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During the conference of the Union of Arab Banks, Friz: Financial technology plays a key role in transforming the scene of financial and banking services DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

During the conference of the Union of Arab Banks, Friz: Financial technology plays a key role in transforming the scene of financial and banking services

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During the conference of the Union of Arab Banks, Friz: Financial technology plays a key role in transforming the scene of financial and banking services Empty During the conference of the Union of Arab Banks, Friz: Financial technology plays a key role in transforming the scene of financial and banking services

Post by claud39 on Thu Mar 07, 2019 7:57 am


During the conference of the Union of Arab Banks, Friz: Financial technology plays a key role in transforming the scene of financial and banking services


During the conference of the Union of Arab Banks, Friz: Financial technology plays a key role in transforming the scene of financial and banking services Rc_155194423031_23

The Union of Arab Banks organized in cooperation with the Central Bank of Jordan, the Palestinian Monetary Authority, the Association of Banks in Jordan and the Association of Banks in Palestine, the third session of the conference on the reality of the Palestinian banking sector in the Arab region, entitled "Innovations of financial technology and the future of banking services" .

Participants at the two-day conference discuss the role of central banks in supporting digital transformation, meeting new organizational and regulatory challenges, developments in financial technology and the expected impacts on financial stability and systemic risks, digital technology and the evolution of financial services; the impact of emerging technology companies on the future of financial technology and traditional institutions; Financial technology as a new mechanism in enhancing financial inclusion and supporting small and medium enterprises. The Governor of the Central Bank of Jordan, Ziad Fariz, pointed to a change in the regional and international level, namely, the upgrading of the quality and quality of financial services and banking based on the innovations of financial technology through the provision of financial and digital banking services leading to a transition to a knowledge-based economy.

He stressed that financial technology is currently playing a major role in transforming the financial and banking landscape. It has facilitated the adoption of new business models and the entry of non-financial companies into the equation to provide banking and financial services to clients in key areas of banking and finance, Including retail and wholesale payments, customer relationships and credit, as well as financial and other financial infrastructure.

He said that the central banks and the monetary authorities supervising the banking sector believe in the importance of financial technology and its impact on the future of financial and banking services, pointing out that the adoption and use of modern financial technology in the Arab countries is still suffering from weakness due to several constraints, the most important weakness of the business environment, And limited institutional support through the provision of incubators or the establishment of regulatory laboratories that allow financial technology companies and traditional banking and financial institutions to test innovations in an actual environment, low levels of financial culture, financial awareness and Confidence that constitutes constraints to the adoption and adoption of this technology.

The regulatory authorities in the Arab countries, especially central banks and monetary authorities, should make the necessary changes in the legal frameworks and appropriate regulatory practices that support electronic transactions and address the risks associated with modern financial techniques in a manner conducive to creating a banking environment geared to the adoption of financial technology in the provision of Services and business as a substitute for traditional methods, focusing on spreading financial culture and raising awareness about its use, and seeking to develop incubators and accelerators dedicated to modern financial techniques.

In this regard, he referred to the efforts exerted between the Central Bank of Jordan and the Palestinian Monetary Authority in order to continuously communicate and coordinate in the fields of developing, adopting and adopting the financial technology and the resulting innovations, exchanging experiences, knowledge and experiences in this field, and joint study between the two countries in order to enhance the electronic payment system And promoting financial inclusion. 

Hani Al-Qadi, chairman of the Association of Banks in Jordan, said that the Palestinian banking sector is a "bank-based economy". The assets of banks operating in Palestine constitute 109% of the GDP of Palestine. Deposits account for 83% Credit facilities constitute 55%, reflecting the depth of the Palestinian banking sector and its significant importance to the Palestinian economy.

The number of banks operating in Palestine reached 14 at the end of 2018, including 7 Palestinians and 7 non-Palestinian banks, including 6 Jordanian banks, namely Arab Bank, Banque du Caire Amman, Jordan, Housing Bank for Trade and Finance, Jordan National Bank and Jordan Commercial Bank. The number of branches and offices reached 351 branches by the end of 2018. 

The Palestinian banking sector has achieved remarkable growth rates over all the past 10 years, In Palestine with an average of 7.8% per annum to $ 16.1 billion In 2018 and total credit facilities by 16.8% to $ 8.44 billion. Total deposits increased by 8.3% to $ 12.33 billion and capital growth by 5.8% per annum to $ 1.91 billion.

Concerning the indicators of financial robustness, he said that the capital adequacy ratio of the banks operating in Palestine reached 16.6% at the end of 2017, which is higher than the required rate of 8% by the Basel Committee and the 12% required by the Palestinian Monetary Authority. The non-performing loans to the total facilities reached 2.2% while the non-performing loans' provision coverage ratio was 58.4%. 

In terms of profitability indicators, banks operating in Palestine achieved a return on assets of 1.5% and a return on equity of 16.1% at the end of 2017.

He said that financial technology has been able to enter into basic banking services such as credit and deposit services, payment, clearing and settlement services, and investment management, as well as its ability to penetrate market support services that are not directly related to the financial sector, Data, data applications, Qin Block, cloud computing and artificial intelligence. 

With regard to the future of banking under the innovations of financial technology, many reports indicate that despite the relatively low volume and number of investments in financial technology products and services compared to the size of the global financial sector as a whole, the upward trend and rapid growth in financial technology refers to It will acquire a large proportion of the financial industry within a short period, which requires continued focus and follow-up by banks and supervisory bodies.

"The conference is one of the most important issues facing the financial and banking community, both in terms of opportunities and risks," said Wissam Hassan Fattouh, Secretary General of the Union of Arab Banks. "The adoption of technology and its various applications in the banking industry." 

The world is witnessing an accelerated transition from monetary to non-monetary economy, thanks to financial technology, the tools and mechanisms it provides to reduce dependence on paper money, and the shift to reliance on encrypted electronic money.

Banks are looking for ways to take advantage of the adoption of financial technology in their operations, but according to the Basel paper, banks still focus primarily on the applications of "phenetic" in the payments processes, however, banks are increasingly looking to use technology across chains And that the selection and successful application of appropriate financial technology remains a challenge for banks, especially those with a "weak creative culture". 

He stressed that the financial technology and electronic payments offer many opportunities, the most important of which is to enhance financial coverage, provide better and more convenient banking services to customers and to make a positive impact on financial stability due to increased competition, mitigating the risks of the banking system and enhancing technological control.
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