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THE ARAB MONETARY FUND ISSUES A STUDY ON "THE USES OF BALUKSHIN TECHNOLOGY IN FINANCIAL SERVICES" DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

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THE ARAB MONETARY FUND ISSUES A STUDY ON "THE USES OF BALUKSHIN TECHNOLOGY IN FINANCIAL SERVICES"

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THE ARAB MONETARY FUND ISSUES A STUDY ON "THE USES OF BALUKSHIN TECHNOLOGY IN FINANCIAL SERVICES" Empty THE ARAB MONETARY FUND ISSUES A STUDY ON "THE USES OF BALUKSHIN TECHNOLOGY IN FINANCIAL SERVICES"

Post by claud39 on Wed Jun 12, 2019 8:45 am

THE ARAB MONETARY FUND ISSUES A STUDY ON "THE USES OF BALUKSHIN TECHNOLOGY IN FINANCIAL SERVICES"
2019-06-12



THE ARAB MONETARY FUND ISSUES A STUDY ON "THE USES OF BALUKSHIN TECHNOLOGY IN FINANCIAL SERVICES" Logo-ar








As part of the Arab Monetary Fund's efforts in research activities to support decision-makers in the Arab countries on priority issues, the IMF recently prepared a study on " /[term]/[language]/Using Blockchain in Financial Services__June_2019.pdf]Uses of Balukshin Technology in Financial Services ". The study focused on highlighting the evolution of plocin technology over the last ten years, the expected economic gains from using these techniques in the provision of financial services, regulatory and regulatory developments in this regard, and the recent trends of central banks and Arab monetary institutions to study the possibilities of benefiting from this technology in providing financial services and increasing Levels of financial inclusion.
The study noted that although the technique used to be used in the beginning as a supporting infrastructure for the trading of Cryptoassets, notably the currency of Betkin, but the technology has important uses in some areas and sectors such as financial services, medical record keeping, Government and other applications. The study showed that there are many reasons for the growing global interest in plocin technology, including that the wider use of plucin technology will contribute, according to international estimates, to global economic gains estimated at $ 3.1 trillion by 2030. [1]
Despite the progress made in financial services over the past decades, the functions associated with the execution and conclusion of transactions and the maintenance of financial transactions still require lengthy and complex procedures in a number of financial activities. Accordingly, some believe that the technique of plocin can contribute to increasing the levels of efficiency and effectiveness of financial services in a way similar to the way the Internet changed the media industry, and will enable individuals and companies to get better financial services without financial intermediaries or so-called "value Internet" or The idea of ​​narrowing the banking sector "the narrowing of the banking sector".
At the banking level, plucin can contribute to a wide reduction in the cost of providing banking services, including transaction costs, compliance, disclosure, and cost of systems to know your customer at 30-70% of the cost of these operations. The resulting savings are estimated at $ 8-12 billion per year for major investment banks. [2] Accordingly, a number of banks are seeking to invest in these technologies, with international estimates that about 91 percent of banks have invested in the development and use of plucin techniques in 2018. [3]
Payment and settlement systems are also one of the most important areas of financial services that will benefit from the plocin technology. Traditional clearing and settlement operations involve multiple processes and parties, creating in some cases bottlenecks due to manual operations and frequent regulatory requirements, delaying settlement time and rising costs. On the other hand, the technology contributes to increase the efficiency of the payment and settlement process by reducing the time required to complete transactions from days to minutes and reduce the cost associated with such operations significantly. The use of Balochin-based solutions can also meet the requirements of Real Time Gross Settlement (RTGS), which also helps to enhance flexibility and reliability.
On the other hand, international exchanges are seeking to take advantage of the technology of the Balkchinin in the implementation and preservation of trading in the stock markets to reduce cost and simplify procedures and increase the speed of trading and settlement is safe [4]. The Nasdaq, the world's largest stock exchange, adopted Balochin in 2015 to boost the performance of the NASDAQ platform for private equity trading before the Nasdaq Private Market launched in 2014. [5] On the other hand, Nasdaq has recently tested a trading platform based on the Balukshin designed to accelerate and simplify many of the transactions, so that the technique is used for simultaneous recording of all transactions, and make changes and updates on transactions in an instant and be visible to everyone immediately. Similarly, the London Stock Exchange has recent plans to develop a platform supported by plucheen technology through which the digital version of small and medium-sized stocks can be issued. [6] Overall, the use of balkshine technology can help international exchanges save between $ 50 billion and $ 60 billion a year in operating expenses and information systems. [7]
Remittances are also one of the most prominent financial services that have already begun to benefit from the extensive use of pluchen technology, enabling the immediate transfer of funds across borders at relatively low cost and within minutes. This technology can contribute to an increase in global remittances estimated at $ 500 billion annually using traditional remittance channels [8].
Blocking technology is also used to facilitate trade finance services. While traditional trade finance operations require multiple and rigid paperwork, this technique will enable banks and trade finance institutions to store, secure and exchange contract details and financial terms automatically, coordinate commercial logistics and payments in a timely and integrated transaction network to help support trade finance operations and bridge part Of the trade finance gap, particularly in developing countries, and an estimated savings of $ 30-40 billion annually. [9]
On the other hand, it relies on the proxies to support financial inclusion, where mobile phones and proxies are very promising solutions to provide financial services to billions of people who are not financially served. These technologies could yield bank revenues estimated at around US $ 380 billion in 2020 (of which US $ 270 billion would come from SMEs covering financial services and US $ 110 billion from financial services to financially underprivileged individuals) ).
Despite the growing global interest in the use of plucchin in financial services, the scope of this technology is still limited, which is attributed to a number of challenges that prevent the widespread use of this technology in the financial sector at present . These challenges include the very nature of the financial services industry, which is characterized by a strong regulatory and regulatory framework that governs the industry, particularly in the aftermath of the global financial crisis, as well as the emerging nature of these techniques, their widespread testing, uncertainty about their legal and regulatory status, , Data protection and privacy considerations; cybercrime risk, as well as possible interoperability difficulties between different blockchain interoperability systems and the high capital costs associated with these technologies.
On the other hand, the study tackled the regulatory frameworks governing the use of this technology in the financial sector worldwide, and pointed out that despite the rapid development of this technology, there is no comprehensive global framework that regulates and sets the basic standards and requirements for the use of this technology in the provision of financial services. Its regulatory frameworks vary from country to country, which poses a challenge to the development of the uses of this technology. Only a set of guidelines are available in the context of prudent practices for dealing with financial techniques in accordance with the Bali Financial Technologies Program of Action The World Bank and the World Bank in 2018 which emphasizes the importance of positive interaction by the supervisory authorities with the financial techniques within the framework ensures the safety and stability of financial systems.
Progress in the policy-making process in this area is expected to benefit from the current efforts to standardize the standards for plocin technology by the World Wide Web Consortium, one of the oldest bodies focusing on standardization of the technology, In addition to the efforts of the International Organization for Standardization Organization (ISO), which is working on the issuance of standard ISO307) for the technology of plaque.
At the level of supervisory authorities, approaches to dealing with these techniques vary and take three forms. The first is the wait and see approach. Some supervisory authorities believe that these techniques represent a new business model involving the provision of financial services without financial intermediaries, so they prefer to collect data and monitor business models to assess potential risks and formulate the appropriate regulatory framework. The advantage of this approach is to avoid inaccurate regulation of the technology, while the disadvantages of this approach are the lack of clarity of the position of the supervisory authorities on these developments, which may limit the chances of developing this technology, as well as the risk of being threatened by inadequate regulation. The second approach is to establish supervisory regulators to explore the opportunities associated with the use of this technology in financial services, and to provide the appropriate environment for the development of these technologies. The supervisory authorities will have a more accurate understanding of the nature of these techniques, Formulate the appropriate regulatory and supervisory framework. There are many examples of this approach, such as the United Kingdom, Canada, Australia, the European Union, Singapore, Switzerland, Luxembourg and many Arab countries. The third approach is to accelerate the enactment of regulatory laws and regulations. Despite the lack of a common understanding and standards of this technology, some supervisory authorities have initiated the enactment of laws and regulations relating to the use of plucchin in the provision of financial services. There are many examples of this approach, such as the United Kingdom, Canada, Australia, the European Union, Singapore, Switzerland, Luxembourg and many Arab countries. The third approach is to accelerate the enactment of regulatory laws and regulations. Despite the lack of a common understanding and standards of this technology, some supervisory authorities have initiated the enactment of laws and regulations relating to the use of plucchin in the provision of financial services. There are many examples of this approach, such as the United Kingdom, Canada, Australia, the European Union, Singapore, Switzerland, Luxembourg and many Arab countries. The third approach is to accelerate the enactment of regulatory laws and regulations. Despite the lack of a common understanding and standards of this technology, some supervisory authorities have initiated the enactment of laws and regulations relating to the use of plucchin in the provision of financial services.
In this regard, the study showed that digital transformation is an integral part of the strategic and future visions of many Arab countries. This is a great factor in enabling economic diversification and increasing levels of flexibility and competitiveness. Arab economies.
In this context, there are many initiatives to take advantage of the development of the use of plucchin in the provision of financial services in the Arab countries. In the UAE, the Abu Dhabi Global Market has adopted a strategy for modern financial technologies to encourage the application of financial services by establishing a regulatory laboratory that supports the development of such applications and is the first of its kind in the Middle East and North Africa. Within the framework of this lab, the Abu Dhabi Global Market announced in early 2018 the development of an electronic platform to support your Know Your Customer (e-KYC) system in close cooperation with the largest financial institutions in the UAE using the Balukshin technology, which will support the efficiency of the banking sector and help To increase financial coverage [11].
In the area of ​​digital currencies, the Saudi Arabian Monetary Agency (SAMA) and the Central Bank of the United Arab Emirates (UAE) recently launched a "transient" project to issue a digital currency to be used between the Kingdom and the UAE in financial settlements. The objective of the project is to understand and study the dimensions and feasibility of new technologies closely through actual application and their impact on the improvement and reduction of conversion costs and the assessment of technical risks and how to deal with them, as well as the qualification of cadres that will deal with future technologies and understand the requirements of issuing a digital currency between two countries, In addition to finding an additional way for central remittance systems in both countries, and allowing banks to deal directly with one another to implement remittances. [12] This cooperation represents a precedent that may be the first of its kind in which two monetary authorities cooperate in this regard.
On the other hand, Tunisia is one of the first countries in the world to adopt a state-driven electronic payment system based on the technology of the plocene. In 2015, Tunisia decided to enhance its digital currency eDinar by using the technology of building the building on the previous achievements achieved by the Tunisian Post, Finance by enhancing the provision of digital services. Where most adults in Tunisia have an account with Tunisian post office, while three million adults still do not have bank accounts. The national vision is to rely on plocchin to provide financial services to sectors that do not have access to financial services. Therefore, the Government is collaborating with the Bluechine companies to provide an integrated and supportive environment for digital payments based on this technology. [13]
The use of plocin technology in Arab countries is not limited to financial services. In the UAE, the strategy of the Biloxin in Dubai aims at using this technology to provide government services. All government services in Dubai will be provided through this technology by 2020, which is expected to generate an economic saving of $ 1.5 billion annually. [14] ).
The study pointed out that in light of the rapid development of modern financial technologies (Fintech), the Arab Monetary Fund is making a variety of efforts to follow developments in the field of financial technology and its impact on financial services and financial stability in the Arab region. Due to the assumption by the Arab Monetary Fund of the responsibility of the Technical Secretariat of the Board of Governors of the Arab Central Banks and the Arab Monetary Institutions, many committees and working groups of the Council are keenly following up on the developments related to the technology of plaque. In this context, the Arab Banking Supervision Committee and the Financial Stability Working Group discuss this issue in terms of its implications for financial stability and the role of central banks in the development of regulation and control of these technologies, while the regional financial integration team is concerned about the role of the Balkansin in enhancing financial inclusion using digital financial services Arab countries. While the Arab Committee for Payment and Settlement Systems discusses its role in developing electronic payment tools and reducing the cost of remittances and financial transactions. In addition, the Arab Credit Information Committee discusses several aspects related to pluchen technology, including the role of these techniques in the exchange of credit information.
In addition, the Arab Monetary Fund established the Regional Working Group on Modern Financial Technologies in 2018 to formulate relevant guidelines and policies and undertake activities aimed at promoting the digital transformation of financial services in Arab countries while ensuring financial stability. The group has diverse experiences from all over the Arab region and from around the world. The main task of the Group includes, inter alia, supporting the regulatory framework and providing an environment conducive to the development of modern financial technologies in Arab countries, supporting innovations and strengthening supervisory and supervisory capacities in this area.
/[term]/[language]/Using Blockchain in Financial Services__June_2019.pdf]Financial uses of plocin technology




/[term]/[language]/Using Blockchain in Financial Services__June_2019.pdf]https://www.amf.org.ae/sites/default/files/research_and_publications/%5Bvocab%5D/%5Bterm%5D/%5Blanguage%5D/Using%20Blockchain%20in%20Financial%20Services__June_2019.pdf






[1] WEF in collaboration with PwC (2018). "Building Block (chain) s for a Better Planet", Fourth Industrial Revolution for the Earth Series, Sep.

[2] Accenture Consulting (2017). "Banking on Blockchain: A Value Analysis for Investment Banks."

[3] Jo Lang, (2017). "Three uses for blockchain in banking," IBM, October.

[4] The International Banker (2017). "How Stock Exchanges Are Utilizing Blockchain Technology", Dec.

[5] Medici, "Know More about Blockchain: Overview, Technology, Application Areas and Use Cases."

[6] The International Banker (2017). Op. Cit.

[7] BISsearch, "Blockchain Technology in Financial Services Market - Analysis and Forecast: 2017 to 2026 (Focus on Opportunity and Use Case Analysis)."

[8] Arabian Business (2018). "Banking on bitcoin: Cryptocurrency's growth in the Gulf."

[9] BISsearch, "Blockchain Technology in Financial Services Market - Analysis and Forecast: 2017 to 2026 (Focus on Opportunity and Use Case Analysis)."

[10] Baruri P. "Blockchain Powered Financial Inclusion".

[11] ADGM launches e-kyc utility project with consortium of key .... https://adgm.com/mediacentre/press-releases/adgm-launches-e-kyc-utility-project-with-consortium-of- key-uae-financial-institutions /.

[12] SAMA, (2019). "A Statement On Launching" Aber "Project, The Common Digital Currency Between Saudi Arabian Monetary Authority (Sama) and United Arab Emirates Central Bank (UAECB)", Jan.

[13] International Telecommunication Union, UN, (2017). "Blockchain in Tunisia: From Experimentations

         to a Challenging Commercial Launch ", Workshop on" Security Aspects of Blockchain ", Geneva, Switzerland, 21 March 2017

[14] Smart Dubai, Dubai Blockchain Strategy.
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