The PCMA worked, in 2024, in cooperation with the International Finance Corporation (IFC), on developing and establishing a specialized track for financial technology within business accelerators, incubators, and technology parks at Palestinian universities. This important project aims to enhance the readiness and capacity of business incubators to attract and support fintech-related innovations, recognizing the critical role this plays in facilitating the innovation journey for entrepreneurs and increasing their preparedness to engage with regulatory bodies, particularly the Palestine Capital Market Authority, and to meet the requirements for admission into the regulatory business incubator. In this context, the following was accomplished during the year 2024:
This was carried out through a series of phases, beginning with a comprehensive review of existing studies, surveys, and assessments. It was followed by a wide range of bilateral meetings with business accelerators and incubators, as well as universities that host incubators and technology parks. Subsequently, a thorough evaluation was conducted of the PCMA’s achievements in creating an enabling environment for financial technology, particularly through the Ebtaker platform. The PCMA’s policies for encouraging fintech innovations were also assessed, along with the regulatory and legislative frameworks and tools that have been introduced, such as the no-objection letter and the regulations related to licensing electronic platforms, among other policies and procedures.
·The Regulatory Innovation Platform “Ebtaker”
The Ebtaker platform has received, since its launch by the PCMA in March 2021, a total of 65 innovation and idea submissions up to 2024. All of these submissions consist of ideas and solutions related to financial technology that serve the non-banking financial sector in Palestine.
Figure 1, below, illustrates the distribution of innovations received through the platform by sector, showing a concentration of innovations in the insurance sector, followed by those related to the securities sector and the financial leasing sector.
Figure 1: Innovations Received through the Ebtaker Platform, Classified by Sector
During 2024, two innovations related to the insurance sector were submitted for licensing under the current regulations, after receiving the necessary guidance and support. The data indicates that innovations have been received from several countries, with the most prominent being Palestine, followed by the United Arab Emirates and Egypt, as well as contributions from other countries such as Jordan, Saudi Arabia, Türkiye, and Lebanon. This reflects the growing regional presence of the platform and its ability to attract innovators from outside Palestine.
Figure 2 below shows the number of innovations received classified by country. The data indicates that 42% of the innovations were submitted internationally, while 58% were submitted locally. This reflects the platform’s broad regional presence and its ability to attract innovators both from within Palestine and abroad. Additionally, the PCMA made strong efforts to increase the share of local innovations; however, the repercussions of the Israeli aggression on the Gaza Strip hindered these efforts.
Figure 2: Number of Innovations Received, Classified by Country
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Platform Development:
The Ebtaker website was developed and integrated with the PCMA’s official website during 2024 after technical updates and improvements, making it more visible internationally and regionally, and available in both Arabic and English. The website development included automating the Ebtaker forms and adding platform features that allow applicants to create their own accounts to submit applications and track the progress of their ideas. This enables Ebtaker to receive innovators’ requests for support and guidance in a fully automated manner, in addition to accepting electronic submissions. The new Ebtaker portal provides innovators with the general information they need about the platform and prepares them adequately before submitting any requests through it.
