Palestine Monetary Authority Launches Initiative of Fintech Services Development National Strategy in Palestine

Ramallah – His Excellency Mr. Azzam Shawwa, Governor of Palestine Monetary Authority, opened today workshop about fintech services. The workshop was delivered by British expert Jay Tekam and sponsored by German Corporation for International Cooperation (GIZ) and SANAD Fund for MSME. 

Deputy Governor of Palestine Monetary Authority Dr. Riyad Abu Shehadah opened workshop for the heads of department and sections of Palestine Monetary Authority. The expert shall organize a number of workshops and bilateral meetings this week with financial and banking and non-banking institutions, relevant ministries and donors’ financial institutions, academic sector, information technology sector, investment funds, Techno Park at Birzeit University, and Rawabi Tech Hub. The purpose of the meetings is to conduct diagnostic study about fintech services and future opportunities to produce a comprehensive national strategy to develop these services in Palestine.    

Mr. Shawwa welcomed the British expert. Mr. Shawwa also addressed the importance of being up-to-date with developments in fintech and to provide the developed and safe technological infrastructure for those engaged in fintech businesses. Mr. Shawwa affirmed the importance of encouraging innovation and creativity in developing services in the financial sector where such development is accompanied by regulatory environment to protect the rights of the consumers of the technology and to launch awareness-raising campaigns about the importance and the risks and use of such technology. 

Mr. Shawwa said Palestine Monetary Authority had been working very hard to change the Palestinian society from relying on traditional cash methods in daily transactions to relying on modern technology for conducting transactions. Therefore, Palestine Monetary Authority has improved the level of financial services delivered to the Palestinian society by actual implementation of the National Financial Inclusion Strategy in Palestine. Palestine Monetary Authority shall also be working, in the future, on an experimental environment (sandbox) in cooperation with technical parties. Mr. Shawwa said that Palestine Monetary Authority was working on launching electronic clearance system for cheques and had started to authorize companies to deliver payment services in Palestine.