The Chairman of Bank of England visits PalPay to study the potential for financial technology in Palestine
11 | 12 | 2019
Ramallah (December 2019). PalPay Company, the financial technology subdivision of Bank of Palestine Group, hosted Mr. Bradley Fried, the Chairman of Bank of England. During his visit, Mr. Bradley studied the potential of integrating financial technology in Palestine in the future, considering the country’s advancements in the banking and financial sector.
Mr. Bradley was received by Mr. Hashim Al Shawa, the Chairman of Bank of Palestine Group, Mr. Iyad Qumsiyeh, the Chief Executive Officer of PalPay Company, and Mr. Hasan Afifi, the Director of Operations and Technology at Bank of Palestine. Al Shawa expressed his enthusiasm about Bradley’s visit to PalPay and his interest in the Palestinian banking sector and the rising potential of financial technology in Palestine.
The meeting focused on payment solutions offered by PalPay Company to the majority of citizens who are not customers in banks in Palestine, through the use of innovative technologies that created Points of Sale machines that are widespread in Palestine, especially in supermarkets and grocery stores. This process enabled hundreds of thousands of citizens, apart from those who practice traditional banking services, to pay their bills, installments and microfinance loans from their cities of residence or any other villages and towns in Palestinian rural areas, through the Bank of Palestine POS machines and the use of PalPay technology solutions.
Mr. Qumsiyeh delivered a brief presentation about the various services provided by PalPay Company, including major technology solutions that were provided to humanitarian organizations operating in Palestine to facilitate payment processes and the cashing of emergency food aids through an electronic card system that was designed in accordance with international and local standards.
Mr. Fried stressed the importance of spreading awareness about advancements and developments taking place in the financial environment system in the West Bank, considering their adherence to fine standards and an advanced regulatory environment. Fried also pointed out the ideas and creative companies that are taking charge of establishing the infrastructure for financial technology in Palestine. During his visit, Fried was able to witness the capabilities of Palestinian engineers and companies in the field of financial technology.
Bank of Palestine is committed to deep-rooting financial technology in Palestine and providing it to customers and the financial system environment. The bank is looking forward to collaborating with British companies and Bank of England, under the supervision of the Palestine Monetary Authority, in order to propose new and innovative ideas and promote cooperation.
Bank of Palestine Group and its subsidiary company are leading this national effort in order to achieve financial inclusion for all sectors of Palestinian society, whether through promoting the existence of bank branches in rural areas or through the provision of mobile banking services and digital channels, including PalPay channels. PalPay is preparing to launch its electronic wallet under the trademark “my wallet” to promote its existence as a leading and innovative company in the electronic financial services market.
As a leading platform for electronic payments, PalPay Company succeeded in promoting the use of Points of Sale machines and making electronic payments, thus, revolutionizing payment systems in Palestine. The company continues to sign agreements with service providers in Palestine to enable their customers to conduct electronic payments using the PalPay system. It also managed to establish a name for itself on a regional level, and was one of the main sponsors of the Middle East credit cards and electronic payments conference, which was held in Dubai. PalPay obtained first place in the largest international competition for crisis management and assistance, which was launched by CitiBank, MasterCard, Facebook, Microsoft, IBM and other leading companies. PalPay also received the Citi Tech for Integrity Challenge Award for developing electronic payment systems during a global competition targeting 2000 international companies.