Jerusalem24 – Mohammad Hamayel – Hamza Ghosheh, the General Manager of Navatech for Information Technology, is proud today. An idea he had several years ago as a university student is finally coming to fruition. Today, Thursday, Ghosheh signed a Non-Objection Certificate (NOC) with The Palestinian Capital Market Authority (PCMA) for his application “Maslak.”
“I was a careful driver here in Palestine,” says Ghosheh “When I travelled to America for my university studies I had to pay a high insurance premium.” He continues, “the high price I paid was because I had no record of driving in America.” Thinking there should be a method to create fair pricing for insurance policies, Ghosheh began developing his project in his mind. “A method that can see how I actually drive, and hold me accountable based upon that,” says Ghosheh.
The PCMA granted Navatech a Non-Objection Certificate, signed by both Ghosheh and the Director General of the PCMA, Buraaq al-Nabulsi. In a statement published by the PCMA, they announced that this is a reflection and culmination of the Authority’s efforts in promoting the use of financial technology (Fin-Tech) through the Ebtaker Supervisory Platform to develop fin-tech in Palestine. Al-Nabulsi expressed his happiness for granting the first NOC as a result of the Ebtakir Supervisory Platform, that was launched a month ago. Ebtakir aims to to provide entrepreneurs with communications and advice to help them develop their ideas. Al-Nabulsi also indicated that the conditional NOC is to allow the application to enter the trials implementation within specific controls.
“The application is a product of youth who tried to create a profitable project,” says the General Director of the PCMA, Bura’aq al-Nabulsi. He adds that, “This project will also help Palestinian society and specifically the insurance sector through providing a tool to provide better insurance policies for everyone.” Al-Nabulsi pleased with the success of the Ebtaker platform. The platform does have its own conditions when hosting a project or startup. The start up has to be new and innovative, serve clientele that use non-banking financial services, should protect the consumer’s rights, be compatible with the Palestinian market and contributes to reinforcing financial inclusion. The owner of the project should also be able to assess the risks involved in the idea and be able to be held responsible for them.
In a conversation with Jerusalem24, Ghosheh discussed the development of their application. “We named the application Maslak and we wanted an Arabic name that represents us,” says the young entrepreneur. “It uses artificial intelligence and machine learning to read and measure the behavior of drivers,” explains Ghosheh. He continues, “it reflects the driving in a score balance that rewards points for safe driving.” Ghosheh describes that the intention of the application is a method to reward safe driving, the more safely you drive the better your insurance policy will become.
Ghosheh and his staff at Navatech studied various successful experiences that used a combination of hardware and software. He says “we saw that in the field of insurance technology the next phase will be a solution that relies completely on software.” While this may stoke some fears concerning data, Ghosheh assuredly says that “when the system is created using software there are advantages we can have.” The advantages Ghosheh spoke of included secure channels that are encoded, stating “this will give us the ability to protect the users more efficiently.”
Ghosheh’s application was the first to receive a NOC from the PCMA using the Ebtaker platform. The platform was launched so that entrepreneurs may submit their start-ups in the field of financial technology in the non-banking financial sector. It provides technical and advisory support for the submitted ideas in line with the regulatory framework, aiming to achieve stability and economic development in Palestine. Ghosheh describes his experience with the platform as being great help. According to him the journey of development was difficult, he says “in the beginning when the application was just a concept, we used to contact those around us and their tones were not positive.”
With no help from anyone, Ghosheh began communicating with the monitoring parties. “When we contacted the Capital Market Authority through the Ebtaker platform we were welcomed,” said Ghosheh. He adds that “they gave us counselling and instructions that helped us better develop our concept.” Ghosheh expressed his happiness with the Ebtaker platform, calling on other entrepreneurs to use it. Saying that they “encourage other entrepreneurs that have innovative ideas to contact the Capital Market Authority through the Ebtaker platform.” Adding that it is “very easy to use as it benefits your projects and ideas.” Ghosheh concludes that Ebtaker, “provides that added value that we as entrepreneurs are looking for.”