Kathmandu [Nepal], December 23 : The Banking, Finance and Insurance Institute of Nepal (BFIN) and "India-Nepal Centre" of PHD Chamber of Commerce and Industry (PHDCCI) organized the second edition of "Nepal BFSI Summit 2023" in Kathmandu on December 22.
The Summit aimed at sharing the best practices in banking innovations and exploring the areas of cooperation and collaboration in the financial sector and further enriching the economic relationship between India and Nepal, besides exploring the emerging regional and sub-regional collaboration opportunities.
In a time when Nepal's economy is witnessing challenges on crucial fronts like liquidity, Balance of Payment (BoP), falling demands, decline in both export and import, low employment generation in formal sectors, high rate of migration, lack of proactive policy measures for much-needed economic reformsa daylong well-curated and presented "Nepal BFSI Summit 2023" offered a unique policy platform for strategizing the economic rebounding in Nepal besides giving impetus to the economic growth in the region.
Prakash Sharan Mahat, Nepal's Minister of Finance was the chief guest on the occasion. The other key speakers were India's Ambassador to Nepal Naveen Srivastava; Maha Prasad Adhikari, Governor, Nepal Rastra Bank (NRB); Ram Kumar Phuyal, Member, National Planning Commission (NPC), Government of Nepal; Former Indian Ambassador to Nepal Manjeev Singh Puri, Binod Atreya, Managing Director, BFIN; Ranjeet Mehta, Executive Director, PHDCCI; Atiur Rahman, Former Governor, Central Bank of Bangladesh amongst others.
According to the organizers, the summit identified the areas and scope to boost economic growth in Nepal and the South Asian Region (with bilateral, regional and sub-regional cooperation) at large with a focus on the BFSI Sector. It also helped explore and discuss possible new avenues of financial sector innovations and cooperation, including payments and new technology.
Discussion over issues regarding Green Banking, Energy Financing, Energy Trade, and other areas of cooperation was held along with issues of HR Management and Transformation Challenges in the BFSI Sector.
"Given the wide-ranging benefits of cooperation and integration for the entire region, and the economic ties of the different countries in the region, a strongly felt need is to further explore the possibilities to strengthen and expand the scope of bilateral, sub-regional and regional cooperation in South Asia especially in the BFSI Sector. The shared experiences and collaboration shall script the new chapters of collaborative growth through the BFSI Sector in Nepal and South Asia at large," a release from the organizers stated.
"A joint initiative of BFIN and PHDCCI India-Nepal Centre Nepal BFSI Summit 2023, therefore, proved to be a major intervention for exploring the areas of collaboration and progressive action, the success stories of the financial sector, the issues and challenges in the region, with a shared resolve to come up with opportunities to work together in the region," the release concluded.
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