The Governor of Palestine Monetary Authority, Mr. Azzam Shawwa, met with members of the Board of Directors of the Palestinian Information Technology Association of Companies (PITA) and Palestinian electronic payment companies to discuss ways to enhance joint cooperation and develop the financial technology sector, which was discussed during Palestine’s Technology Week Expotech 2019.
During the meeting, held at the headquarters of PITA in Ramallah, the attendees discussed the importance of developing electronic payment methods, and the issue of financial technology "FinTech", which the world began to address in financial transactions, whether domestic or in global trade, through blockchain, which was addressed in Expotech 2019 during which the Palestinian government was invited to adopt this topic, because of its importance for the development of the Palestinian financial sector.
In this context, His Excellency the Governor of Palestine Monetary Authority Mr. Azzam Shawwa expressed his happiness to meet with members of PITA to follow up on the recommendations of the Expotech 2019, and to discuss the latest developments regarding the work of Palestine Monetary Authority in licensing a number of payment service companies, which will develop and encourage the use of modern and reliable electronic payment tools that meet the needs of users and suit the working environment in Palestine.
Mr. Shawwa stressed the need to support technology businesses in Palestine, which contributed to the programming and development of financial products and services, and that Palestine Monetary Authority would give priority to the development of systems through local companies or through a local representative of international companies.
A workshop was agreed to present Palestine Monetary Authority's vision of a shift towards electronic payment methods and financial technology in light of the National Strategy of Development of Electronic Payment Methods 2018-2023 adopted late last year through continuous cooperation and coordination between the Palestinian government and Palestine Monetary Authority.
Sa’eed Zidan, President of PITA, said, "We are very pleased today with the visit of the Governor of Palestine Monetary Authority, and with having representatives of electronic payment companies, which PITA seeks to strengthen their business and develop their methods to provide premium payment services.
Zidan added that money and technology are both the most important resources of the day, the most capable of change and influence, enabling nations and individuals to overcome economic and social crises of poverty, ignorance and unemployment, achieve comprehensive development and a decent life for people. The combination of these resources will make us greater and more influential. This is what we are witnessing today in fintech, digital currencies and data chains, where these technologies have made a fundamental shift in the world of finance and banking, and financial transactions are no longer exclusive to banks. We have seen financial technology companies outnumber in the volume of their transactions and the number of customers many banks. We no longer need to carry cash or ATM card or even a credit card.
Mr. Zidan invited banks and technology institutions in Palestine to work to attract and provide technical solutions that serve this transformation and localization, and to employ this transformation in the service of comprehensive development issues, encourage creative initiatives and ideas in this field, and support and strengthen the Palestinian digital industries.
Mr. Zidan hoped that the Palestinian government would have a general consultation for any decisions to be taken regarding this sector because of its great sensitivity and direct association with many sectors and economic activities, with the aim of encouraging investment in it, maintaining current investments and serving citizens and institutions in the best way possible.