Finance

Morocco: Capital market authority AMMC launches a dedicated fintech portal

Wednesday, 10 August 2022 18:15
Morocco: Capital market authority AMMC launches a dedicated fintech portal

(Ecofin Agency) - 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 Monday (August 8), the launch of a new fintech portal on its website. According to an official release published by the regulator, the portal was “designed to support market players in their projects and promote the development of new technologies that will help transform the financial sector.” 

The portal [...] will allow project leaders to exchange with the AMMC and to inquire 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 technology sector,” the release explains.

It adds that the portal is in line with the AMMC’s 2021-2023 strategic plan, which focuses on supporting innovation and working “closely with project leaders to promote the development of new technologies.” 

In February 2022, the Moroccan central bank partnered with CDG Invest, the investment branch of state-owned asset manager CDG, to facilitate the development of fintech startups in the country. 

Under the agreement, the central bank commits to providing regulatory support to fintech startups and assisting them in their proceedings with partner banks. Meanwhile, CDG Invest is to provide mentorship 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 involved YallaXash, raising MAD6 million from the Maroc Numeric Fund II. The Big Deal indicated that between 2019 and May 2022, Moroccan startups raised close to US$47 million. 

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