Following the The National Bank’s (TNB) and Flow Accelerator’s first fintech camp, three new, entrepreneurial fintech ideas have been chosen to participate in an incubation programme, which will see them being implemented and converted into a business solution ready for market.
The successful participants were Shireen Yassin (Octobi Solution), Ahmed Kanaan (BlueBook Solution), and Naim Shakhshir & Baha Joudeh (Pros Solution).
The selection decision was made by a jury panel which included Dr. Mohammad Abu Eid, Director General, Technical Directorate of The Higher Council for Innovation, the Head of Innovation & Entrepreneurship at Fikra- Paltel Group Innovation Hub, Mr Alaa Fatayer, and Corporate Tech and Venture Capital Lawyer and Managing Partner at Nas & Co, Mr Abdelrahim Nashef. The jury was advised by an advisory panel which included, the Chief Executive Officer of TNB, Salameh Khalil, the Executive Director of the Financial Stability Group at the Palestine monetary Authority (PMA), Iyad Zytawi, General Manager of Digital Financial Services & Innovations Directorate at the Palestine Capital Market Authority (PCMA) Dr. Bashar Abu Zarour, and Fintech Business Specialist at GIZ, Shurouq Qawariq.
Mr. Khalil expressed his happiness with the performance of the entrepreneurs who participated in the fintech pitching event. He noted that developing fintech solutions in Palestine is still in its infancy, compared to the rest of the world, and stressed the importance of increasing the investment and opportunities to entrepreneurs in this area.
Mr. Khalil outlined that the main objective of the collaboration with Flow Accelerator is to contribute to the creation of financial technology solutions in Palestine, in order to facilitate financial transactions for companies, banks and Palestinian citizens. He stressed the depth and significance of the incubation programme which extends for 12 weeks and includes full incubation for the chosen solutions.
Commenting on the programme, Mr Iyad Zytawi pointed out the importance of reaching out to entrepreneurs and supporting fintech ideas related to financial technology and digitization. He underlined the positive effects of the programme on the financial services provided to citizens, in terms of accessibility, improving their quality and efficiency and reducing costs. He went on to describe the importance of decreasing reliance on direct communication, in favor of using applications and electronic platforms, reducing cash circulation, and promoting the use of e-payment channels.
Dr. Abu Zaarour said that the selected ideas which related to the non-banking financial sector will also be eligible to receive and incubate in a parallel way in the “Ibtaker” platform for regulatory guidance in the authority, in addition to providing the platform with the necessary support and regulatory guidance in preparation for the completion and success of the idea.
Majd Khalifeh, CEO of Flow Accelerator, said that the process of choosing the selected ideas for the incubation stage had been a thorough one, which had been agreed between the jury and advisors. The incubation stage of the ideas will include financing, guidance and follow-up with the regulatory authorities, partners and interested parties, and will end with a final presentation to the relevant regulatory authorities, financial institutions, investors and business accelerators.
