The Central bank of Iran up until now was controlling the regulations pertaining to the Fintech companies. However, recently the president of Iran also announced the relaxation of the regulations for the Fintech companies. However, many of the Fintech companies are actually confused about these regulations rather than being relieved after these regulations.
According to the regulations, the Fintech companies will be able to get better access to the electronic wallets, micro-payments as well as banking transactions. The only requirement is that the Fintech companies should be having proper licenses. As long as they are having a proper license, they will be able to get proper access to the data.
Also, the Central bank of Iran has been instructed that within one month of the passage of this rule, they should be able to provide data to the Fintech companies. This clearly means that the Fintech companies will have a unique advantage in Iran. When banks are obligated to give access to such data, it will become indeed much easier for the Fintech companies to obtain the data. With the help of the data, the Fintech companies will be able to grow at a rapid pace. They will be able to place their products exactly on the data which is provided by the banks. As a result, they will be able to offer customized solutions to various banks. This is one of the main advantages of this particular rule.
Also, many of the Fintech companies are actually confused regarding what kind of licenses they need to have in order to gain access to the data. Only once they are able to gain access to the data on a consistent basis, they will be able to develop the various products.
On the other hand, this is a huge boost for the Fintech industry. It seems like Iran is one of the very few countries which is actually enacting rules in order to increase the Fintech industry. With the help of access to this data, it will become easier for the Fintech industry to know the requirements of its banking and finance customers. As a result, it will become easier for the Fintech start-ups to pitch their products in front of the companies as well.
With the help of this new rule, the government of Iran will be able to encourage more and more Fintech start-ups to actually set up base. As a result, it will become an innovative as well as technological hub for Fintech start-ups. Keywords: Iran, Central bank of Iran, Fintech