Fintechs Oppose CII Policy

The Iran Fintech Association, a private society supporting fintech startups, has strongly criticized the Central Insurance company of Iran (CII) for promoting monopoly in the online insurance market. 
In a letter, the Fintech Association referred to the establishment of the quasi-private company, Amitis, for handling all the transactions by online insurance companies and warned the regulator about the immediate impact of market monopolies, Risknews reported.
"The so-called private company is owned by the CII and its office is located in one of the buildings owned by the regulatory body…The CII has forced all startups to work only with Amitis, without contacting insurance companies or brokers," the letter noted.