Iran’s situation also involves significant opportunities alongside infrastructural and regulatory constraints, necessitating a phased roadmap aligned with both international models and local conditions. In research conducted on this topic, the key concepts, findings, and practical and policy implications were examined using clear and evidence-based language, with the results reported in the present article, a summary of which follows.

This article presents a coherent picture of digital transformation in the financial industry, focusing on fintech and open banking. It reveals to the reader the transformation of traditional business models, significant improvements in operational efficiency, and enhanced customer experience—transformations that are not merely technology-driven but also require organizational and cultural alignment. Conceptually, fintech acts as a catalyst for innovation and competition, simultaneously enabling financial inclusion and productivity gains, while also introducing risks related to public trust, financial stability, and monetary policy effectiveness. Therefore, establishing dynamic, proportionate, and risk-based regulatory frameworks becomes essential. The implications of open banking for monetary policy transmission and systemic risk are complex and highlight the importance of data-driven regulatory tools.

In Iran, while the fintech ecosystem has experienced notable growth and open banking platforms are advancing, a significant gap remains in terms of investment scale and service diversity compared to global benchmarks. Current applications are primarily focused on KYC, credit scoring, and payments. Key challenges faced domestically include infrastructural shortcomings, cultural resistance, cybersecurity risks, and regulatory ambiguities. The article proposes the following solutions: strengthening digital infrastructure and data governance, developing comprehensive and flexible regulations (including regulatory sandboxes and API standards), enhancing collaboration between banks and fintechs, building human capital, and embedding security-by-design principles. An active and adaptive role by the Central Bank—accounting for international constraints—is critically important to manage consequences and facilitate innovation.