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The 12th International Exchange, Bank and Insurance fair (IRAN FINEX) opened on April 22 in the presence of Iran's Vice President for Science and Technology Affairs Sorena Sattari, and Minister of Economic Affairs and Finance Farhad Dejpasand.
Addressing the ceremony, Sattari described financial and insurance as a prominent example of the great transformation of the start-ups by knowledge-based companies, and said, 'The shape and use of FinTechs has changed our view about the financial and capital markets.'
The high-ranking official spoke about financial institutions’ willingness for start-ups and innovation, and went on to say, 'Banks are looking to buy FinTechs and enter the startup business. Undoubtedly, banks will change in the near future, the face of future banking will be different from what we see today.'
FinTech or financial technology means the innovative use of technology in providing financial services.
FinTech is an industry in economic space and refers to companies that are using technology to make financial services more efficient.
Companies active in the field of financial technologies are generally startups trying to put themselves in financial systems and challenging traditional companies.
Emphasizing that society's transformation depends on turning to innovations in startups and a code of continuity in the field of development, the vice president highlighted, 'We need to move the intellectual and infrastructural structure towards the pivotal innovation, and we have published a series of books on innovative and startup ideas in all areas, including insurance and banking, and are provided to those interested and eager to set up a business or invest in these areas.'
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