Representatives of the European Bank for Reconstruction and Development (EBRD) are currently working with Romania's Financial Supervisory Authority (ASF) on a mission to diagnose and assess the needs for supervisory technology solutions to be next adopted by the financial watchdog, ASF president Alexandru Petrescu announced on Tuesday."I am confident that we will reach a level of digitalization that will put us ahead of any possible incidents, of economic damage, so that the Authority will be more in a position to correct and recommend and less in a position to find various types of economic failures, to call them that," Alexandru Petrescu declared at the Stock Exchange listing ceremony of the bond issue of company Autonom.The mission represents a diagnostic exercise for the IT tools used in the insurance supervision activity. At the end of this consultancy project carried out with EBRD financing, recommendations based on similar practice will be made to improve the IT system needed for insurance supervision.Petrescu also spoke about the RON 98.6 million digital transformation project submitted for financing at the end of last year at the call for projects under the Smart Growth, Digitalization and Financial Instruments Program (PoCIDIF), Priority 2, and is intended to redefine the way ASF carries out its activity and interacts with the non-banking financial market.Once it is assessed and accepted for funding, the project titled "Digitalizing Access for Citizens and Companies to Investments by Ensuring a Sustainable Financial Market" will represent a significant step in modernizing and streamlining the regulatory, authorization, supervision and control tasks of the ASF, including petitions and alternative dispute resolution activities, as well as in the area of financial education.The initiative comes in response to the need for the digital transformation of internal work processes, identified in all of ASF's business functions, and to the new challenges in the process of adopting the European regulatory framework that supports the integration of new concepts regarding digital finance and sustainable finance.The general aim of the three-year project is to implement an integrated IT system that will support the ASF in its efforts to develop and diversify electronic public services to the business environment, public administration and the general public through internal, digitally optimised processes.At the same time, the implementation of this project will allow ASF to more promptly respond to the challenges of the permanently evolving financial market, as well as to the requirements to align with the key priorities arising from the European regulatory framework.
President Nicușor Dan has nominated Senate president Ilie Bolojan, a leader of the National Liberal Party (PNL) and former interim president, for the prime minister seat. Dan said Bolojan is “the best person to carry out the needed adjustments in the state administration.” He pointed to Bolojan’s track record with reducing spending, and said he has […]
Balkanik Festival – Home of World Music, set to take place at Uranus Garden between September 5 and September 7, lines up this year artists who "celebrate that form of joy that does not ignore reality, but faces it with beauty, energy, and solidarity," the organizers said. The artists performing in September in Bucharest will […]
The mayor of Timișoara, Dominic Fritz, announced on Friday, June 20, that two new bridges over the Bega River will be built in the city. The bridges will be financed with EU-backed funds worth over RON 130 million. The bridges in question are the Solventul Bridge, which will connect Gării Street to Dâmbovița Boulevard and […]
A Sarmatian necropolis nearly 2,000 years old was discovered after archaeological excavations were carried out at the Mehala II site in the municipality of Timișoara, in western Romania. Researchers discovered 15 inhumation graves, most arranged in rectangular pits with rounded corners, although some no longer retain their original outline, having been disturbed by the passage […]
The George Enescu Philharmonic Orchestra will deliver on June 26 a concert marking Romania Day at the Osaka World Expo. Additionally, the Bucharest-based orchestra will present a series of other concerts and recitals, both within the Romanian Pavilion and outside, at Toyonara Hall in Osaka. The George Enescu Philharmonic Orchestra's concerts will be conducted by […]
Sphera Franchise Group, the largest food service group in Romania, has opened its first Cioccolatitaliani store in the seaside resort of Riccione, in Italy’s Rimini tourist area. This marks the official launch of Sphera Group’s development plan for the premium Italian brand of coffee, gelato, and pastry. Under the plan, it will open four locations […]
