Participants in the “Frontier Fintech Summit” emphasize that the implementation of a national initiative, such as creating an innovation environment, and attracting foreign direct investment by creating a digital economy zone will promote fintech development.
On the other hand, the regulatory agencies are slow to technological development, which is somehow creating some obstacles. In this regard, one of the key themes was “Regtech”, a technology-oriented approach to addressing financial sector regulatory and compliance issues.
Regtech’s investment has almost doubled in the last five years. Also, fintech companies in the financial sector believe that the loan interest rate may be lowered by proper support.