework of the regional summit on growth and convergence plan and for the invitation to central bank of the republic of kosovo, which we have positively accepted. it is my pleasure to be here at such an event with the opportunity to share our current activities towards sepa. we are living in a time when all aspects of our lives are advancing at such a rapid pace of technological development, and the financial industry is advancing at the same pace. in the dynamics of global development, the financial system in kosovo is facing a rapid change in the field of innovation and migration towards digital payments. a developed financial payment system, where payments are made in a cost - effective and time - efficient manner, makes trade cheaper, enables competitive businesses to grow and provides consumers with easier access to goods and services. at the same time, a developed payment system ensures the protection of the integrity of the financial system and the euro currency, the reduction of the negative effects of the phenomenon of counterfeiting, the protection of consumers and the promotion of market practices, the reduction of the effects of money laundering activities and terrorist financing, and the improvement of access to financial services and financial inclusion. in line with the stabilization and association agreement and the berlin process, the reform process and the development of the payment system through the development of fast local payments and the integration of the payment system at the regional level will also accelerate access to sepa. 1 / 4 bis - central bankers'speeches cbk, in the strategic plan 2024 - 2028 has planned several important activities which are related with cbk and the financial industry which are in line with the current developments in the area of digitalization. within the activities of cbk to adopt toward digitalization as main activities are planned the following : advancement of cybersecurity, heightened preparedness for cybersecurity

certification in specialized institutions in this field. continuous qualification and professional education are key for the cbk, both for its employees and for the financial industry as a whole. special emphasis in the cbk's regulation will be given to the inclusion of the role of the certified accountant and certified internal auditor in the regulation, in addition to the requirements for external audit. the cbk is in the process of harmonizing legislation regarding standards for engagement of external auditor, both in terms of the years of engagement as well as limiting discontinuation from consecutive audits. the cbk, through its regulatory framework and supervision of financial institutions for prevention of money laundering and close cooperation with other authorities at country level, is committed to reduce informal economy and to build a long - term resilient and developed economy. challenges such as implementing new financial industry standards, with a focus on insurance, such as ifrs 17, illustrates the need for cooperation between regulatory, policy - making institutions, financial sector, the academia, and professional groups. also, in light of its commitment to improve the financial system's stability against risks related to the climate and the environment, we will engage in harmonizing the regulatory framework with european union regulations and directives and the basel standards, thus strengthening supervisory practices. application of international financial reporting standard s1 and s2 on disclosure of business entities'information for management of climate and environmental risks, as well as investment opportunities in the function of the green economy, will also be at the focus of the cbk. finally, as the cbk we expect to have more accurate financial statements and qualitative audits, in order to correctly present the real situation of the business entities'financial statements, to facilitate right decision - making, bank lending, providing insurance products and other financial services from financial institutions in order to develop the private sector and the economy of the republic of kosovo in general. increasing professional capacities and quality assurance remain our priorities, which help achievement of the cbk's objectives, but also the overall development of the country. i wish you fruitful and successful discussions in the following panels. thank you! 2 / 3 bis - central bankers'speeches 3 / 3 bis - central bankers'speeches