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The Central Bank of Iran plans to establish a dedicated fintech regulatory body as part of its roadmap for expanding and regulating financial technologies. The initiative aims to monitor and organize the fintech ecosystem more effectively.
The Central Bank has released a draft document titled 'Roadmap for Expanding and Regulating Financial Technologies,' seeking feedback from industry stakeholders. The document outlines four strategic goals related to monetary and banking fintechs: strengthening legal and regulatory frameworks to promote innovation, competition, and stability; fostering domestic and international investment in local fintechs; enabling collaboration among key players in the financial innovation ecosystem; and creating structures for sharing ideas and innovative products.
Under the first strategy, the Central Bank intends to establish a dedicated regulatory body for fintechs within its institution. Additional measures include enhancing regulatory sandboxes to facilitate the secure entry of monetary and financial fintechs into the market. The bank also plans to develop open banking infrastructure, support credit scoring systems within the financial sector, advance supervisory technologies (SupTech) and compliance technologies (RegTech), and draft clear legislation addressing cybercrime.
For the second strategy, the bank will identify and strengthen financial channels aligned with fintech needs while offering incentives to foster investment growth in the ecosystem.
To enable synergy among key players in financial innovation, as outlined in the third strategy, the Central Bank aims to establish a unified regulator for the fintech industry. It also seeks to streamline fragmented regulations within the sector by completing single-window systems and integrating information platforms.
Finally, under the fourth strategy, efforts will focus on launching an online platform for statistics and data related to Iran’s fintech industry.
