Governor of Palestine Monetary Authority Participates in Arab British Economic Summit 2019 in London and Meets with the Governor of the Bank of England

London – July 3, 2019 – His Excellency Mr. Azzam Shawwa, Governor of Palestine Monetary Authority, participated today in the Arab British Economic Summit 2019 ‘Shared Vision’ held at Queen Elizabeth II Center in London. The Summit has been organized by the Arab-British Chamber of Commerce (ABCC) and in association with the Arab League and the United Kingdom Department of International Trade and British chambers of commerce. Mr. Shawwa will meet tomorrow with the Governor of the Bank of England. 

Mr. Shawwa addressed in his remarks the importance of electronic banking services and fintech in Palestine. Mr. Shawwa also said in opening remarks at “Banking and finance: fintech and blockchain” Session that fintech was new field that attracted emerging businesses that sought to make profits and economic status within a large group of financial institutions of experience and knowledge in this field. Emerging businesses create business plan that incorporates programming and technology to present distinctive assortment of financial services including payments, digital currencies, money transfer, collective lending market, wealth management, risk management, and even insurance. However, the success of these businesses requires strong technological infrastructure rich with communications especially largescale flow internet and wide use of electronic payment systems, large number of electronic consumers, legal and technological protection to those who carry out electronic businesses, having financial sector that encourages innovation and financially stimulates it through banks and financial markets and even investors.

Mr. Shawwa affirmed that Palestine Monetary Authoritykeeps abreast of technology development across the world to shift the Palestinian society from relying on traditional cash methods in transactions to relying on technology for conducting transactions. This is accomplished by being up-to-date with technological advancements locally and globally. Palestine Monetary Authority has improved the financial services delivered to the Palestinian society by actual implementation of the National Financial Inclusion Strategy in Palestine. There is keeping up with technological progress. Mr. Shawwa said Palestine had its peculiar situation such as lacking national currency, having four foreign currencies circulated, lack of independence and actual borders under Palestinian control, restricted movement of capital and goods and individuals. These factors cause vast losses to the Palestinian economy. Therefore, Palestine Monetary Authority and relevant parties promptly adopted and implemented means and tools to limit the use of cash transactions and shifted towards using modern electronic payments methods.

Mr. Shawwa said that Palestine Monetary Authority had begun using immediate settlements and retail payments system and national switch system, which established an infrastructure that links all ATMs to facilitate people’s access to banking services without having to go to the bank of the client. Work is underway now at Palestine Monetary Authority to launch electronic clearance system to electronically collect cheques. Additionally, Palestine Monetary Authority had recently started receiving applications for authorizing electronic payments companies and issued instructions to this end and had given three companies authorization to deliver electronic payment services. Palestine Monetary Authority is also working on an experimental environment in cooperation with relevant parties to qualify fintech companies.