Fintech for peace and prosperity in Gaza

Gulf Network

Amid decades of conflict and hardship, finding innovative solutions to provide humanitarian aid and foster economic stability in Gaza has become an urgent and complex challenge. Dr. Adnan Mjalli, a renowned philanthropist and chairman of the World Peace Economic Council (WPEC), is leading groundbreaking efforts to address this crisis.

Through the transformative potential of financial technology (fintech), Dr. Mjalli, who we had a chance to speak with, aims to deliver aid with transparency, security, and scalability, while laying the groundwork for lasting prosperity. In this conversation, he discusses how fintech can pave the way for a brighter and more resilient future for the people of Gaza. 

Dr. Mjalli, your work with the World Peace Economic Council (WPEC) has been focused on leveraging technology to address the ongoing  and urgent humanitarian crisis in Gaza.

Could you explain how fintech can be a part of the solution right now? 

The situation in Gaza requires creative solutions, with a pressing need for humanitarian assistance. The challenge lies in ensuring that aid reaches the intended recipients—the people of Gaza. Fintech offers a powerful solution to this problem and we are implementing a fintech platform that will allow us to securely and transparently distribute financial aid, ensuring that it reaches those who need it most.

That sounds promising, if not very ambitious. Could you elaborate on how this platform works?

The platform utilizes digital wallets and digital gardens – walled gardens, enabling individuals to receive and manage funds securely. The right individuals. The average Gazans who need it so badly. This system allows for real-time tracking of expenditures, providing complete transparency to both donors and stakeholders. We are aiming to handle up to $50 million in the initial stages, with the potential to scale up to $100-500 million per month by the second quarter and reach billions of dollars annually by year two. This is a real game changer and can be implemented in the West Bank too.

It’s genuinely encouraging to see such ambitious goals. But are you starting from zero or are there similar solutions being implemented elsewhere? 

Absolutely. It’s ambitious – but the size of the solution must be on the magnitude of the size of the problem. And the problem is gigantic. And yes, similar fintech solutions are being successfully utilized in Ukraine to address humanitarian needs, demonstrating the viability of this approach. There were similar concerns regarding corruption and transparency and aid organizations around the world had to adjust to show their donors and stakeholders that their investments and donations were safe, secure and only falling in the right hands.

Looking beyond the current situation, how do you see technology, particularly blockchain, contributing to the long-term rebuilding of Gaza?

Technology, especially blockchain, has the potential to revolutionize the rebuilding process. Our vision involves transitioning Gaza - and indeed the West Bank - towards a fully digitized economy, similar to what we’re seeing in parts of Africa. In fact, there are parts of Africa where all banking is done through mobile phones – the development there has been rapid. We can make huge strides in a small amount of timing, making a huge and immediate impact.

Could you expand on that? How would a digitized economy function in the Palestinian Territories? 

Blockchain's immutable ledger can record transactions, track the flow of funds, and provide irrefutable evidence of project outcomes. This transparency will inspire confidence among donor countries and stakeholders, encouraging investment in the region. Mobile phones today are cheap and accessible – and a complete game changer.

You’ve also spoken about creating “digital gardens” in Gaza. What exactly does that entail?

The concept of digital gardens is about creating a secure and regulated marketplace where only verified and reputable individuals can engage in commerce. This system will ensure fairness and foster trust within the marketplace and ensure that those who need meat, vegetables and bread must be able to get it in the most efficient way possible. 

How would this digital economy address the deeper issues contributing to the crisis in Gaza?

By eliminating the use of cash, we can significantly empower individuals, and therefore foster economic growth. It’s development 101. This, in turn, will lead to greater stability and hope for the future.

You are known for your commitment to Palestinian youth, particularly their education. How does this vision of a technologically advanced Gaza translate into a brighter future for Palestinian children?

The future for Palestinian children must be defined by opportunity and hope. By investing in education, fostering innovation, and creating a stable and prosperous economy, we can ensure that they have access to the resources and opportunities they deserve. A future filled with books is the only future we should strive for.

Dr. Mjalli, thank you for sharing your vision and insights, and for offering this beacon of hope for a peaceful and prosperous future for Gaza and its people. Good luck!