Last week one of the most important FinTech events was held in Tehran for the second year. This event gathered many of the FinTech startups in the country.

In the closing ceremony of FINSTARS 2017, the Leading Fintech startup event in Iran, Amir Hamouni the CEO of IFB (Iran Fara Bourse) stated: “In this round, 70 startups took part in the event out of  which 50 were in the field of banking and insurance.” In addition, 22 investors attended the event while 18 of them were approved to be an active investor. A number of accelerators, venture capitals, banks and other investment related companies attended FINSTARS as well.

Alireza Daliri, Presidential Deputy for Development Management of Science and Technological Resources was among those attending the closing ceremony. He pointed out that he believed FINSTARS is a great movement, making the Fintech ecosystem more innovative every year. “Dedicating a venue to this event will help the communication between innovators and investors,” he added.

A major goal of this event is to provide startups, Accelerators, Angel Investors and Venture Capitals with the opportunity to develop an interactive atmosphere in order to share new ideas and communicate. In addition, such activities and companies can help the economic system evolve.“The government is working on a new set of regulations to support the knowledge-based economy,” Daliri added.

Sorena Sattari, the Vice President for Science and Technology, also mentioned that Fintech startups are revolutionizing the conceptual foundations of the economy. These startups have the power to use their innovative ideas as the means of developing different industries. “Companies demand funding to operationalize their ideas and that’s what drives them to enter the stock market,” he added.

Startups are seen as challenges to conventional businesses. And the Formation of Venture Capitals, research and development funding centers are seen as signs of demand for such activities.

According to the deputy for Development and Management of Science and Technological Resources 20 thousand innovative knowledge-based and research-based companies have been found in the country up until now.

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