The Iranian financial technology companies have united to come up with Irans FinTech Association following the suggestions of the Central Bank of Iran. Earlier on in January, the Iran’s Tejrat Bank chief executive had called for the embrace of FinTech innovations in the country.
Meanwhile, Mohammad Ibrahim Moqaddam had stated while addressing an expert panel that the materialization of Bitcoin currency and the blockchain technology and cryptocurrencies is going to have a notable influence on how the Iran bank work. He also added that banks and the FinTech startups needed to initiate collaboration that is necessary for better business standards and efficiency in Iran.
The Iran FinTech association, popular as FinTech A, is supposed to bring all concerned parties under a single entity to find solutions to the problems they face so that innovators and regulatory bodies can realize improvements.
The director of the CBI IT Department, Nasser Hakim, said that FinTech companies could develop a forum to help unravel the challenges they faced, identify important questions and find a regulator for the solutions.
At the moment, CBI does not have the capacity to solve the problems that innovators face case by case considering that they are very many in number. However, if a forum is launched, regulators will be quick and efficient in helping FinTech.
The founder of ZarinPal, Mostafa Amiri said that the first payment aggregator in providing online solutions was ready to work with regulators. He added that there was a need to form an urgent unique voice to help protect the market to foreigners who enter the Iranian market.
Despite the efforts to ensure that FinTech companies in Iran develop to higher levels, there has been criticism over the regulations within the country. Amiri told the FinTech companies to step up and satisfy the needs of regulators so that controversies can be wiped away.
Sanctions in Iran
Last February, Iran had economic sanctions lifted, but the screening rules did not. The screening bars those in the EU and the U.S from conducting Bitcoin transactions within Iran. However, measures are being put in place to raise the countries standings and make it a FinTech hub.