Shanar: Investment in Technology is a Fundamental Pillar of Economic Development

SadaNews - The Governor of the Palestinian Monetary Authority, Yahya Shanar, confirmed that investment in technology and empowering national companies to develop digital solutions are important factors in advancing financial services, enhancing economic development, and building a more efficient digital environment.

This was stated during his meeting with a delegation from the Palestinian Information Systems Companies Union "Beta", which included the Chairman, Engineer Mustafa Salama, and several members, in the presence of Deputy Governor Mohammed Manasra and several department directors at the Monetary Authority. The discussion focused on the role of Palestinian technology companies in supporting the development of digital financial services and enhancing innovation in the banking sector.

The governor pointed out the importance of the technology sector in developing the financial sector through the innovative solutions and modern technologies it offers, emphasizing the need to support national companies and leverage local expertise and competencies in implementing digital projects and initiatives. He added that the Monetary Authority is proud of its partnership and cooperation with many Palestinian technology companies that have contributed to the development of its systems and digital services, reflecting the capability of national talents to provide quality solutions that support the development of the financial sector.

He added that the Monetary Authority is working to enhance the financial innovation environment and encourage the development of modern technological solutions that contribute to improving banking services and expanding access to them. He pointed out that the regulatory sandbox of the Monetary Authority serves as an important platform to support innovative companies by providing a structured regulatory environment that allows for testing and developing digital financial products and services before their market launch.

For his part, the Chairman of the Palestinian Information Systems Companies Union "Beta", Engineer Mustafa Salama, praised the Monetary Authority's initiatives in the field of digital transformation and adoption of modern technology, confirming that it is one of the leading national institutions in this area. He explained that the union is working to harness the expertise and capabilities of the Palestinian information technology sector to support national institutions and help them face challenges and develop their services.

Salama expressed the union's and its member companies' readiness to contribute to supporting the digital plans and initiatives of the Monetary Authority and enhancing cooperation with it to serve the development of the financial sector and digital transformation in Palestine.