RMA’s Roadmap to focus on Bhutan’s Economic Transformation

Tenzin Namgay/ Thimphu Druk Nguldrel Lamtoen – 2030, Royal Monetary Authority’s Ten-Year Roadmap (2021-2030) is a roadmap for a Progressive, Agile, and Resilient Central Bank focused to enable Bhutan’s Economic Transformation. The preparation of the roadmap was inspired by His Majesty The Druk Gyalpo’s command to the Government to develop an Economic Roadmap for the 21st Century during the 112th National Day Royal Address. In the Press Release send out by Royal Monetary Authority during the launch of Druk Nguldrel Lamtoen – 2030, it states: “The financial sector plays a pivotal role in achieving the Government’s economic transformation initiatives. Through the Druk Nguldrel Lamtoen - 2030, the RMA and the financial service providers aspire to support the Government through building responsive, resilient and innovative financial sector.” To meet the demands of financial trends of the changing times and to stay relevant, the press release states: “Druk Nguldrel Lamtoen - 2030 will be a live document with subsequent versions incorporating better forecasting and data-driven targets through the application of data analytics and quantitative tools.” Additionally, the press release assures: “The National Digital Identity will be leveraged as a key anchor to transform the financial sector through FinTech services, data analytics and research, and strengthening of international payments gateways.” According to the roadmap, the economic strategic plan focuses on four Thrust Areas with priorities and key actions. Under this Thrust Area, the RMA will initiate strategies to catalyse economic growth that is stable, resilient, green, and inclusive. For the Thrust Area – Enabling Resilient, Sustainable, and Inclusive Economic Growth, RMA will initiate strategies to catalyse economic growth that is stable, resilient, green, and inclusive. For the Thrust Area – Reinforcing Stability, Resilience, and Integrity of the Financial System, RMA will reinforce the stability and resilience of the financial system as it is mandated to ensure the stability and integrity of the country’s financial system. The environment in which financial institutions operate is becoming increasingly complex because of technological disruptions and unpredictable events that often expose them to new risks For the Thrust Area – Transforming Payment System for the New Digital Age, RMA will prioritise digital payments to intensify the efforts to improve and innovate payment system to provide faster, streamlined, and efficient digital payment services. For the Thrust Area – Leveraging Digital Technology and Innovation, the RMA will play an active role in the national digital transformation goal under the Digital Drukyul Flagship Programme. In the next decade, RMA will leverage technology and innovation to transform the financial sector. RMA will particularly focus on deepening digitalisation of financial services by exploiting the power of the distributed ledger technology, AI, cloud computing, robotics and APIs, and other emerging digital innovations. Meanwhile, the ‘Enablers’ of the Economic Roadmap are fostering organisational change to build RMA as leading, credible, and knowledge-based institution, optimising the application of ICTs for organisational efficiency, and strengthening legal advisory services for regulatory soundness and compliance. The “Druk Nguldrel Lamtoen – 2030” RMA’s Ten-Year Roadmap (2021-2030) was launched by Ministry of Finance Minister Namgay Tshering on August 25, 2021.