Central Bank of Iran (also known as CBI) announced earlier this week that it is planning to launch its very own fintech regulatory body. According to the director of CBI’s Office for Innovative Technologies, Ali Kermanshah, the organization has been working on fintech regulations since 2012, and it is planning to develop an ecosystem to authorize financial startups and fintech firm operations.
While commenting on the project and the obstacles that CBI is currently dealing with, Kermanshah reportedly stated:
“A heavy project is underway at CBI. A safe and healthy environment would lower risks for innovators and fintech firms, and result in their development. Redefining regulations to make them more efficient and launching a new body to watch innovative firms’ operations are key challenges for CBI. Banking regulations in Iran are inefficient and restrictive. Our regulations should encourage innovation in the sector.”
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, but added:
“We need a more comprehensive framework that addresses all the aspects of innovation in the financial sector and aims to promote new financial technologies. We will make use of innovators’ viewpoints and other countries’ experiences for developing the framework.”