HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH AT THE WORKSHOP ON THE MAIN CONSIDERATIONS FOR ACTIVATING MODERN REGULATORY AND SUPERVISORY TECHNIQ
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH AT THE WORKSHOP ON THE MAIN CONSIDERATIONS FOR ACTIVATING MODERN REGULATORY AND SUPERVISORY TECHNIQ
HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH AT THE WORKSHOP ON THE MAIN CONSIDERATIONS FOR ACTIVATING MODERN REGULATORY AND SUPERVISORY TECHNIQUES AND THE SUBSEQUENT STEPS
2021-06-23

Here is the full text of the speech:
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-53
2021-06-23

The importance of developing regulatory and supervisory solutions that help develop the financial innovation industry, improve risk management and provide protection for users of digital financial services
Regulatory techniques help financial institutions improve compliance and risk management
The regulatory and supervisory technology market is witnessing a remarkable growth estimated to exceed $33 billion by 2026
The importance of being alert in activating the use of regulatory and oversight techniques, to ensuring electronic safety and consolidating good governance practices
His Excellency Dr. Abdul Rahman bin Abdullah Al Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, gave a speech at the opening of the “remote” workshop on the main considerations for activating modern regulatory and supervisory techniques and the subsequent steps, with the participation of representatives from central banks, capital market authorities, stock exchanges, and bank unions. And companies and providers of modern financial technology services in the Arab countries, whose regulation comes within the framework of the Arab Monetary Fund’s keenness to support the efforts of the authorities and supervisory authorities in the Arab countries to upgrade the modern financial technology industry system, achieve digital transformation, and develop their modern supervisory and supervisory capabilities.
Experts from a number of international institutions and bodies, such as the World Bank, the Institute for Financial Stability, the Financial Guidance Authority in the United Kingdom, the University of Cambridge Center for Alternative Finance, the Monetary Authority of Hong Kong, and the Society for Modern Financial Technologies in Singapore spoke at the workshop.
At the beginning of the speech, His Excellency indicated that the great growth in the modern financial technology industry and the expansion of the opportunities it offers to develop digital financial services and support financial inclusion, highlighted the need to develop regulatory and supervisory solutions and tools that help develop the financial innovation industry, improve risk management and provide protection for users of financial services. He pointed out that the aim of this workshop is to deepen the awareness of the concepts and tools of modern regulatory and supervisory techniques, and their latest developments, in addition to reviewing the methodologies and experiences of the leading countries in this regard. His Excellency praised the workshop participants' discussion of the possibility of preparing a guiding guide on supervisory techniques to help supervisory authorities and financial institutions to activate the use of these techniques.
His Excellency the Director General and Chairman of the Board of Directors of the Arab Monetary Fund stressed the importance and role of modern regulatory technologies ( Regtech ) in playing a major role in helping financial institutions improve compliance with regulations, as well as their role in increasing the ability of financial institutions to enroll clients “remotely” using the identification program. and verification of identity documents and the person presenting, which helps financial institutions achieve significant cost savings. He also indicated that modern regulatory techniques are among the fastest growing in the field of financial innovation, noting that the volume of transactions in the global modern regulatory and supervisory technology market is estimated to rise from about $5.31 billion in 2019 to about $33.1 billion by 2026.
In this context, His Excellency Dr. Al-Hamidi indicated that these technologies can change the rules in place for effective reporting and compliance purposes, noting that Regtech can enhance efficiency and reduce compliance costs, while Suptech can enhance accuracy The data, indicating that the appropriate integration of these tools will enhance the support of the supervisory and supervisory authorities in their tasks, and allow a greater regulatory capacity to adapt to modern developments and innovations, without incurring significant additional costs.
On the other hand, His Excellency Dr. Abdul Rahman Al-Humaidi indicated that the further activation of such control techniques involves some challenges that must be hedged, such as electronic safety, and good governance, which requires some measures such as technical neutrality when choosing solutions and services, interoperability, and perhaps the use of techniques such as Artificial intelligence, big data, and blockchain to mitigate exposure to these risks.
Finally, His Excellency Dr. Al-Hamidi stressed the great interest that the Arab Monetary Fund attaches to the topics of modern financial technologies and their applications, in recognition of the great opportunities offered by these technologies in light of the repercussions of the Corona pandemic, noting that the Fund’s activities to support digital transformation during 2020 and the current year 2021, have witnessed Significant momentum within the framework of the Regional Working Group on Modern Fintech and the activities of the Financial Inclusion Initiative for the Arab Region.
Here is the full text of the speech:
Ladies and gentlemen in attendance,May God bless you with all the best, wherever you are.First of all, I hope you and your families are well and safeI am pleased to welcome you to the opening of the workshop on the main considerations for activating modern regulatory and supervisory techniques and the subsequent steps , which are organized by the Fund within the framework of its keenness to support the efforts of the regulatory and supervisory authorities in the Arab countries to upgrade the modern financial technology industry system, achieve digital transformation and develop their modern supervisory and supervisory capabilities .Allow me at the outset to express my sincere thanks and appreciation for the honorable presence in the workshop, in which the concerned technicians from our Arab countries participate from central banks, capital market authorities, stock exchanges, bank unions, companies and providers of modern financial technology services in the Arab countries. I also cannot fail to thank the regional and international financial institutions for their kindness to participate with us today.I would also like to welcome the speakers from various international institutions, from the World Bank, the Financial Stability Institute, the Financial Advisory Authority in the United Kingdom, the University of Cambridge Center for Alternative Finance, the Monetary Authority of Hong Kong, and the Society for Modern Financial Technologies in Singapore. I thank them all for their participation and contribution. in this workshop.Ladies and gentlemen in attendance,With the great growth in the modern financial technology industry and the expansion of opportunities offered by modern technologies to develop digital financial services and support financial inclusion, the need has arisen to develop regulatory and supervisory solutions and tools that help develop the financial innovation industry on the one hand and work to improve risk management and provide protection for users of digital financial services from On the other hand.Hence, today’s workshop aims to deepen the awareness of the concepts and tools of modern regulatory and supervisory techniques, and their latest developments, in addition to reviewing the methodologies and experiences of leading countries, by reviewing international experiences from the United Kingdom, Hong Kong and Singapore, on how to adopt these technologies.As you can see, the workshop deals with various cases of the use of these technologies, such as the use of modern control and supervisory techniques in following up on compliance, upgrading AML/CFT reports, developing supervision over the insurance industry, enhancing cyber security, as well as expanding opportunities to benefit from distributed ledger technologies and blockchain blocks. Undoubtedly, reviewing these uses will help in enhancing awareness of the importance of control techniques. The workshop sheds light on how to overcome the challenges that hinder the adoption of such technologies, an important aspect that will also serve to enhance the understanding of the requirements for developing and activating the use of these technologies.Perhaps the workshop’s discussion of a project to prepare a practical guide on plans to activate modern regulatory and supervisory techniques ( Regtech / Suptech ) for both supervisory authorities and financial institutions alike, highlights the importance of these dialogue meetings, so that the guide reflects best practices and takes into account the viewpoint of all relevant parties, including It reinforces its importance as a framework to guide in taking the required reforms to use regulatory and supervisory techniques. Therefore, I invite everyone to participate in the dialogue about the guide, and to provide us with your suggestions and views, whether from the supervisory authorities or related parties, such as banks, financial institutions, solution and service providers, modern financial technology centers, bank associations and modern financial technologies.
Ladies and gentlemen in attendance,There is no doubt that the accelerated use of modern technologies in the financial sector, especially in the wake of the non-contact imposed by the Corona pandemic, “remote” activities and transactions, and the dynamic development of market practices and digitization in financial services, has limited the effectiveness of traditional regulatory frameworks, and comprehensive development is required. modern regulatory and supervisory tools.Here, the importance of modern regulatory techniques (Regtech) that can play a major role in helping financial institutions to improve compliance with regulations, as a key element in the direction of financial institutions towards digital transformation, as it helps to enhance compliance efficiency, mitigate risks, reduce the fixed cost of compliance, and improve compliance. Protection for customers, and with development, it also has the ability to provide customers with better and faster service, and support the development of new products and services. Perhaps one of the most prominent examples of applications of modern regulatory technologies in this regard is the increased ability of financial institutions to enroll customers “remotely” using identification and verification software for identity documents and the person who introduces themselves, which helps financial institutions achieve significant cost savings and improves the experience clients.On the other hand, modern regulatory technologies are one of the fastest growing elements in the field of financial innovations and modern financial technologies. The transactions of the global modern regulatory technology market in 2019 amounted to about 5.31 billion US dollars. The market is expected to grow at a compound annual growth rate of more than 21 percent annually to reach a market size of about 33.1 billion US dollars by 2026 according to the latest studies.There is no doubt that this rapid growth will lead to the contribution of these technologies to changing the rules of procedures for the purposes of effective reporting and compliance. While modern regulatory techniques enhance efficiency and reduce compliance costs, Suptech's control technologies can enhance data accuracy. The appropriate integration of these tools will also enhance the support of the supervisory and supervisory authorities in their tasks, and allow a greater regulatory capacity to adapt to modern developments and innovations, without incurring significant additional costs.However, the challenges involved in the increased activation of regulatory techniques, such as the requirements of electronic safety, and good governance, which require a number of measures such as technical neutrality when choosing solutions and services, interoperability, and possibly the use of technologies such as artificial intelligence, data, and possibly the use of technologies such as artificial intelligence, data, should not be overlooked. massive, blockchain, and cloud technology to mitigate exposure to these risks. We look forward to discussing the workshop on ways to confront these challenges, paving the way for hedging risks that may arise from the application of these technologies.Ladies and gentlemen in attendance,The Arab Monetary Fund pays great attention to the topics of modern financial technologies and their applications, being aware of the great opportunities offered by these technologies in light of the repercussions of the Corona pandemic. The Fund's activity to support digital transformation during 2020 and the current year 2021 witnessed great momentum within the framework of the Regional Working Group on Modern Financial Technologies and the activities of the Financial Inclusion Initiative for the Arab region.Also, in the context of promoting dialogue on digital financial transformation, during 2020 and the current year 2021, the Fund organized a large number of "remote" meetings and workshops for experts in the applications of modern financial technologies in the Arab countries. The meetings discussed a number of important topics, including the role of the modern financial technology industry in the wake of the pandemic, the challenges of digitally enrolling customers and digital identity, and electronic KYC rules. The meetings also focused on ways to confront electronic threats and exchange information about them. The meetings paid attention to discussing the available opportunities and related challenges, as well as the opportunities that modern financial technologies can offer to central banks.On the other hand, the Fund, in its communication with the supervisory authorities, worked on introducing and discussing the issue of technical and supervisory solutions to support the efforts of the supervisory authorities in how to benefit from these solutions in the performance of their regulatory tasks. The dialogue workshops launched by the Fund also dealt with the aspects of developing the legislative structure and the supervisory framework related to the modern financial technology industry, and the requirements to strengthen the regulatory framework to maintain a balance between the integrity of the legislative and regulatory framework on the one hand and support digital innovations on the other hand.Finally, and in the same context, the Fund worked through a group of modern financial technologies to issue a set of guides and guiding principles, which included the topics of digital identity, electronic know-your-customer rules in Arab countries, electronic safety of financial infrastructure in Arab countries, and building national strategies for modern financial technologies. and guidelines for alternative financing for Arab countries, and, more recently, open banking operations. Today, through the workshop discussions, we hope to complete the guide on regulatory and supervisory techniques.Ladies and gentlemen in attendance,We look forward that your discussions today and tomorrow will contribute to developing a vision for activating these tools in our Arab region, addressing the available opportunities and capabilities and how to overcome the challenges of activating these technologies on a large scale, whether among financial institutions or regulatory and supervisory authorities, and what service providers can take into account when designing these Solutions and services for their development, in addition to the lessons learned that can be built upon when developing plans to adopt and activate these technologies. Therefore, we look forward to receiving your answers to the questionnaire that was prepared in cooperation with the relevant team members in the Modern Financial Technology Working Group on the subject.Before concluding, I would like to emphasize on this occasion that the Arab Monetary Fund will spare no effort or means to contribute to supporting the endeavors of our Arab countries in promoting the development of the modern financial technology industry, thus contributing to the access of all segments of society to digital financial services and the development of innovative services that meet the needs of these various groups, looking forward that today's workshop will contribute to achieving the desired goals in this regard.Finally, I do not miss on this occasion, but I renew my thanks and gratitude to the headquarters of the Arab Monetary Fund, the United Arab Emirates, for the great facilities it provides that contribute to the success of the Fund in its pursuit of its goals .Thank you for coming, and we look forward to welcoming you to Abu Dhabi on upcoming occasions.Peace, mercy and blessings of God.
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-53
claud39- VIP NewsHound
- Posts : 18367
Join date : 2018-11-04

» HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND GIVES A SPEECH ON THE OCCASION OF THE OPENING OF A WORKSHOP ON OPEN BANKING OPERATIONS AND THE ACCOMPANYING REGULATORY
» HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH ON THE OCCASION OF THE OPENING OF THE ROUND TABLE WORKSHOP ON THE DEVELOPMENT OF THE MICROFINANCE S
» HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND DELIVERS A SPEECH ON THE OCCASION OF THE ARAB FINANCIAL INCLUSION DAY
» HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH AT THE OPENING OF THE "THIRD REGIONAL FORUM FOR TAXES IN THE ARAB COUNTRIES" ON TAX MEASURES TO SUP
» HIS EXCELLENCY DR. ABDUL RAHMAN BIN ABDULLAH AL HAMIDI, DIRECTOR GENERAL, CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH ON THE OCCASION OF THE INAUGURATION OF A HIGH-LEVEL "REMOTE" WORKSHOP ON THE GOVERNANCE OF FAMILY BUS
» HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH ON THE OCCASION OF THE OPENING OF THE ROUND TABLE WORKSHOP ON THE DEVELOPMENT OF THE MICROFINANCE S
» HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND DELIVERS A SPEECH ON THE OCCASION OF THE ARAB FINANCIAL INCLUSION DAY
» HIS EXCELLENCY DR. ABDULRAHMAN BIN ABDULLAH AL-HAMIDI, DIRECTOR GENERAL AND CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH AT THE OPENING OF THE "THIRD REGIONAL FORUM FOR TAXES IN THE ARAB COUNTRIES" ON TAX MEASURES TO SUP
» HIS EXCELLENCY DR. ABDUL RAHMAN BIN ABDULLAH AL HAMIDI, DIRECTOR GENERAL, CHAIRMAN OF THE BOARD OF DIRECTORS OF THE ARAB MONETARY FUND, DELIVERS A SPEECH ON THE OCCASION OF THE INAUGURATION OF A HIGH-LEVEL "REMOTE" WORKSHOP ON THE GOVERNANCE OF FAMILY BUS
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
» Textbook Tony
» Angela Hitler gathers lieutenants in Germany to mourn loss of Fourth Reich
» 10 years of the new notes came out!
» The Association of Brokerage Companies: Changing the dollar exchange rate contributed to raising the value of Iraqi shares
» Iran: Exports to Iraq amounted to $9.5 billion
» Al-Hakim calls for choosing the next prime minister within specific criteria
» What does Iraq look in a post-Sadr era?
» Sadrist leading figure to the Coordination Framework: the fire you made will burn everyone
» Iraqi parliament swears in new members to replace Sadrists
» USD/IQD closes slightly lower in Baghdad
» Norway offers US$ 7.5 million to Iraq
» Asia's thirst for cheap Russian oil hits Opec's No 2 producer Iraq
» Iraq’s exposure to US securities was up to about $28 billion in April
» The Central Bank: We have taken effective measures to protect the banking sector and combat money laundering
» Al Qirtas Islamic Bank - The first use of modern systems from DN SeriesTM ATMs in Iraq
» The Central Bank of Iraq: We launched 17 trillion dinars of development initiatives
» Central: The Letter of Guarantee platform issued more than 30,000 letters, worth 9.3 trillion
» The Governor of the Central Bank discusses obstacles to the work of Islamic banks with the International Rating Agency
» The Central Bank of Iraq decides to sell the dollar to pilgrims at the official exchange rate
» The central bank is moving at a steady pace to support and revitalize the economy
» The central electronic platform for letters of guarantee enhances confidence in banking transactions
» Who's on First?
» Frank26 says - From black list removal to high credit ratings for Iraq. This is how you get a new exchange rate
» Becky McGee/Oootah - "Wanted: Attorney and/or Lawyer!" 3/10/19
» Meta 1 Coin Has Crack Team Of Lawyers? Why Is Dave Schmidt Still Rotting In Jail?
» California pot shops prepare for their first day of legal recreational marijuana sales TODAY
» One Crazy Guy
» CBI sells $1+ billion in forex for second week in a row
» Iraq and the World Bank hold a workshop to develop public debt management
» Combating financial crimes enhances confidence in the banking sector
» Forex-US dollar notches in Baghdad
» USD/IQD closes lower in Baghdad
» What Happens when Cancer is treated with Cannabis? VIDEO
» VIDEO: Viral Hydroxychloroquine Doctor Demands Joe Biden Apologize After Media Finally Acknowledges HCQ Works
» USD/IQD closes slightly higher in Baghdad
» CBI sold +3$ billion in forex in May
» Finance agrees with the World Bank to help Iraq by activating the General Authority for Taxes
» Central Bank Governor: The Iraqi banking sector is witnessing development and openness to the outside
» The Central Bank prevents Visa and Master card holders from giving them to any party