THE ARAB MONETARY FUND IS HOLDING AN INTERNATIONAL CONFERENCE TODAY ON DIGITIZING THE INTERNATIONAL FINANCIAL SYSTEM

by **claud39** Thu May 20, 2021 11:00 am

THE ARAB MONETARY FUND IS HOLDING AN INTERNATIONAL CONFERENCE TODAY ON DIGITIZING THE INTERNATIONAL FINANCIAL SYSTEM
2021-05-19

The conference is discussing

Trends of the global financial system after the Corona pandemic

The use of digital currencies in cross-border payments

Opportunities for digital financial inclusion

Implications of digital financial transformation for international trade finance

The future of digital money markets

Wednesday 19 May 2021

The Arab Monetary Fund, in cooperation with the Bretton Woods Revival Foundation, is organizing today, Wednesday, May 19, 2021, an international conference on the digitization of the global financial system (Digitalization of International Finance) with the participation of the Italian presidency of the G20, the IMF and the World Bank, and a number of regional and international financial institutions, in the presence of And the participation of a number of Excellencies, governors of central banks and Arab monetary institutions, and senior officials from the ministries of finance and trade, central banks, money market authorities, stock exchanges and banks in the Arab countries.

The conference aims to shed light on the trends of the global financial system in the era of digitization, and the challenges these trends face in the future of cross-border payments, the movement and financing of international trade, and money market transactions. The conference represents an opportunity for the supervisory authorities in the Arab countries to participate in the global dialogue about the future of financial and banking services in light of the growing uses of modern technologies and innovative financial services from new providers other than banks.

In three sessions, the conference will discuss transformations in the global financial system. The first session deals with developments in the digital currencies of central banks and the options they offer in terms of developing mechanisms for cross-border payment and settlement. In this context, the role of regional payment platforms emerges, given the opportunity they represent to improve the efficiency, effectiveness and speed of transferring payments across borders, and enhance compliance with global standards, in a way that serves financial integration and integration. The "Bani" Arab Payments platform represents a model in this regard, in line with the trends of the G20. Participants in the conference will have the opportunity to learn about the platform's services and its contribution to the global payment system.

The second session deals with the transformations taking place in the mechanisms of global trade finance and the emergence of digital networks to finance trade, and the opportunities that these developments bring to enhance the access of small and medium enterprises to trade finance services.

The third session covers the rapid developments in the digitization of money market transactions, and their implications for the current structures and services of financial markets, and the opportunities that digitalization of money market transactions provide in attracting new investors. The session also sheds light on the opportunities provided by the development of the infrastructure system for emerging financial markets, in facilitating the access of companies and investors to the financial markets.

On this occasion, His Excellency Dr. Abdulrahman bin Abdullah Al Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, expressed the importance of the conference within the framework of the Arab Monetary Fund’s efforts to contribute to the global dialogue on the future of banking financial services. He also expressed his pleasure at the continuing cooperation with the Group of Twenty in terms of upgrading the cross-border payment system in particular, and the path of the financial sector in general.

https://www.amf.org.ae/ar/content/%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A-%D9%8A%D8%B9%D9%82%D8%AF-%D8%A7%D9%84%D9%8A%D9%88%D9%85-%D9%85%D8%A4%D8%AA%D9%85%D8%B1%D8%A7%D9%8B-%D8%AF%D9%88%D9%84%D9%8A%D8%A7%D9%8B-%D8%AD%D9%88%D9%84-%D8%B1%D9%82%D9%85%D9%86%D8%A9-%D8%A7%D9%84%D9%86%D8%B8%D8%A7%D9%85-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A