Moroccan Regulator Launches Fintech Platform to Support Financial Innovation
Moroccan Capital Market Authority (AMMC), the regulator of Moroccan capital markets, announced the launch of a fintech portal. Developed to facilitate exchanges between regulators and financial technology companies, the new portal will enable the regulator to better serve the financial technology industry.
According to an official release published by the regulator, the portal was, “designed to support market players in their projects and promote the development of new technologies that will help transform the financial sector.”
The release provides further details, “The portal will allow project leaders to exchange with the AMMC and to inquire about the legal framework applicable to their companies. This tool was designed to facilitate exchanges between the AMMC and companies involved in the innovative financial technology sector.”
A partnership between the Moroccan central bank and state-owned asset manager CDG Invest was announced in February 2022 to facilitate fintech startups development.
CDG Invest will provide technical, financial, and operational support to fintech startups under the agreement. The central bank will provide regulatory support and assist them in their associations with their partner banks.
By using this exchange gateway, companies involved in innovative financial technology can be reached more easily. AMMC assures that these entities offer innovative processes, products or services in the Moroccan financial sector, whether they are new or established ones.
Although fintech was initially confined to startups providing services, conventional banks are becoming aware of its potential as a means of improving financial services in Morocco, echoing international trends.
CBW - External Analyst