Vice President of New Technologies of the Central Bank, Moharamian claims that special programs have been considered to support fintechs and innovation in the new era
According to the IDEA, The Vice President of New Technologies of the Central Bank, while explaining the document of the organization’s roadmap for the development of innovation and fintech, announced that important measures will be taken in four time periods. He announced the formation of a center of experts in the field of fintech and the effort to create a single regulator for all aspects of this field as among the important issues of this document.
On the second day of the annual conference of electronic banking and payment systems, “Mehran Moharamian” emphasized that the actions of the central bank in the discussion of supporting innovation in the past years were not enough and announced that special programs have been considered to support fintechs and innovation in the new era.
According to Moharamian, several meetings have been held with the active actors of this industry and they are still looking for feedback from the community of innovation and fintech activists in the country.
Moharamian said that the two factors of demand elasticity and technology pressure have caused the central bank to focus more on this area: “The important issue is how much we as a regulatory body can follow this space and not lag behind innovation. The fact is that regulation is always behind the market, but this issue should be reduced as much as possible.
But what are the fundamental components of Iran’s fintech ecosystem? In response to this question, he declared: “Infrastructure, customers, businesses, investment, human capital and regulations are the fundamental components of this ecosystem. Specific issues of the fintech industry will also lead to validation, financial management, blockchain, security, lending, etc. Of course, there are also points that are general issues in the field of fintech; such as customers and supervisory institutions and human capital and…”
Moharamian by posing the question, what are the strategies of the central bank in this document? He announced: “The development of RegTech, the creation of a new system of validation, sandbox and facilitation, as well as the discussion of institution building, the purpose of which is to monitor the state of this ecosystem.”
Investment growth in fintech
According to Moharamian, Central Bank also has plans for a broad investment platform in local fintechs: “Identifying and strengthening the financing channels of financial institutions according to the needs of fintechs and providing a platform for the presence of fintechs in international events.”
He emphasized that they intend to create a synergistic platform between the main players of the country’s financial ecosystem, which they do with the help of a single window and the connection of information systems:
“Cases such as bioeconomy by establishing complementary relationships between its elements, as well as organizing and curbing the excessive growth of fintech industry laws and regulations by presenting bills and preparing proposals with a macro-industry focus, and finally, we are looking to lay the groundwork for the formation of a single regulator. occur in the fintech industry so that inter-institutional coordination can take place more easily.”
In this map, it is emphasized that the central bank intends to have continuous interaction with fintech activists and launched an online system to include information on the ecosystem of the fintech industry. According to Moharamian, a center of fintech experts and experts should also be created, which is mentioned in this map.
The time priorities of the items in this map are also divided into four stages. In the first step, the infrastructure will be advanced, and in the second step, the discussion of organizing and facilitating the safe entry of financial technology innovation, as well as helping to complete the single window and the presence of fintechs in international events and the system of information statistics of the fintech industry will take place.
In the third step, he will develop clear and transparent laws and help the field of regtech, as well as improve the business environment. In the final step, the central bank will follow the development of fintech development document and increase the investment of large institutions and attract elites in the ecosystem and take the initial steps for the formation of a single regulator.
Future plans of the central bank
According to the plan of the Central Bank, the determination of the monitoring and monitoring structure of cryptocurrencies and the working group of new payment methods will take place by the end of the year. Also, the formulation of the framework of landtechs will be done by the end of the year, but the formulation of the development framework of Open Banking, Ragtag and Suptech will be done next year.
The activity framework in the field of cryptocurrency exchange is also on the agenda of the Central Bank next year, and import regulations using crypto will also take place early next year with the cooperation of the Ministry of Security and the Central Bank. The issue of paying for things is also a long-term plan that the Central Bank will go towards in 1405, because it is not far from the mind that things themselves will have bank accounts in the not too distant future.
Compilation of the activity framework of neo-banks and the development of identity authentication documents are among the other plans of the central bank until the end of the year. This institution is also supposed to update the regulations of the electronic money wallet by the end of the year, and a program such as payment regulation is one of the programs that the central bank will go to early next year.
Regarding licensing, the central bank plans to implement new programs. The determination of the cryptocurrency exchange license will take place in 2024 and new decisions about crowdfunding will be made in 2025.
This institution will launch the new validation model by this year. Digital Rial is also supposed to be implemented by the end of 2024, and the launch of the account payment system (PolPay) is also one of the plans for the next year of this monetary-banking institution.
Needless to say, Moharamian emphasized that they have not entered the stock market and insurance in this map because these institutions have their own regulators.
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