During the Doing Digital forum 2024, a well-known futurist, author of a new concept of banking, and several bestsellers, Brett King, highlighted the potential for growth in Armenia's banking system in terms of implementing digital solutions.
The expert noted that currently, Armenia's banking system is unable to sign smart contracts, pushing the need for fundamental changes to meet modern requirements and standards of the financial industry.
He also mentioned the absence of fintech company licensing for operating in the banking sector in Armenia, which is widely practiced in developed countries. He spoke about cooperation with the Central Bank of Armenia aimed at implementing digitization mechanisms.
Armenia has work to do in this direction, he said, emphasizing the importance of fintech companies in this transformation, as they offer various modern services and already serve more people than traditional commercial banks.
