Interview with Dr.Mohammad Morad Bayat
Managing Director
WBY talks to Dr. Mohammad Morad Bayat Managing Director of Faba Co., on Ebanking development in Iran
What is Background of FABA in Iran?
FABA (center for Promotion of Ebanking and professional training) was established in 2007 in order to support innovative projects in Ebanking though organizing seminars, workshops, and publishing scientific magazine. FABA is the most influential entity so far in terms of providing food for thoughts for Iranian Bankers in fields of strategy, management and technology.
Since FABA is established by Iranian banks, events organized by this organization are a suitable place to show up the latest innovation in software and hardware provided by domestic and international companies. In three pillars of development, FABA is responsible for promotion and improvement culture of acceptance of new devices as well as new methodologies.
The IT sector is one typified by constant change. How would you describe the role of the FABA in today's climate of rapid technological advancement and breakneck reform?
The development of IT and new technologies in Banking and Payments industries is based on three infrastructures: First, Technical Infrastructure to create the Banking and Payments industries. Second, Legal Infrastructure to stabilize Banking and Payments industries and Third Social-Cultural Infrastructure to promote and develop Banking and Payments industries
Moreover, there are three angles of a triangle including, Technology holders provide software and hardware products in Iran or other countries. In addition to, Regulators who are responsible for legal issues .The FABA which stands beside the two other sides and is responsible to introduce these angles’ services.
To say the role of FABA Center in Banking and Payments industries, I should state that FABA is the third angle of triangle. It means that it facilitates the area for promotion of the social section of this industry.
What role FABA involved in equipping Iranians with technological skills?
The role of FABA is promotion and training which means that it encourages people to apply the new technologies better by training them how to apply technologies.
FABA’s publications and training courses for people and banking professionals do this responsibility. On the other hand, ITE which is organized by FABA Center does the same in order to transfer the technology and create the opportunity for Iranian and International companies to interact with each other and introduce themselves and their technology to the society.
How FABA Supports Start –up companies?
FABA supports Startups in two ways, FABAtech as a center for Fintech, it introduces Startups to this ecosystem and at the same time, it invites the managers of Banking and Payments Industries to examine the problems and obstacles of this industry, so the startups can present appropriate solutions for these problems.
Furthermore, FABA organizes Fintech Show in the sideline of Iran Transaction Exhibition (ITE) which paves the way. It actually makes three main angles of the ecosystem including Startups, accelerators, VCs and the professionals of Banking and Payments industries. They interchange their ideas, concerns and products in a three-day interaction.
By making this opportunity, startups can play important roles in Banking and Payments industries gradually and leave some responsibilities of banks for these companies to create more creative products and area for profession.
