Fintechs Oppose New Directive

Iranian Fintech Association, a non-governmental body formed by fintech applications, has strongly opposed newly announced regulations demanding payment facilitator applications to get the online trust logo ‘e-Namad’.
The Center for E-Commerce Development last week said it had reached agreement with the Central Bank of Iran and Shaparak Company that is in charge of supervising the domestic e-payment network, according to which payment facilitators are obliged to acquire the trust badge.
Fintechs, however, claim that the AML regulations, in which online services are obliged to have the e-Namad logo on their website, do not require payment facilitators to do likewise.
The logo apparently seeks to display that online services offered by such sites are safer than websites without the trust symbols and have been approved by government authorities.