What the Article Says:
While America is a leading country in FinTech, many others are still in the phases of entering this market. Iran has recently formed a FinTech Association when the idea was sparked by the Central Bank of Iran. The article states that the association is “set to bring industry players under a single roof, mainly to find a solution to their problems and boost innovators’ relations with regulatory bodies.”
The article lists out a few concerns that exist with this development. First, there is a huge potential for controversies to arise, such as Uber and Lyft issues which existed in the U.S. In addition, they want to ensure that there is a healthy environment for innovators and FinTech firms.
My Thoughts:
I think this article presented the general idea of Iran creating a FinTech Association very well. However, I also believe that it left out many details about what initiatives it plans to take, and what the Associations guiding principles and goals are. I am interested in seeing how the association develops and compares to those in the U.S., and if there is any global interaction.
Source: https://financialtribune.com/articles/economy-business-and-markets/60869/iran-s-fintech-association-launched
Interesting article, do you think this will lead to cooperative collaboration or monopoly? It will be interesting to see what happens as the market develops.