Regulations Fail to Catch Up With Fintechs

Like the rest of the world, Iranian fintech companies are growing fast, but a member of the Iranian Fintech Association said regulations have failed to keep up with them. “A notable difference between Iranian fintechs and their international counterparts is the slow pace at which regulations change compared with the progress of companies,” Mehdi Ebadi also told IBENA. He said this has led the companies to engage in a trial and error method. “If this trend continues, either the supervisory and regulatory entities will act in line with regulations or fintech firms will gradually be forced to adapt to the existing conditions, which will certainly hinder their operations and increase their costs,” Ebadi said.