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THE ARAB MONETARY FUND ISSUES, WITHIN THE FRAMEWORK OF THE REGIONAL WORKING GROUP FOR MODERN FINANCIAL TECHNOLOGIES IN THE ARAB COUNTRIES, A GUIDE ON “BEST PRACTICES AND RECENT DEVELOPMENTS FOR DIGITAL PORTFOLIO SERVICE PROVIDERS.” DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

THE ARAB MONETARY FUND ISSUES, WITHIN THE FRAMEWORK OF THE REGIONAL WORKING GROUP FOR MODERN FINANCIAL TECHNOLOGIES IN THE ARAB COUNTRIES, A GUIDE ON “BEST PRACTICES AND RECENT DEVELOPMENTS FOR DIGITAL PORTFOLIO SERVICE PROVIDERS.”

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THE ARAB MONETARY FUND ISSUES, WITHIN THE FRAMEWORK OF THE REGIONAL WORKING GROUP FOR MODERN FINANCIAL TECHNOLOGIES IN THE ARAB COUNTRIES, A GUIDE ON “BEST PRACTICES AND RECENT DEVELOPMENTS FOR DIGITAL PORTFOLIO SERVICE PROVIDERS.” Empty THE ARAB MONETARY FUND ISSUES, WITHIN THE FRAMEWORK OF THE REGIONAL WORKING GROUP FOR MODERN FINANCIAL TECHNOLOGIES IN THE ARAB COUNTRIES, A GUIDE ON “BEST PRACTICES AND RECENT DEVELOPMENTS FOR DIGITAL PORTFOLIO SERVICE PROVIDERS.”

Post by claud39 Thu Jun 10, 2021 12:58 pm

THE ARAB MONETARY FUND ISSUES, WITHIN THE FRAMEWORK OF THE REGIONAL WORKING GROUP FOR MODERN FINANCIAL TECHNOLOGIES IN THE ARAB COUNTRIES, A GUIDE ON “BEST PRACTICES AND RECENT DEVELOPMENTS FOR DIGITAL PORTFOLIO SERVICE PROVIDERS.”
 2021-06-08




THE ARAB MONETARY FUND ISSUES, WITHIN THE FRAMEWORK OF THE REGIONAL WORKING GROUP FOR MODERN FINANCIAL TECHNOLOGIES IN THE ARAB COUNTRIES, A GUIDE ON “BEST PRACTICES AND RECENT DEVELOPMENTS FOR DIGITAL PORTFOLIO SERVICE PROVIDERS.” Logo-ar






The guide sheds light on the best organizational practices in the field of digital wallets
The importance of enabling competition and increasing the number of digital wallet service providers
 Call for a direct licensing of digital wallet providers within the framework of clear controlsضوابط
 Taking into account the proportionality in capital requirements, while clearly defining the scope of services provided, and flexibility in requiring partnerships with commercial banks
Emphasizing the importance of digital wallet service providers adopting efficient policies in risk management, compliance, data protection, customers and electronic safety
 
In light of the increasing importance of promoting the use of digital payments in the economy and the transition to digital financial services, the importance of the role played by digital wallet service providers has emerged to facilitate the adoption of innovative digital payment solutions, which enhance financial inclusion and competition by providing new business models and uses for digital financial services. Recognizing this importance, the Arab Monetary Fund, through the Arab Regional Working Group for Modern Financial Technologies, issued today a guide on " best practices and recent developments for digital wallet service providers ". The issuance of the guide comes within the framework of the Fund's efforts to support digital financial transformation in the Arab countries, due to its importance in supporting financial inclusion and developing innovative financial services.
 
The guide, which was prepared by members of the Regional Working Group for Modern Financial Technologies in the Arab Countries, aims to shed light on the best regulatory practices in the field of digital wallets, to be used by the supervisory authorities in the Arab countries when starting to prepare the regulatory framework for organizing and developing the services of digital wallet providers. , including licensing issues and requirements, aspects of capital and governance, the scope of services available, and oversight and control needs.
 
The guide includes a set of guiding principles, dealing with the importance of enabling competition and increasing the number of digital wallet service providers, capital requirements for digital wallet providers, and the importance of clearly defining the scope of payment services provided. The principles also include allowing the use of agent models, and considering providing appropriate flexibility in setting limits and balances for payments in digital wallets by providers, in addition to considering allowing e-wallet service providers to achieve a return on money-keeping services. The principles also cover issues of sound governance and opportunities for digital wallet service providers to evolve into digital financial institutions. Finally, the principles review issues of risk management and compliance requirements, including anti-money laundering and terrorist financing, data protection and electronic safety, in addition to requirements for customer protection and governance aspects. In explaining the principles, the guide presented models and legislative and regulatory cases based on pioneering Arab and international experiences.
 
In this context, the principles emphasize the importance of having a direct licensing of digital wallet providers and financial technology companies in general within the framework of clear simplified controls that encourage the expansion of the number of providers and the development of their services. The principles also emphasize flexibility in licensing without requiring partnerships with commercial banks to allow independent digital wallet providers to enter the market, taking into account the proportionality in capital requirements and taking into account the gradation in the volume of business.
 
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 his happiness with the continuation of the efforts of the Regional Working Group for Modern Financial Technologies in issuing guides and guiding principles with the aim of contributing to the development of the modern financial technology industry in the Arab countries, pointing to the importance of the principles contained in this guide to guide them in creating an environment that stimulates the growth of digital wallet services, in a way that serves to enhance financial inclusion and digital financial transformation in the Arab countries.  
 
Access the report through this link




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