Regulatory Alerts2022-01-01
Circular No. 246/2022: Licensing of Microfinance Banks and Digital Banks
The Palestine Monetary Authority issued Circular No. 246/2022 to solicit stakeholder feedback on a newly adopted licensing policy and draft regulatory instructions for microfinance banks and digital banks. The Authority has published the draft framework under the "Your Opinion Matters" section of its website to develop new financial services that stimulate economic growth in Palestine. All specialized lending institutions must submit their comments and observations regarding the proposed supervisory framework before the end of the current month.
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (246/2022) To all specialized lending institutions operating in Palestine Date: Wednesday, October 05, 2022
Subject: Licensing of Microfinance Banks and Digital Banks
Committed to hearing the views of stakeholders and interested parties regarding microfinance banks and digital banks, and aiming to create and develop new financial services that contribute to driving growth in Palestine, we wish to inform you of the adoption of a licensing policy for this type of bank, and the preparation of draft instructions for licensing these banks, which will be published under the "Your Opinion Matters" section on the Authority's website.
Accordingly, we request that you provide your opinions and comments on this matter before the end of the current month, to facilitate the completion of the relevant supervisory framework.
Supervisory Group Palestine Monetary Authority
Website link: https://bit.ly/pma-opinion