Iran Collaborates with Key Players to Establish Innovation and Offshore Banks

The Vice President for Science detailed the latest status of joint AI projects between universities and ministries. He also discussed plans to establish an 'Innovation Bank' with major ecosystem players and to set up an offshore bank.

Executive AI Assistants in Training

Hossein Afshin, Vice President for Science, explained the outcome of AI assistant projects to a Digito reporter. He noted that these projects are ongoing and have progressed well. Currently, seven universities are advancing these projects according to planned phases.

Afshin described the current status of these projects, stating they are 'alive.' He mentioned that ministries are interacting with universities, and the AI systems are in the training and learning phase. He emphasized that completing this process requires time and patience for the models to mature.

The Vice President for Science cited several examples of these collaborations. The University of Tehran is working with the Ministry of Oil. Amir Kabir University is collaborating with the Ministry of Roads and Urban Developments. The University of Science and Technology is partnering with the Ministry of Industry, Mines, and Trade. Alzahra University is cooperating with the Ministry of ICT.

Establishing the Innovation Bank with Ecosystem Partners

Another part of the Digiato interview with the Vice President for Science focused on cooperation with the Central Bank to form a neobank. Afshin clarified that the aim is to obtain a license for a neobank and focus on establishing an 'Innovation Bank.'

He stated that the Vice President's office does not intend to manage the bank. Instead, the ecosystem itself will handle this task. "We are trying to establish the Innovation Bank with the main and major ecosystem players, centered around the Innovation and Prosperity Fund," he said.

Afshin stated that the legal basis for this action is the Seventh Development Plan and that the license to establish this bank exists under this program.

The Vice President for Science said the goal is to develop new financing methods. He warned that without new financial methods to aid the ecosystem, the country's innovation ecosystem could face stagnation. He stated that using new financial tools is necessary to prevent this stagnation.

According to him, although the neobank license belongs to the Vice President's office, this entity does not intend to manage it. The neobank is supposed to operate as a subsidiary of the Innovation Bank with investment from major ecosystem players.

Hossein Afshin clarified misconceptions about the neobank. He said the Vice President's office is not seeking to directly establish a neobank. Instead, under the First Vice President's directive, establishing the 'Innovation Bank' is the priority, and the neobank will be formed under this bank.

He emphasized the facilitating role of the Vice President's office. He stated that due to its governmental position, the office cannot legally hold shares in these banks. It only provides the platform for main players to participate.

70 Trillion Tomans Capital for the Innovation Bank

Afshin also highlighted the financial requirements for establishing this bank. According to him, establishing the bank requires approximately 70 trillion tomans in capital. If it is a second type of license, this amount reduces to 50 trillion tomans.

The Vice President for Science explained that this capital is provided by major ecosystem players. The Innovation and Prosperity Fund will only be one of the shareholders. He stated the aim is to create new financial methods to prevent stagnation in the ecosystem.

Planning for an Offshore Bank

Afshin also mentioned the finalization of preparations for establishing an 'Offshore Bank.' He said that almost all necessary licenses have been obtained. This bank is planned to be located in the Chabahar Free Zone or Kish Island.

According to the Vice President for Science, 32 different players are involved in the offshore bank project, with the Innovation and Prosperity Fund being one of them.