Iran to launch regulatory fintech body

Regulation | December 26, 2016 By:

Central Bank of Iran (CBI) announced it is planning to launch its very own fintech regulatory body.

“CBI has been working on fintech regulations since last year. We are planning to develop an ecosystem to authorize the operation of financial startups and fintech firms,” Ali Kermanshah, director of CBI’s Office for Innovative Technologies, said in a website close to the central bank.

He also added that a heavy project is underway at CBI that would offer a safe and healthy environment to lower the risks for fintech startups and innovators. He noted that the central bank is facing problems for regulating fintechs and the key challenges of the bank lie in redefining regulations to make them more efficient and launching a new body to watch innovative firms’ operations.

According to the Financial Tribute, unofficial reports now show that over 50 fintech firms are currently operating in Iran, most of which were developed in the past three years. Kermanshah previously noted that the country’s current regulations could be used for authorizing fintech operations.