The Fintech Association wanted to create a specialized regulatory body in this field

A group of Fintech experts announced in a statement that in order to maintain and grow this industry, they urgently need to create a specialized, independent and efficient regulatory body. This institution should formulate clear and efficient regulations with the cooperation of the government, the private sector and experts, which will not only support innovations, but also pave the way for the growth of this industry.

According to Iran digital economy annotation, according to the statement of the Fintech Association, more than 60 million Iranians currently benefit from Fintech services. These services, which have been extended to deprived areas to metropolitan cities, have greatly contributed to improving financial access and reducing the gap in access to financial and credit services for all sections of society, including deprived and underprivileged areas. But wrong and ineffective regulatory policies have brought this industry directly to the brink of destruction.

More than 250,000 businesses conduct their financial operations using fintech services, which not only reduced costs, but also improved the quality of financial services, the statement said. Also, this industry has led to job creation for more than 500 thousand people. But this growth is facing serious threats and obstacles.

According to this statement, if the goal of the 7th Development Plan is to reach a 10% share of the digital economy in the GDP, immediate and decisive reform of these policies is inevitable. Otherwise, we will witness the destruction of countless opportunities and the collapse of the fintech ecosystem.

Activists in this field have said that studies show that more than half of industry activists identify wrong government policies and ineffective laws as the biggest threats to the growth of fintechs. Instead of facilitating innovation, these policies have blocked the path of progress and by making irrational decisions based on the realities of the industry, they have directly hit the innovations in this field. In the field of payment, Shaparak’s guidelines have disrupted the activity of payment providers by imposing unnecessary restrictions.

In this statement, the field of cryptocurrency is also discussed; In the field of cryptocurrency, the opaque policies of the central bank have brought the cryptocurrency sector to the brink of destruction. In the Lendtech field, unfair decisions and fees have directly suppressed innovation and destroyed business models. In the field of insurtech, the recent decisions of the Central Insurance and the monopoly of Fanhab company have completely disrupted the competitive environment and made it difficult to serve millions of users.