Vadim Jeleascov Discusses Launching Instant Payments in Moldova: Insights from Head of Fintech at National Bank

The fifth edition of the podcast “Giving Meaning to Money” brings news about the preparations for launching instant payments in the Republic of Moldova. Instant payments will allow the transfer and payment of transactions in the local currency within the country to be made simpler and more cost-effective for anyone, solely by using a phone number. The National Bank of Moldova (BNM) and service providers in the payment industry are planning to launch them starting from February 2024.

The guest of journalist Liliana Barbăroșie is Vadim Jeleascov, the Head of the Fintech Department at the National Bank. This new subdivision of the National Bank of Moldova focuses on promoting technologies within the financial system of the Republic of Moldova.

Additionally, the podcast brings news about developments in the process of launching open banking in the Republic of Moldova. This innovation will allow the networking of accounts and data between financial institutions to be used by consumers, banks, and third-party service providers.

“The most important area we are currently dealing with is instant payments. Instant payments are present in many countries around the world, but the goal is to have the system launched in Moldova in February 2024. In every banking app, it will be possible to send money through a phone number. Any user of the bank’s mobile app will have access to sending money using a phone number, free of charge up to a certain amount. This way, we simplify the lives of people who want to transfer money. Because how does it work now? You want to send money from Chișinău to Briceni, many go to a minibus, send the money, and the money reaches its destination through the minibus,” said Vadim Jeleascov.

The full interview can be watched below.

The podcast “Giving Meaning to Money” aims to regularly explain economic topics, in a context where the crises of recent years have repeatedly highlighted the need to strengthen the financial education of the citizens of the Republic of Moldova.

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