DILI, 29 november 2023 (TATOLI) – The Central Bank of Timor-Leste (BCTL), in collaboration with representatives of commercial banks, companies, Financial Technology (Fintech), and held an exhibition to celebrate the 9th anniversary of National Savings Day, as well as the 3rd anniversary of the Campo Digital pilot program, under the theme: “Saving now is better for the future, using digital payments is safer and much more convenient.”
Financial technology (better known as fintech) is used to describe new technology that seeks to improve and automate the delivery and use of financial services. At its core, fintech is utilized to help companies, business owners, and consumers better manage their financial operations, processes, and lives.
The Governor of the BCTL, Hélder Lopes, said that the activity aims to promote knowledge and widespread use of new technological tools – cell phones, electronic wallets, automated teller machines (ATMs), and Point of Sale (PoS) transactions in financial activities.
“This exhibition aims to encourage our community to save and use digital financial services to contribute to work efficiency. Saving is very important for future life, to ensure the future of children, as well as for a person’s life when they enter retirement age,” Lopes said at Timor Plaza, in Dili.
Lopes also explained that Campo Digital is important for transaction systems, which is why BCTL has partnered with Banco Nacional Ultramarino (BNU), Banco Nacional de Comércio de Timor-Leste (BNCTL), Bank Rakyat Indonesia (BRI), Banco Mandiri, ANZ (a banking group from Australia and New Zealand), as well as Mosan and T-Pay financial institutions: “This sector aims to promote digital payment services via the telephone to facilitate money transfers for families, purchase electricity credits, and so on.”
In this activity, the Chairman of the Board of Directors of BNCTL, Lúcia Flor, presented products and services conducive to digital payment that have been carried out in Timor-Leste, such as ATM, Mobile, and Internet Banking, as well as a partnership with MoneyGram, a money transfer agency that facilitates remittances from Timorese abroad to their families: “In addition to paying for services digitally, BNCTL has established branches in all municipalities, as well as providing pensions and subsidies to the elderly.”
Lúcia Flor also announced that next year the financial institution will launch a new digital payments project, UnionPay, to make it easier for customers to make internal transfers between banks based in the country.
“BNCTL is currently investing in the UnionPay project, which, according to the plan, will be launched this year, but we need to improve the security system, so it has been postponed until early next year, including the visa card. We hope that our customers will be able to take advantage of our products and services,” he said.
Representative of Banco Mandiri, Graziela de Fátima presented her bank’s service, known as Mandiri Chas Management (MCM), which has been on public display since february.
Graziela de Fátima explained that MCM is a “digital service that makes it easier for customers to carry out transactions and send money to other national banks, makes it easier for companies, private institutions, and governments to transfer employees’ salaries, and works as a balance inquiry service.”
Journalist: Camilo de Sousa
Editor: Jose Belarmino de Sa