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Arab Monetary Fund: The majority of Arab countries adopt modern financial techniques .. The most important of which is cloud computing and digital portfolios DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Arab Monetary Fund: The majority of Arab countries adopt modern financial techniques .. The most important of which is cloud computing and digital portfolios

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Arab Monetary Fund: The majority of Arab countries adopt modern financial techniques .. The most important of which is cloud computing and digital portfolios Empty Arab Monetary Fund: The majority of Arab countries adopt modern financial techniques .. The most important of which is cloud computing and digital portfolios

Post by claud39 on Fri Nov 15, 2019 7:42 am

Arab Monetary Fund: The majority of Arab countries adopt modern financial techniques .. The most important of which is cloud computing and digital portfolios




20/11/2019



Arab Monetary Fund: The majority of Arab countries adopt modern financial techniques .. The most important of which is cloud computing and digital portfolios Rc_157380305278_23







The Arab Monetary Fund's Financial Stability Report 2019 said that most Arab countries adopt modern financial technologies, with cloud computing and digital wallets leading the way.

The results of the Fund showed that there are 12 countries that use at least one financial technology out of 14 countries, and that cryptocurrencies, cryptocurrencies and the transfer of financial assets model are new technologies that have not yet been applied in most Arab countries.

The majority of Arab countries that participated in the survey pointed out that digital technologies are regulated or partially regulated by central banks or supervisory bodies in their countries, where they regulate the work of digital technologies by up to 86%. Some regulators regulate the work of companies in a part of the financial services or if they are licensed by them. Some countries are activating a partnership between their central banks and other authorities.

Financial technology companies

The number of financial technology companies licensed by the Arab Central Banks reached 85 in 2018, compared with 34 in 2017. The report predicted that the number of companies will increase significantly in the coming years due to developments in the Arab countries in terms of regulating the supervision of companies. Financial technology and licensing procedures and the establishment of these companies.

The importance of technical transformation

Towards cloud computing to employ this technology in financial applications is a must. Cloud computing provides the tools companies need to develop applications and deliver new market solutions as quickly as today's customers require.

According to the report, the future of financial technology adopts more developments than it currently does by providing services to consumers that were not possible or previously available, recommending partnerships with regional and international institutions, research centers, universities and service providers to enhance opportunities for knowledge transfer, exchange of experiences and development of policies that stimulate the growth of the industry. Financial technologies and competition in their development in the Arab region.

The report also recommended the need to devise new financial techniques to develop the scope of supervision and control of markets and institutions, financial and banking systems by central banks to include risks related to these new technologies and their impact on financial stability.

The use of
cryptocurrencies has increased in recent years, and policymakers and researchers must think deeply about all risks and downsides and the positive and negative aspects of cryptocurrencies should be harmonized, the report said. Policymakers should seek to encourage participation in any new cryptocurrency system and be aware of obstacles to adoption, such as usability challenges or inadequate government identity documents.

The report predicted that cryptocurrencies will play an important role in the future as the use of cash is greatly reduced, so that if the use and availability of cash within a country becomes too low or non-existent, whether through policy or consumer preferences can help cryptocurrencies to citizens.

On its positives, the report said cryptocurrencies could improve the ability of the payment system to counter cyberattacks, operational failures and hardware errors related to centralized data storage and processing, provide faster and cheaper local and cross-border payments, and improve anti-money laundering and terrorist financing functions. Tax evasion, corruption, illegal activities, and the ability to stimulate participation in the banking sector for non-bankers in addition to the ability to provide an alternative to digital payments technologies private sector, to address the operational risks And monopoly control and act as an alternative and issued by a government entity for exchange if it becomes scarce in the future and reduce the frictions and costs associated with the actual cash storage, transport and management within the banking system.

Regarding its disadvantages, the report stated that cryptocurrencies are exposed to the risks of cybersecurity and power outages, significant risks to financial stability such as the reduction or cancellation of bank intermediation or other powers, and the possibility of financial exclusion if a population that does not use cryptocurrencies is not further integrated and marginalized. Digital payment, as well as the challenges of blockchain technology such as scalability of transactions, user experience, key management, confidentiality and transaction speed.







http://www.uabonline.org/en/news/arabicnews/15891606158316081602157516041606160215831575160415/69752/0
claud39
claud39
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