Romania’s Central Bank, RoFintech sign protocol to support financial innovation

Four-year agreement sets framework for cooperation on open banking, payment services and financial regulation.

Romania’s central bank and the Romanian Fintech Association (RoFintech) have signed a four-year cooperation agreement „aimed at promoting responsible digitalization and fostering innovation in payment services, marking a new phase in relations between regulators and the country’s fintech industry”.

The agreement was signed on Oct. 12 at the headquarters of the National Bank of Romania (NBR) by Leonardo Badea, the central bank’s first deputy governor, and Cosmin Cosma, RoFintech’s president.

„The deal establishes a framework for exchanging expertise, analyzing market developments and addressing practical challenges facing the adoption of financial technology in Romania. Key areas of cooperation include open banking, access to payment services and the implementation of financial regulations.” – according to the press release.

The agreement also highlights the role of fintech innovation in strengthening the competitiveness and resilience of Romania’s financial market, while supporting the development of more accessible, efficient and secure services for consumers and businesses.

“Fintech innovation is not only a driver of modernization in the financial sector, but also a strategic opportunity that deserves to be encouraged and supported,” the two organizations said in a statement, adding that the initiative is aligned with the central bank’s mandate to contribute to financial stability.

For RoFintech, the agreement formalizes an existing dialogue with the central bank and creates a structured channel for bringing industry experience into discussions on the development of the financial ecosystem.

“Fintech companies gain daily experience in how digital financial services operate and in identifying the challenges that limit their adoption. We now have a structured framework in which we can bring this experience into our dialogue with the NBR,” said Cosmin Cosma, the president of RoFintech.

RoFintech will contribute expertise from its member companies, document market challenges and put forward technical proposals. The association aims to ensure that issues encountered in the development and use of fintech solutions are reflected in discussions about the future of Romania’s financial sector.

The agreement runs for four years and may be extended. Joint activities will be non-commercial and guided by the principles of neutrality, technical rigor, accessibility and practical relevance.

_________

The Romanian Fintech Association supports the development of Romania’s fintech ecosystem through partnerships with the financial industry, engagement on regulatory matters and initiatives to expand international connections. Its activities include facilitating access to investors and funding opportunities, promoting fintech education, connecting talent with career opportunities and supporting the growth of the industry’s professional community.

Photo caption: Representatives of RoFintech — Cosmin Cosma and Adrian Drinceanu — and the National Bank of Romania — Claudiu Negrea, Agathe Blaga, Ionuț Horătău, Giorgiana Ene, Rodica Ivanciuc, Mihai Radu and Radu Stancu.