Financial Crime World

Tunisia Fintech Market Seeks Regulatory Compliance to Ensure Financial Stability and Inclusion

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Tunisia’s fintech industry is pushing for regulatory compliance to promote financial stability, inclusion, and innovation. The country’s central bank, Banque Centrale de Tunisie (BCT), has been actively engaged in promoting fintech initiatives, including the establishment of a regulatory sandbox.

Promoting Financial Stability and Inclusion

  • Fintech players can support financial stability by monitoring and testing innovative solutions to identify and assess inherent risks.
  • Providing necessary safeguards to protect users from financial services and implementing complaint management mechanisms are crucial steps towards ensuring financial stability.

Tunisian fintech companies are encouraged to prioritize financial inclusion by offering innovative solutions that increase access to and use of banking and financial services for underserved households and businesses.

Emerging as a Major Player in the Global Fintech Landscape

  • The country is seeking to emerge as a major player in the global fintech landscape, both nationally and regionally.
  • To achieve this, BCT is working with various stakeholders to promote Tunisian fintech initiatives in international markets.

Recent events such as SITIC AFRICA 2020 and EXPO FINANCES 2020 have highlighted the growing importance of digital financial services in Tunisia. The country’s fintech sector has also seen significant growth, with:

  • 27% of fintech worldwide active in payments
  • 15% in loans
  • 19% in investments

Encouraging Technological Innovations

  • BCT has launched its “BCT-LAB” initiative to encourage technological innovations in the banking and financial sector.
  • This move is expected to further boost fintech development in Tunisia, creating new opportunities for businesses and individuals alike.

Regulatory Compliance: A Crucial Step Forward

As the fintech industry continues to evolve, regulatory compliance will play a crucial role in ensuring the security and integrity of financial services in Tunisia. By promoting innovation while maintaining stability and inclusion, the country can establish itself as a leading player in the global fintech landscape.