/ Tuesday, September 25, 2018 / Categories: Events, PMA Deputy Governor of Palestine Monetary Authority Participates in the “Financial Technology” Session of EXPOTECH Technology Week 2018 Monday, September 25, 2018 – Dr. Riyad Abu Shehadah, Deputy Governor of Palestine Monetary Authority, participated in the Financial Technology –FinTech- Session held in Ramallah today at EXPOTECH Technology Week 2018. Dr. Abu Shehadah briefed the session about the efforts of Palestine Monetary Authority to stay up-to-date with developments in financial technology and the achievements made recently by Palestine Monetary Authority in developing retail payment system, immediate settlement system, National Switch System 194, developing the electronic payment system, cooperating with the government to draft electronic transactions law, licensing payment companies, and preparing national plan to develop means of electronic payment 2018-2023, soon launching of electronic clearance, issuing instructions regulating electronic payments instruments, ensuring suitable infrastructure to develop financial technology, and involving the Palestinian banking system by establishing national banking service company. Dr. Abu Shehadah stressed the important role of financial technology in advancing the work of the Palestinian banking sector and its impact on promoting means of electronic payment and enhancing financial inclusion by furthering and facilitating society access to banking services. Dr. Shehadah addressed the risks of financial technology, which might affect the banking system through competing modern and traditional banking services, banking confidentiality, and that modern banking is more likely to be subject to piracy than traditional banking. Dr. Shehadah addressed the monitoring of Palestine Monetary Authority of financial technology and stated that Palestine Monetary Authority controlled financial institutions governed by regulations and instructions of a central bank and that PMA might supervise activities in modern financial services in addition to supervising traditional financial institutions. Dr. Shehadah also said that it was important to enhance the supervisory and control framework over companies that delivered financial technology services, ensure appropriate legislations to develop financial technology services and ensure that they were in line with laws and to establish national committee to put an end to cyber risks. Previous Article Deputy Governor of Palestine Monetary Authority Briefs Egypt’s Deputy Ambassador about Recent Banking Developments Next Article Palestine Monetary Authority Welcomes Delegate of Female Graduates of Palestinian Business Administration Program of the Bank of Palestine Print 2773