Ramallah – December 1, 2018 – His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, participated in the opening session of the 12th Information Technology and Telecommunication Day “Financial Technology,” which Al-Quds Open University had organized under the auspices of Dr. Rami Alhamdallah, the Prime Minister, at the Grand Park Hotel in Ramallah and Roots Hotel in Gaza (via videoconference).
Mr. Shawwa said in his speech that central banks had great responsibility in finding common grounds between the role of central banks of safeguarding financial stability and monetary stability and the requirements of this digital shifting to involve non-banking parties to deliver banking services on behalf of banks. This, says Mr. Shawwa, creates new reality for central banks that requires finding new mechanisms to supervise banks, protect banking confidentiality; however, this development shall assist central banks to spread banking services to enhance financial inclusion and to combat money laundering and establish clients’ database.
Mr. Shawwa said that Palestine Monetary Authority had taken several steps in digital shifting including digitalizing the services it delivered to banks thus introducing immediate transfer systems and mechanical clearance and the Credit Information System. These steps started ten years ago. Now Palestine Monetary Authority works on launching the electronic clearance system.
Palestine Monetary Authority is open for financial technology and reviews global developments and the steps taken by countries and central banks in this regard. Palestine Monetary Authority will do its best to develop banking services in line with global trends especially in working with the government in information security and digital identity.
Mr. Faris Al-Hindi, Deputy Head of Information Systems and Technology Department at Palestine Monetary Authority said in a statement during scientific session on digital currency that financial technology faced several challenges most prominently rules and regulations, cyber security, and lack of interaction on behalf of clients. Mr. Al-Hindi said financial technology in Palestine confronted specific challenges such as lack of preparedness among certain banks to handle such technology such as having the infrastructure that would qualify such banks to exchange information with the financial technology systems, lack of infrastructure to develop digital identity, relevant effective rules and regulations in Palestine required development including data policies, and enhance cooperation among government agencies and non-governmental organizations to ensure the right environment to develop financial technology.
Palestine Monetary Authority believes that financial technology has good opportunity to ensue change; it is a key requirement for realizing the objectives of financial inclusion. These innovations in technical services will contribute to enhancing rates of financial inclusion in Palestine; therefore, Palestine Monetary Authority provides means to assist emerging businesses to develop their operations to arrive to creative practical solutions, according to Mr. Al-Hindi.