Note of the Governor

 

Undeniably, Fintechs have been able to transform the banking and financial industry and cross the dynamics of user preferences, thanks to mastery of technologies, understanding of user experience and agile organization.

Faced with these challenges, stakeholders in the banking and financial sector (Banks, Financial institutions, Regulators, Payment infrastructures, etc.) are called upon to adapt.

How? By appropriating the skills necessary for understanding innovative financial technologies. This will allow not only to seize the opportunities offered by Fintech but also to mitigate inherent risks.

 

Marouane EL ABASSI

link to video

Initiatives launched by the BCT :

    The Fintech Committee plays the role of focal point capable of facilitating Fintechs to interact with the departments of the BCT. The Fintech Committee also collaborates with research centers and universities on joint innovation initiatives.

    Fintech will be authorised to test real-scale innovative solutions with volunteer clients for a limited period of time under the BCT’s supervision. This initiative will help the regulator to understand the complexity of the technology used in financial innovation. The need to adjust the regulatory framework inevitably depends on this better understanding. Concurrently, Fintech will be able to line up with the existing regulatory requirements.

    As its name suggests, it is a modern technical platform that allows the BCT to digitize certain internal processes and to monitor financial innovation based on new technology. The establishment of BCT-Lab reflects the vision of the BCT to create a new dynamic, to relay an open and modern image, through the transformation of its business lines and its relationship with its environment.

    The BCT remains very active in exchanging regional and international experiences as regards financial innovation, taking account of the merits of regional and international coordination and cooperation, as highlighted by “Bali Fintech Agenda” elaborated by the World Bank and the IMF. Thus, the BCT participates in the works of :
    => The "Maghreb Fintechs Committee" under the aegis of the Board of
    Governors of the Arab Maghreb Central Banks
    => The "Regional Fintech Working Group" under the aegis of the Arab
    Monetary Fund.