Monday 29 November 2021, The parliament approved a new bill proposed by the government during a plenary session, suggesting the issuance of a law regulating and developing the use of financial technology as a financial activity by non-banking sector actors governed by its law.
The Financial Regulatory Authority is the only administrative authority competent to implement the provisions of this law and take all necessary measures to develop the use of modern and innovative financial technology systems (FINTECH) in the fields of non-banking financial activities and provide related financial advice, which is one of the most prominent objectives addressed by the proposed Law.
The law encourages the Financial Regulatory Authority to engage in non-banking financial activities to be implemented through the use of modern technology and innovative tools, which will support the FRA’s role in monitoring and supervision and that is entitled with the transparency, accountability, and governance standards. In addition to establishing procedures for the formation of companies subject to the provisions of this law, as well as granting the licenses and approvals required to carry out the activities outlined in this law.
Promoting financial inclusion and striving to broaden the base of beneficiaries of non-banking activities, increase their efficiency, and reduce the costs associated with these activities and services were key issues rectified.
