Digital PFM - Digital PFM

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Website is dedicated to empowering PFM professionals with the necessary resources needed for effective Digital PFM. Website lists resources, technical notes, best practices, blogs, and news to enhance transparency, efficiency, and accountability in public finance using digital technologies. Whether you're a policymaker, practitioner, or researcher, website supports your journey toward smarter PFM.

About Digital PFM

PFM is being transformed by digital technologies, including AI, Machine Learning, and blockchain. AI, particularly in cognitive automation, plays a vital role in automating complex PFM tasks that require human-like decision-making, such as budget forecasting, anomaly detection, and compliance checks. AI/ML enhances decision-making and predictive analytics, while blockchain ensures transparency and security in transactions. Data analytics provides real-time insights, optimizing resource allocation.

Data governance remains crucial for AI, ensuring accuracy, consistency, and security across systems, which builds trust and compliance. Key components of digital PFM include digital budgeting, e-procurement, automated financial reporting, and Integrated Financial Management Information Systems (IFMIS). Additionally, Public Investment Management Information Systems (PIMIS), payroll, and other PFM IT systems enhance efficiency and accountability, creating a transparent and effective PFM ecosystem for governments.

Kazakhstan Launches Digital Tenge: A New Era of Cashless Payments Begins

Kazakhstan has launched its central bank digital currency (CBDC), the digital tenge, with a demo transaction using contactless card technology. The National Payments Corporation of Kazakhstan announced the platform’s operation during a conference on 15 November. Chairman Binur Zhalenov made the first ceremonial purchase in digital tenge. The digital currency will be rolled out in stages, initially focusing on government fund disbursement. This development is significant as only a few countries have issued CBDCs. The digital tenge aims to enhance cashless payments, government transparency, and innovative financial products. The project includes partnerships with Visa, Mastercard, and local banks, with full implementation expected by 2025.

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