“The portal has been designed to support market players in their projects and promote the development of new technologies that will help transform the financial sector.”
– The Morroccan Capital Market Authority (AMMC)
Furthermore, the portal will allow project leaders to exchange with the regulator and inquire about the legal framework applicable to their companies. The tool is designed to facilitate exchanges between the AMMC and companies involved in the innovative financial technology sector.
Reports in Morocco indicate that the fintech portal is expected to allow business makers to contact AMMC and gain access to valuable information and legal counselling on the process of launching innovative financial services.
Banks account for nearly half of Morocco’s financial system with the two largest banks in Africa – Groupe Banque Populaire and Attijariwafa – being located in Morocco. Fintech is now slowly making its way to mainstream finance in Morocco, echoing international trends.
While fintech was first confined to services provided by startups, conventional banks are realizing its potential in improving the quality of financial services.
One example is when the Bank of Africa, a major Moroccan bank, announced a partnership with the UK fintech platform, Paysend,to offer a fintech payment service.
The joint service would allow Moroccan bank account holders to carry out low-fee, instant international transactions. The service primarily targets Moroccans abroad who make regular money transfers to bank accounts in Morocco.
According to a separate report, Morocco has 20 startups that are innovating in fintech, with no regulations that hinder the development of these financial technologies.
About the Moroccan Capital Market Authority (AMMC)
The AMMC is the regulatory authority of the Moroccan capital market. The institution’s mission is to ensure the protection of savings invested in financial instruments and the proper functioning and transparency of the capital market in Morocco.