Economy, Business And Markets

European Fintech Standards Under Consideration

Nasser Hakimi
Nasser Hakimi

The Central Bank of Iran is expected to announce its regulatory framework for fintechs in the coming months and according to the regulator's deputy for innovative technologies, European standards are being eyed as the ideal benchmark.
"Implementing European regulations such as PSD2 will require legal support [from CBI] and our ideal standard is to match the European Union framework and notify this as a regulation to the banks," Nasser Hakimi also told IBENA.
PSD2 (payment services directive) is an EU directive administered by the European Commission, EU's executive Cabinet, to regulate payment services and payment service providers throughout the EU and European Economic Area for boosting competition and increasing participation in the payment industry by non-banks.


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