With the new agreement between Iran’s first mobile operator and the Informatics Services Corporation, new banking services over mobile phones would be provided.

The new Memorandum of Understanding between Hamrah-e Aval and Iran’s Informatics Services Corporation allows this mobile operator to conduct a range of financial transactions over the user’s mobile phone.

According to Fars News, this recent legal infrastructure within Iran’s banking system would not just help Hamrahe-e Aval, but would also provide banking services to other mobile operators. E-government and other mobile electronic services could also be provided within this agreement. Secure digital signature, electronic wallet for micro transactions, money transactions based on NFC technology are some of the services that could be conducted over the user’s sim card. These services would be accessible to Hamrah-e Aval’s subscribers by December 2016.

This legislation which is approved by the Central Bank of Iran could considerably aid the innovative landscape of Iran’s FinTech scene and pave a new road for the up and coming startups.

Recently the Iranian PSP Asan Pardakht (AP), became the first FinTech company and the 500th Iranian company to go public in Tehran Stock Exchange. With all this aside, Asan Pardakht has to keep up with the competition as more startups are entering the FinTech scene.

Iran’s informatics Services Corporation (ISC) is the entity in charge for providing core banking infrastructure in the country. This corporation which was established in 1993 works under the authority of Central Bank of Iran is specialized in designing and developing national banking and payment systems and providing secure data centers and communication gateways.

Iran’s banking system is steadily witnessing new transformations as new FinTech startups are emerging day by day. Experts believe that Iran’s fertile-soil of banking infrastructure could witness a huge transformation with the rise of the innovative startups and the legislations that could help them thrive. For now we have to wait and see how these new laws could jumpstart the Iranian payment startup scene.

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