Palestine Monetary Authority Organizes Workshop on Sveriges Riksbank’s Electronic Payments Experience

Palestine Monetary Authority and Sveriges Riksbank - the Central Bank of Sweden – organized workshop today in Ramallah about the experience of Sveriges Riksbank in developing and implementing electronic payments and FinTech (financial technology). The workshop hosted officials of payment systems at the banks that operate in Palestine and heads of PMA’s departments.  

Electronic payments advisor at Sveriges Riksbank Björn Segendorf and Administrative Affairs Officer briefed the workshop about the experience of Sveriges Riksbank in moving on to electronic payments systems that used cards and modern payments instruments rather than cash payments and the impact of such shifting in payments on reducing cost and speeding up transactions and ensuring transparency and integrity in payments in accordance with the best international practices in electronic payments systems. 

The joint PMA-Sveriges Riksbank workshop comes within the framework of the memorandum of understanding both parties signed in 2014 to exchange banking expertise especially in electronic payments instruments – Sveriges Riksbank is the first in the world to use electronic payments in all financial and transactions to replace cash payments. 

The delegate from Sveriges Riksbank met with members of PMA’s Board of Directors and discussed ways of future work to develop and implement PMA’s national strategy of electronic payments. 

Sveriges Riksbank delivers technical assistance to PMA to build the national strategy of electronic payments including payments using mobile phones and electronic clearance. This is among PMA’s trends toward a society that uses modern electronic payment instruments.