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HE DR. ABDULRAHMAN BIN ABDULLAH AL-HUMAIDI, DIRECTOR-GENERAL OF THE ARAB MONETARY FUND, ADDRESSES THE HIGH-LEVEL REGIONAL CONFERENCE ON "THE ROLE OF CROSS-BORDER PAYMENT ARRANGEMENTS IN PROMOTING REGIONAL FINANCIAL INTEGRATION" DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

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HE DR. ABDULRAHMAN BIN ABDULLAH AL-HUMAIDI, DIRECTOR-GENERAL OF THE ARAB MONETARY FUND, ADDRESSES THE HIGH-LEVEL REGIONAL CONFERENCE ON "THE ROLE OF CROSS-BORDER PAYMENT ARRANGEMENTS IN PROMOTING REGIONAL FINANCIAL INTEGRATION"

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HE DR. ABDULRAHMAN BIN ABDULLAH AL-HUMAIDI, DIRECTOR-GENERAL OF THE ARAB MONETARY FUND, ADDRESSES THE HIGH-LEVEL REGIONAL CONFERENCE ON "THE ROLE OF CROSS-BORDER PAYMENT ARRANGEMENTS IN PROMOTING REGIONAL FINANCIAL INTEGRATION" Empty HE DR. ABDULRAHMAN BIN ABDULLAH AL-HUMAIDI, DIRECTOR-GENERAL OF THE ARAB MONETARY FUND, ADDRESSES THE HIGH-LEVEL REGIONAL CONFERENCE ON "THE ROLE OF CROSS-BORDER PAYMENT ARRANGEMENTS IN PROMOTING REGIONAL FINANCIAL INTEGRATION"

Post by claud39 on Wed Mar 27, 2019 7:15 am

https://www.amf.org.ae/ar/content/%D9%85%D8%B9%D8%A7%D9%84%D9%8A-%D8%A7%D9%84%D8%AF%D9%83%D8%AA%D9%88%D8%B1-%D8%B9%D8%A8%D8%AF%D8%A7%D9%84%D8%B1%D8%AD%D9%85%D9%86-%D8%A8%D9%86-%D8%B9%D8%A8%D8%AF%D8%A7%D9%84%D9%84%D9%87-%D8%A7%D9%84%D8%AD%D9%85%D9%8A%D8%AF%D9%8A-%D8%A7%D9%84%D9%85%D8%AF%D9%8A%D8%B1-%D8%A7%D9%84%D8%B9%D8%A7%D9%85-%D8%B1%D8%A6%D9%8A%D8%B3-%D9%85%D8%AC%D9%84%D8%B3-%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-32


HE DR. ABDULRAHMAN BIN ABDULLAH AL-HUMAIDI, DIRECTOR-GENERAL OF THE ARAB MONETARY FUND, ADDRESSES THE HIGH-LEVEL REGIONAL CONFERENCE ON "THE ROLE OF CROSS-BORDER PAYMENT ARRANGEMENTS IN PROMOTING REGIONAL FINANCIAL INTEGRATION"
2019-03-27





HE DR. ABDULRAHMAN BIN ABDULLAH AL-HUMAIDI, DIRECTOR-GENERAL OF THE ARAB MONETARY FUND, ADDRESSES THE HIGH-LEVEL REGIONAL CONFERENCE ON "THE ROLE OF CROSS-BORDER PAYMENT ARRANGEMENTS IN PROMOTING REGIONAL FINANCIAL INTEGRATION" _CAR7664%20%28Medium%29








Rapid developments in payment system technologies and services and their implications for the future of cross-border financial and banking transactions,

Emphasize the use of opportunities to support regional financial integration,

The importance and role of the Arab clearing system in serving the needs of banks and financial institutions in the Arab region

 

HE Dr. Abdulrahman bin Abdullah Al Humaidi, Director General of the Arab Monetary Fund, delivered an opening speech at the High Level Regional Conference on "The Role of Cross-Border Payment Arrangements in Enhancing Regional Financial Integration", organized by the Arab Monetary Fund on 27-28 March 2019 in Madinah With the participation and participation of high-level representatives from the World Bank, the European Central Bank, the Monetary Authority of Hong Kong, the German Banking Commission, the Swift Association and the Euroclear Foundation, as well as senior officials and experts from central banks, Arab States, commercial banks, financial and banking institutions and associations of banks and financial companies of modern technologies.   
His Excellency stressed the growing importance of the use of modern financial technologies in the financial and banking sector, the rapid growth in the technology industry and related services worldwide, and the great opportunities it offers to enhance the efficiency of financial and banking operations. On the implications of the uses of these technologies and trends, in order to maximize the benefit of the opportunities provided by, and reduce the negative impact on the integrity and integrity of financial and banking work, pointing out that this requires upgrading regulatory frameworks Regulatory and industry-based financial services on modern technologies, including stimulates the development and growth and encourages innovation in an environment of controls that enhance financial stability and efficiency of financial and banking institutions and capital markets.
The total investments in the financial technology sector doubled during the last year 2018 to reach 111.8 billion dollars, while the value of investments in the technology of blockbuster and encrypted currencies reached about 4.5 billion dollars in the same year, and the volume of investments in legislative and regulatory techniques ( Regtech ) from $ 1.2 billion in 2017 to $ 3.7 billion in 2018, and mergers and acquisitions of cross-border financial technology companies jumped from $ 18.9 billion in 2017 to $ 53.5 billion in 2018. 
In this context, Dr. Al-Humaidi pointed out that payment services account for an important share of the interests of modern financial technologies, as these services represent significant revenues for financial and banking institutions, guided by statistics showing that global payment services revenues amounted to 1.9 trillion In 2018 of which about $ 200 billion in cross-border payment services revenue, estimated at $ 2.9 trillion in 2022, of which $ 305 billion is for cross-border services. He also noted that the use of new technologies, especially the techniques of Blockchin will contribute to reduce the operational costs of global banks by between 30 to 70 per cent by 2025.
His Excellency discussed the topics discussed by the conference, the most important of which are the discussion of trends, changes and innovations in the field of payments, the future of the systems of payment across borders, especially in the Arab region, the opportunities and challenges facing the various parties in the regulation of payment systems and the changing role of supervisory authorities to keep pace with developments at the level The risks and challenges faced by trans-boundary payment systems, especially in terms of electronic threats, how to secure the protection and integrity of such systems, and the role of such systems and innovations in financial techniques in providing affordable financial services in And individuals who do not benefit from banking services in order to enhance and consolidate financial coverage in the Arab region, as well as the role of these systems in promoting and consolidating regional and global financial integration and stability.
In the same context, and in the light of the need for a mechanism for the exchange of experiences and expertise in the subject of financial techniques, HE Al-Humaidi pointed out to the Regional Working Group on Modern Financial Technologies, launched by the Arab Monetary Fund in December 2018, comprising technicians and experts from Arab countries Public and private institutions, supervising authorities, financial and banking institutions, experts from regional and international financial institutions, service providers and leading international organizations, with a view to discussing the topics of financial techniques, consultation and exchange of experiences and knowledge. On its issues and the development of different visions for its revitalization and organization in the Arab countries.
He also pointed out that the Arab Monetary Fund is working in the framework of its efforts to establish a regional system for clearing and settlement of inter-Arab payments to benefit from modern financial technology solutions to support the acceleration and reduction of the cost and improve the efficiency of clearing and settling Arab financial and investment transactions and with the main trading partners of the Arab countries. this connection system design that is compatible with the infrastructure of the capital markets of the principles of the Bank for international settlements ( PFMIs ), the international anti - money laundering and terrorist financing issued by the FATF standards ( the FATF ), and standards Alsa The Security Council on the fight against terrorism and the prohibitions issued by the United Nations, as well as compliance with the relevant laws and regulations of the headquarters State and any regulations issued by States whose currencies are used as settlement currencies in the regional system.
Finally, he expressed the hope of the Arab Monetary Fund during the implementation of the draft Arab clearing system, as well as after the start of the system and its initiation of its services and activities, to build partnerships with various institutions concerned in the private sector, primarily commercial banks to work together to provide services and initiatives supported by the strategic objectives Of the Arab Clearing System in promoting inter-Arab economic and financial transactions and strengthening ties with the global economy, while continuously and dynamically recording the needs of innovative banks and financial institutions for innovative and competitive payment services. S taking place in the industry and the environment and technology payment systems and adjustments.
 

The full text of the speech is as follows:

[url=https://www.amf.org.ae/sites/default/files/%D9%83%D9%84%D9%85%D8%A9 %D8%A7%D9%84%D9%85%D8%AF%D9%8A%D8%B1 %D8%A7%D9%84%D8%B9%D8%A7%D9%85.pdf]The Arabic word[/url]

[url=https://www.amf.org.ae/sites/default/files/English Speech.pdf]Speech in English[/url]




[url=https://www.amf.org.ae/sites/default/files/English Speech.pdf]https://www.amf.org.ae/sites/default/files/English%20Speech.pdf[/url]








HE DR. ABDULRAHMAN BIN ABDULLAH AL-HUMAIDI, DIRECTOR-GENERAL OF THE ARAB MONETARY FUND, ADDRESSES THE HIGH-LEVEL REGIONAL CONFERENCE ON "THE ROLE OF CROSS-BORDER PAYMENT ARRANGEMENTS IN PROMOTING REGIONAL FINANCIAL INTEGRATION" _CAR7695%20%28Medium%29
claud39
claud39
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