The use of advanced technologies in financial supervision can enable faster and more accurate identification of violations and risks. In this regard, supervisory technology (SUPTECH) has been proposed as one of the most important technological innovations in the financial industry and is expected to play a key role in improving the efficiency and effectiveness of supervisory processes. The aim of this research is to identify and model the key factors affecting the development of SUPTECH in the financial industry. The results of the research show that 9 factors for the development of SUPTECH are placed at five levels; these factors were also divided into four main categories by conducting a micro-analysis. Accordingly, in order to strengthen the development of SUPTECH in the Iranian financial industry, it is suggested that support and incentive programs be designed and implemented for financial institutions and venture capitalists, and that support funds be launched for start-up companies in this field. Developing data processing infrastructure, developing specialized human resource training programs, and reviewing regulations to adapt to new technologies are other key requirements. Also, establishing coordination mechanisms between regulatory institutions, strengthening interaction with technological and emerging players, and utilizing the capacity of universities and media to raise public awareness of new tools should be a priority for policymakers.