According to the public relations and information center of the Vice-Presidency for science and technology affairs, Mahdi Faghihi, secretary of communication and information technology and cyberspace development headquarter, defined fintech as: fintechs are new companies and businesses that have entered the banking area in the past few years and are regarded as competitors of banks in the electronic and paying areas. Therefore, presence of fintechs in the banking industry can both be positive and destruct the banks. Meanwhile, banks cannot stand against fintechs.

Faghihi regarded the presence of fintechs in the international payment and banking areas to be increased in the past few years, affirming: the concept of fintechs has increased in the country in the past few years and has had significant development in terms of number of companies, volume of activities and type services, such as “stock exchange, insurance and various financial areas”.

Pointing out the reports by international valid organizations on fintechs, Faghihi expressed: fintechs will decrease a significant share of bank profits in the next years, which is a great threat for the banking system. However, banks can intellectually and actively stand against fintechs by having sufficient knowledge about electronic payment. Instead of neglecting and fighting with fintechs, the banking system can search for active dealing with the phenomenon and even support the fintechs by planning and having effective strategies.

In this regard, the communication and information technology and cyberspace development headquarter has carried out a number of studies on policies and interactions of fintechs, especially on an international level, with the cooperation of international organizations in order to find solutions and design executive policies for activists in the fintech area, so that a successful model could be produced in line with the development of this section.