(Agence Ecofin) – The fintech portal is launched months after the central bank partnered with investment manager CDG Invest to facilitate the development of Moroccan fintech startups.
The Moroccan Capital Market Authority (AMMC) announced on Monday, August 8, the launch of a new fintech portal on its website. According to an official statement issued by the regulator, the portal was “designed to support market players in their projects and foster the development of new technologies that will help transform the financial sector.”
“The gate […] will allow project promoters to discuss with the AMMC and learn about the legal framework applicable to their companies. This tool was designed to facilitate exchanges between the AMMC and companies involved in the innovative financial technologies sector,“says the press release.
She adds that the portal is part of the AMMC’s 2021-2023 strategic plan, which emphasizes supporting innovation and work.in close collaboration with project leaders to promote the development of new technologies.”
In February 2022, Morocco’s central bank partnered with CDG Invest, the investment arm of public asset manager CDG, to facilitate the development of fintech startups in the country.
As part of this agreement, the central bank undertakes to provide regulatory support to fintech startups and to support them in their dealings with partner banks. At the same time, CDG Invest will provide supervision as well as technical, financial and operational support.
The performance of the Moroccan fintech ecosystem is still below expectations. In May 2022, local media fnh.ma revealed that the last fundraising operation carried out by a Moroccan fintech startup dates back to July 2021. It concerned YallaXash, raising 6 million dirhams from Morocco Numeric Fund II. The Big Deal reported that between 2019 and May 2022, Moroccan startups raised nearly $47 million.