ASF - digital transformation project worth RON 98.6 million

Bucharest, 20 December 2024 - The Financial Supervisory Authority (ASF) announces the submission for funding of an important project for the digital transformation of the institution, within the call for projects related to the Smart Growth, Digitalization and Financial Instruments Programme (PoCIDIF), Priority 2, aimed at redefining the way in which ASF carries out its activity and interacts with the non-bank financial market.

Once evaluated and accepted for funding, the project, entitled "Digitizing Access to Investments for Citizens and Companies by Ensuring a Sustainable Financial Market", will represent a significant step in modernizing and streamlining the regulatory, authorization, supervision and control functions of ASF, including the activity of petitions and alternative dispute resolution, as well as in the area of financial education.

"When I took office a year ago, I made a commitment to initiate the digitization of the Financial Supervisory Authority.

This is the first project of this scale and the first project financed by European funds since the Authority was set up in 2013 to materialize this promise. With a projected budget of RON 98.6 million, it represents an important step in defining and implementing digitized processes that will provide us with an accurate, real-time picture of developments in the non-bank financial market. This transformation paves the way for efficient supervision leading to balanced, transparent and stable markets.

I would like to thank both my colleagues in ASF for understanding the importance of this initiative and contributing to its shaping, and the experts of the Authority for the Digitization of Romania for their support in the preparation of the specific documentation for the submission of such a project", said Alexandru Petrescu, President of ASF.

The initiative comes as a response to the need for digital transformation of internal work processes identified in all business functions of ASF and to the new challenges in the process of adoption of the European regulatory framework supporting the objective of integrating new concepts on digital and sustainable finance.

The overall objective of the project is to implement an integrated IT system that will support ASF in its efforts to develop and diversify the electronic public services offered to the business environment, public administration and the general public through internal processes optimized by digital technologies.

With an implementation period of three years, the project will represent a substantial investment in the future of the financial supervision process in Romania, characterized by transparency, improved public services for citizens and companies and an optimized interaction with regulated and supervised financial entities.

At the same time, the implementation of this project will allow ASF to respond more promptly to the challenges of the evolving financial market and to the imperatives of aligning with the key priorities derived from the European regulatory framework.

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