The vice president for science and technology affairs expressed: the presence of fintechs in the bank and insurance markets has led to the creation of an asset and innovative transformations in this area by the creative hands of these businesses.

According to the public relations and information center of the Vice-Presidency for science and technology affairs, the 12^th international exhibition of exchange, bank, and insurance was inaugurated by Sorena Sattari, the vice president for science and technology affairs, and Farhad Dejpasand, minister of economic affairs and finance, on April 22^nd, 2019.

Sattari considered the financial and insurance area as a prominent example of great transformations by the hands of knowledge-based companies and startups, adding: form and method of fintechs have changed our view toward the financial market and capital. With a significant growth, startups in the field of bank and insurance have shown a novel form of services in these regions. For example, startups in the fintech area had a turnover of several hundred billion tomans. In addition, they manage local software designed by our create youth on a daily basis.

Sattari explained about the consideration of startups and innovation by financial units, continuing: banks seek to purchase fintechs or participate in the startup field. Without a doubt, banks will be transformed in the near future, and the future banking system will be different from what we see today.

Survival

Emphasizing the fact that the transformation of the society depends on the innovation of startups and the secret to survival is being in the field of advancement, Sattari affirmed: the intellectual structure and infrastructure must move toward the innovation field. In this regard, a number of books have been published, containing innovative and startup ideas in all fields, including insurance and bank, and have been provided to enthusiasts of the field of establishing or investing in a business.

The vice president for science and technology affairs regarded the durability of financial institutions, including banks, to be combined with the innovation of knowledgeable business and startup, conveying: large companies will inject small innovations to themselves so that in addition to the development of capital, the occupations of human resources could be improved. To succeed in this field, they have to start with the startups that grow at least 10% a week and can reach billions of dollars.

Sattari also emphasized: the activities of venture capitals must be extended since the innovation and entrepreneurship ecosystem will grow with this type of investment. Supporting knowledge-based and startup businesses does not mean receiving government loans. In fact, it means the presence of the private sector, which can lead to great success owing to the proper understanding of the society and market’s needs.

Sattari had a recommendation for startup and knowledge-based activists: I have always told you that whenever you reach a situation that others disagreed with you and started quarrels, that is when you know you have succeeded. This is the case in the field of insurance and capital as well. With innovative ideas, startups can support the society and be victorious.

The Raised Flag of VCs in Fara Bourse

Sattari mentioned the start of process of paving the way for innovation of knowledge-based companies and startups with the serious determination of the government, expressing: fortunately, we have taken steps toward this path with the help of the 11^th and 12^th governments. Today, there are 4300 knowledge-based companies and more than six thousand startups that exploit the creativity of their human resources.

According to the head of the department of digital technology development and intelligence, the presence of knowledge-based companies in the stock exchange is intense and active, and in the same way, with the presence of VCs in OTC, knowledge-based companies and startups have reliable backing for financial support.

According to the vice president for science and technology affairs, the increasing growth in fintech businesses is the result of innovation and cooperation of the central bank and a paradigm of an innovative move to support the ecosystem of entrepreneurship and innovation. The fact that a new Fintech is created with a creative idea every day in the country"s capital"s space is due to the existence of an appropriate infrastructure.

The president of the national elites foundation pointed out that the demands of the society and innovation of startups show the success path. In this regard, he added: we have previously provided services at a high cost and not to all people. Startups attempt to pave this way and provide services to people at a lower cost. These services and products are easily accessible and lead to the flourishing of the economy and formation of occupations.

The 12^th international exhibition of exchange, bank, and insurance (FINEX 2019) has the slogan of “more participation, better economy” and hosts people in the international exhibition of Tehran, attended by fintechs and financial and insurance companies.

Activists in the field of knowledge-based and startup businesses of the financial and insurance area will introduce their latest achievements and creativities to the audiences.

The vice president for science and technology affairs visited the booths of fintechs and fin-stars and learned about their services and achievements and talked with startup activists.