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Fintech Gets Boost in Iran via Regulatory Support

The financial regulator of Iran, namely the Central Bank of Iran, provided the bylaw on Iranian fintech industry in the last week of September 2017.The financial regulator of Iran, namely the Central Bank of Iran, provided the bylaw on Iranian fintech industry in the last week of September 2017.

In recent years, the financial industry has seen fast-growing adoption of financial technology, or fintech. Considerable investment flows are expected to be placed into the sector, which has stimulated expectations for high returns in Iran.
There are some estimations that a significant portion of bank revenues, especially in retail banking, is at risk over the next 10 years. On the contrary, some findings on increased banking efficiency and capabilities could outcompete any new futuristic competition.
New service providers have entered the Iranian market for financial services, including Internet, retail and telecom firms. Iran has been witnessing a rise in automation, specialization and decentralization trends that could leverage vast quantities of consumer and firm data.
The emergence of fintech is only the latest wave of innovation to impact the banking industry. While banks have undergone various technology-enabled innovation phases before, fintech has the potential to elevate the role of data as a key commodity, and drive the emergence of new business models.
 

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