PMA launches strategy to switch from using cash in daily transactions

PNN/ Ramallah/

Palestine Monetary Authority (PMA) on Monday launched a workshop about Financial Technologies (fintech) services, which was delivered by British expert Jay Tekam and sponsored by German Corporation for International Cooperation (GIZ) and SANAD Fund for MSME.

Deputy Governor of PMA, Dr. Riyad Abu Shehadah opened workshop for the heads of department and sections of the Authority, where a number of workshops and bilateral meetings will be organized 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 would be conducting diagnostic study about fintech services and future opportunities to produce a comprehensive national strategy to develop these services in Palestine.

Governor of PMA, Azzam Shawwa, stressed 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. He also 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.

The PMA had been working to encourage the Palestinian society to switch from using traditional cash methods in daily transactions, to using modern technology.

Shawwa added that the PMA has improved the level of financial services delivered to the Palestinian society by actual implementation of the National Financial Inclusion Strategy in Palestine. In addition, the Authority shall be working, in the future on an experimental environment (sandbox) in cooperation with technical parties, and that it is working on launching electronic clearance system for cheques and had started to authorize companies to deliver payment services in Palestine.