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The Capital Market Authority organized a roundtable discussion titled ‘The Role of Incubators and Business Accelerators in Promoting Financial Technology in the Non-Banking Financial Sector.’ The event included the participation of several Palestinian and Arab incubators as part of the ongoing collaboration with the German Agency for International Cooperation (GIZ).

The meeting was inaugurated by the General Director of the PCMA, Barraq Al-Nabulsi, who affirmed the PCMA’s strategy. He emphasized that the PCMA has given priority to financial technology in its five-year strategy, placing the enhancement of financial technology in the non-banking financial sector at the top of its priorities and at the forefront of its action plans.

Al-Nabulsi emphasized the PCMA’s readiness to collaborate and partner with the incubators and the business accelerators sector, aiming to establish mechanisms that regulate the relationship and contribute to the growth of this sector due to its significant impact on the national economy.

The meeting is part of the PCMA’s ongoing efforts to promote the use of financial technology in the non-banking financial sector and create a supportive legal and regulatory environment for this sector.

Karim Samra, the founder of Changelabs, emphasized that the financial technology sector is considered the largest source of capital investment in the Middle East and North Africa region. During the meeting, attention was drawn to the local Palestinian economy, startups, and entrepreneurs to seize this opportunity and invest in the financial technology sector.

By the same intimation, Dr. Bashar Abu Zarour, the Director of the Digital Financial Services and Innovation Directorate at the PCMA, presented mechanisms for creating specialized paths in financial technology within the incubators and business accelerators. He highlighted the key characteristics that distinguish technology-based innovations in the non-banking financial sector.

The participants recommended the importance of enhancing communication between regulatory authorities and business accelerators and incubators to develop a national roadmap for promoting the use of financial technology in the non-banking financial sector.

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