ASF signs 96.4 million lei contract for digital transformation

The Financial Supervisory Authority (ASF) has signed the financing contract for the institution’s digital transformation project, at the headquarters of the Romanian Digitalization Authority (ADR). The project has a total value of 96.4 million lei and an implementation period of three years.

The implementation of this project, financed by European funds represents important progress in the process of modernizing and streamlining the ASF’s functions related to regulation, authorization, supervision and control, including petition management activities, alternative dispute resolution and promotion of financial education, being intended to redefine the way in which ASF carries out its activity and interacts with the non-banking financial market.

“The signing of the financing agreement marks an important moment for the Financial Supervisory Authority and for the direction we have assumed: digitalization as a central pillar of institutional transformation. It is a strategic project, the first financed from European funds at the ASF level, which will allow the development of modern digital solutions, with a direct impact on operational efficiency, transparency and easy access to services, both for consumers and for actors in the non-banking financial sector. I particularly appreciate the contribution of my colleagues from ASF who worked with professionalism and dedication in preparing this project. I also thank the team of the Romanian Digitalization Authority for the technical support provided,” said Alexandru Petrescu, President of ASF.

This project meets the need for digital transformation of internal work processes in all business functions of ASF and the new challenges in the process of adopting the European regulatory framework that supports the objective of integrating new concepts regarding digital finance and sustainable finance.

“We mark the beginning of an essential stage in the evolution of our institution – the transition to a modern and efficient digital structure that will govern all ASF functions. This project is not only an investment in technology, but it is an investment in the future of ASF and in our ability to respond more quickly, more clearly and more transparently to both consumer expectations and the needs of the non-banking financial market. I am pleased to coordinate the implementation of this initiative, which will lead to the simplification of internal processes, to increasing the quality of public services offered by ASF and to strengthening trust in the Authority’s activity. I thank my colleagues involved in the development of the project and the partners at the Authority for the Digitalization of Romania”, said Gabriel-Ioan Avrămescu, First Vice-President of ASF, project manager.

The general objective of this project is to develop an integrated IT system that will help ASF improve and expand the digital services offered to the business environment, public institutions and citizens. By digitizing and optimizing internal processes, ASF will be able to provide more efficient and accessible public services. At the same time, the project will allow the institution to react more quickly to the constant changes and challenges in the non-banking financial market, leveraging the advantages of modern technology.