Fintech in Iran
The Fintech scene is getting more and more exciting over time with its wide expansion across the world. Not only offering fintech solutions in global and regional financial centres such as U.S., UK, Switzerland, Singapore, Shanghai, Hongkong or India, Fintech now has been developing in countries such as Philippines, or recently even in Iran.
As of January 2016, the population of Iran was estimated to be nearly 80 million people, with approximately 11% from Tehran, the capital the largest city. Iran is the second largest economy in the Middle East and North Africa (MENA) region after Saudi Arabia, with an estimated GDP in 2015 of US$393.7 billion. Iran is also home to the largest number of mobile phone and internet users in both the Middle East and Central Asia. This indicates a great opportunity for banks, fintech startups and financial institutes to take advantage of this market and invest on fintech and online payment solutions.
“There are currently 15 thousand online portals and 4 million POS terminals which takes 97% of all total transactions within the country. Yet the average amount per transaction is much higher in online transactions than in other transactions done through POS terminals, ATMs and more.” – State of Online Payment and Transactions in Iran
Fintech Conferences in Iran
There even have been even already a Fintech conference in Iran:
Last April Digital Finance Institute hosted Digital Finance Tehran, an engaging event with leading global speakers discussing key issues in emerging FinTech.
This November, Payments Iran, will showcase the very latest innovations and technologies in payments.
Payments Iran 2016 claims to be the meeting place for the entire ecosystem where the world’s leading payments thinkers, technology innovators and global industry leaders will converge to to develop partnerships, share knowledge, collaborate and do business.
Undeniably, Fintech Iran is maybe the next booming Fintech market and will be developing more and more with a fast pace.