To support the country’s digital transformation and drive innovation in financial technology, Bhutan Insurance Limited and the Gyalpozhing College of Information Technology collaboratively launched the FinTech Innovation Lab yesterday in the capital. The lab will serve as a hub of creativity, bringing together developers from the Bhutan Insurance Limited and students of the Gyalpozhing College of Information Technology to work on new ideas, research and solutions.
At the launch, the Prime Minister highlighted the importance of growing the economy to create good, well-paying, meaningful jobs in the country.
He said finance is the backbone of modern economies, and technology provides the solution, making their integration essential.
“Innovation does not come naturally, especially in a country that is steeped in culture and tradition. And this is where the convergence comes in. A lab, an innovation lab, a safe space where you can actually innovate without fear of failure or criticism. In fact, a space that will give you the courage and all the resources to try and fail and try again until you succeed.”
Along with the launch, Bhutan Insurance Limited and Gyalpozhing College of Information Technology also signed a Memorandum of Understanding.
“What we intend to do is the Bhutan Insurance Limited developers who are experts will guide the students of GCIT, who will be involved in a lot of FinTech solution projects, will guide them and develop important projects or important FinTech solutions which are the need of the hour, and also will look into what kind of future technologies need to come in line with the regulatory requirements as well,” said Sonam Tobgay, Director, Operations & IT, Bhutan Insurance Limited.
He added that one of the key motives is to empower and groom youths. The collaboration plans to work on several projects.
“The first one we are looking for is building a decentralised finance blockchain platform. So, it is called DeFi. It is looking at a fresh way for regenerative finance where money, crypto and sustainability all come in form. So, what do I mean by that, for example, farmers in rural areas where they often face crop disasters, now we are looking at a DeFi blockchain that allows them to come together and look at voting claims, look at the insurance and also looking at a decentralised autonomous organisation as a community to look at making decisions,” said Audrey Low, President, Gyalpozhing College of Information Technology.
The lab will also work on improving digital wallets. One of the ideas is to add reward features that will allow users to earn points every time they make a purchase.
“Finance is the driver of the economy, right? So in this space, how do you enable it? Whether it is looking at gaps, processes, and people processing the technology, they all come together in finance and technology to grow their economy. And it can grow in many, many other forms. We can grow in a decentralised finance way. We can also look at the existing business, how to look at improvements of process, and just making, whether it is finance or banking, a lot easier,” said Audrey Low, President, Gyalpozhing College of Information Technology.
“This initiative by BIL in collaboration with GCIT is where two different worlds of industry and academia collaborate with one vision. I think this should be a precedent set for the others to follow as well because if Bhutan has to grow, the education hubs and the private sectors and the public sectors or the government agencies have to collaborate to ensure that Bhutan succeeds,” said Sonam Tobgay, Director, Operations & IT, Bhutan Insurance Limited.
The FinTech Innovation Lab will serve as a platform to test new ideas, support projects, and build a financial system ready for the future.
Devika Pradhan
Edited by Sonam Pem
