Regulatory Alerts2022-01-01
Circular No. 247/2022 - Licensing of Microfinance Banks and Digital Banks
The Palestine Monetary Authority has issued Circular No. 247/2022 to solicit stakeholder feedback on its newly adopted policy and draft licensing instructions for microfinance and digital banks. The regulator aims to introduce new financial services that drive economic growth in Palestine and is requesting all payment service companies operating in the territory to submit their comments via the Authority's website before the end of the current month. This consultation process is intended to finalize the comprehensive regulatory framework governing these emerging banking models.
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (247 / 2022) To all payment service companies operating in Palestine Date: Wednesday, October 05, 2022
Subject: Licensing of Microfinance Banks and Digital Banks
With the Palestine Monetary Authority's commitment to hearing the views of stakeholders and interested parties regarding microfinance banks and digital banks, and with the aim of introducing and developing new financial services that contribute to driving growth in Palestine, we wish to inform you of the adoption of a policy for licensing 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 regulatory framework.
Supervisory Group Palestine Monetary Authority
Website link: https://bit.ly/pma-opinion