Recommendations of the 12th ICT Day (Fin Tech)

Fin Tech (Financial Technology) is expanding and thriving globally. It is worth mentioning that financial transactions using encrypted digital currency form 10% of the world’s financial transactions. Fin Tech exists in various financial applications from money creation to double entry books.

Accordingly, The Rapporteurs of the 12th ICT Day prepared a set of recommendations in order to assist Palestine to obtain a suitable location in the light of the booming financial technology worldwide. These recommendations are as follows:

  • Introducing Fin Tech and spreading its culture to the different segments of the Palestinian society.
  • Raising awareness about the use of Fin Tech.
  • Including the concepts of Fin Tech in textbooks and curricula in Palestinian schools and universities.
  • Rehabilitating the Palestinian-banking sector to deal with Fin Tech.
  • Delivering Fin Tech services to the largest possible segment of users.
  • Using Fin Tech in a supportive manner and not individually in financial, banking and economic applications in Palestine.
  • Obtaining funding for research projects to study these types of systems and enhance trust in using them.
  • Finding solutions to the security problems and gaps that may arise in using this type of online financial exchange as an open network for all.
  • Attention must be paid to the factors that may affect this type of financial transaction, such as political risks. These risks may affect national currencies and  may also affect the prices of the Bitcoin as some people use it as a preventive measure against the fluctuations in the prices of certain currencies or because they need to transfer big amount of money from one country to another or from one currency to another.
  • We recommend that governments put clear laws that deal with Fin Tech since the emergence of a virtual currency is becoming a big debate, and can be exploited by outlawed terrorist groups in a way that is not monitored neither controlled.