The Fintech Academy provided a 2-year capacity building programme to prepare the Palestinian financial regulators for new Fintech providers and business models. It consisted of modules that built upon each other, aiming to raise the participants’ capabilities and enable them to develop innovation promotion structures within the authorities. Nominated to participate were 18 regulators from different departments at the Palestine Monetary Authority and the Palestine Capital Market Authority. The targeted representation of several departments considered the cross-departmental involvement that is necessary when it comes to assess innovative business models.

Topics covered by the Academy ranged from theoretical knowledge on Fintech foundations and Fintech-related technologies such as blockchain and biometrics to practice-oriented exercises. Regulators learned how to assess the risks and opportunities presented by Fintech companies, exchanged with peers worldwide and increased their engagement with innovators. The successful preparation to develop and run their own Fintech promotion structures resulted in the establishment of a Regulatory Sandbox and an Innovation Office.

Acknowledging the efforts, commitment, and dedication to successfully conclude the programme, the 18 graduates were certificated and celebrated during graduation ceremonies that took place in August and December 2022.

When asked “What is your biggest learning from the Academy?” and “What did you like the most?” graduates highlighted the peer learning and exchange, the practical focus on Fintech “case studies” and the acquired knowledge as well as the fact that the Academy came at the right time in view of the sector’s developments and the new knowledge that encouraged them to think outside the box.

A big milestone has been reached in the Fintech journeys of the regulatory authorities. Nevertheless, as concluded by the GIZ programme manager, Johannes Majewski, “… With the remarkable developments of the Palestinian Fintech ecosystem and Fintech innovations constantly evolving, this is however not the end of the journey… It is rather the beginning.”

By Sofia Bublatzky

To learn more about the Fintech Academy click here and here or contact directly the GIZ implemented programme “Alternative GIZ “Alternative Approaches to Financial Inclusion of SME” (A-FIN): a-fin.pal@giz.de. The programme is financed by the German Federal Ministry for Economic Cooperation and Development (BMZ) and aim to improve the framework conditions for innovative financial services for SME in the Palestinian Territories.