HE DR. ABDULRAHMAN BIN ABDULLAH AL-HUMAIDI, DIRECTOR-GENERAL OF THE ARAB MONETARY FUND, ADDRESSES THE OPENING OF "THE FIRST ARAB FORUM FOR MODERN FINANCIAL TECHNOLOGIES"

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HE DR. ABDULRAHMAN BIN ABDULLAH AL-HUMAIDI, DIRECTOR-GENERAL OF THE ARAB MONETARY FUND, ADDRESSES THE OPENING OF "THE FIRST ARAB FORUM FOR MODERN FINANCIAL TECHNOLOGIES"
2018-12-12

(FIARI), in the presence of a number of Excellencies, Governors of Central Banks, Arab Monetary Institutions and Deputy Governors, senior officials from the ministries of finance and economy in the Arab countries, banks and Arab and international financial institutions, Arab countries, along with a number of senior officials from relevant international financial institutions and frameworks, senior officials of financial technology companies and regional and international organizations, HE Dr. Abdulrahman bin Abdullah Al-Humaidi, The Arab Monetary Fund (AMF) will hold a speech at the opening of the first Arab Forum for Modern Financial Technologies, organized by the Fund under the title "Applications of Blocking Techniques and Financial Inclusion"

On this occasion, His Excellency pointed out the growing importance of the use of modern financial technologies in the financial and banking sector and the rapid and rapid growth witnessed by the industry. This requires constant consultation on the implications of these technologies and trends to maximize the opportunities offered by them. The negative impact on the integrity and integrity of financial and banking work on the other hand. In this respect, he referred to one of the most important of these techniques, the "Balukshin", which, according to estimates, will contribute to reducing the operational costs of international banks by 30 to 70 per cent by 2025, as well as their ability to reduce the cost of remittances and increase efficiency Payments and settlement systems processes.

 He also stressed that the provision of financial services through the Balukshin and mobile technologies is a promising option for the provision of financial services to millions of individuals who They do not have access to financial services, which provides solutions to enhance levels of financial coverage, will be reflected positively in increasing the levels of profitability of the banking sectors due to increased levels of financial coverage, pointing to the estimates of some studies that generate these technologies revenue of about 380 million T dollars by the year 2025 due to the provision of financial services to small and medium-sized businesses and individuals who are not covered financially. HE Al-Humaidi also pointed out that the development of the application of "Blockchin" will help in the coming years to achieve an increase in the number of participants in the official financial system by about 1.

He also stressed the importance attached by the Arab Monetary Fund to the topics of modern financial technologies and their applications. He pointed out in this regard that the Fund is keen to include the programs of meetings of the Council of Arab Ministers of Finance, the Board of Governors of Arab Central Banks and Arab Monetary Institutions, , To the topics of applications of modern financial techniques and study their implications for the economy, stability and financial inclusion. HE Al-Humaidi also stressed that the Fund will raise the issue of financial technologies at its high-level conferences and workshops.

Finally, HE praised the Financial Technologies Working Group, which held its first meeting on Tuesday, December 11th, praising the efforts of its members in developing a work program for the Arab region, stressing the great importance of the Group as a platform for exchanging experiences and transferring knowledge.

The full text of the speech is as follows:

 

Your Excellencies

Ladies and gentlemen

Glory be to God,

I am pleased to welcome you to the opening of the first Arab Financial Technologies Forum, organized by the Arab Monetary Fund in partnership with the German Development Agency, the Global Alliance for Financial Inclusion and the World Bank Group under the Initiative for Enhancing Financial Inclusion in the Arab Countries (FIARI), in cooperation with the United Arab Emirates Bank Central. The theme of the forum focused on the application of "Blockin" techniques and financial comprehension.

On this occasion, I would like to express my sincere gratitude and gratitude to HE Mr. Mubarak Rashid Al Mansouri, Governor of the Central Bank of the United Arab Emirates, for his participation in the opening of this forum and for his cooperation and colleagues in the Bank in supporting the success of the Forum. Financial institutions and institutions and institutions in this regard regionally and internationally, to see the latest developments and consultation on how to take advantage of modern technologies in the development of financial services and enhance access to finance.

 In this context, I would like to thank the partners of the Arab Monetary Fund in the Financial Inclusion Initiative, the German Development Agency, the Global Alliance for Financial Inclusion and the World Bank for their continued and tireless efforts in preparing and preparing for the Forum in particular and the activities and activities of the Initiative in general. Thanks also to all officials, experts, speakers from central banks, supervisory authorities, international institutions, financial and banking institutions, financial technology companies, universities and study centers, they would like to participate, thus enhancing the forum's success and enriching the debate on the topics of financial technology.

In this context, I would also like to thank His Excellency the Governor of the Central Bank of Bahrain, Rachid Mohamed Al-Maraj, and Dr. Marwan Al-Abbasi, Governor of the Central Bank of Tunisia, for their participation. I also welcome the Minister of State of the Ministry of Industry, Trade, Investment and Digital Economy of the Kingdom of Morocco, Roukia Al-Durham. The presence of ministers, governors and senior officials in Arab countries underscores the importance attached by the authorities to the issues of financial technology to meet the challenges of development and the modernization of the Arab economies.

This great attendance of central banks, ministries of finance, ministries of economy, capital markets and banking associations, as well as a large number of banks and technology companies, reflects the great interest in these issues and their implications for the financial and banking sector, and the opportunities for developing and improving financial and banking services. In moving to the digital economy and contributing to the achievement of sustainable development goals.

Your Excellencies

Ladies and gentlemen

You are aware of the growing importance of the use of modern financial technologies in the financial and banking sector and the rapid and rapid growth witnessed by the industry and related services in the world, and the great opportunities offered by these technologies and services to enhance the efficiency of financial and banking operations, Finance and financial services and encourage entrepreneurship, which requires continuous consultation on the implications of the uses and trends of these technologies, in order to maximize the benefit of the opportunities offered by them on the one hand and reduce the impact of tuberculosis Yeh on the safety and integrity of the financial and banking on the other. This requires upgrading the regulatory and regulatory frameworks of the financial services industry based on modern technologies, stimulating their development and growth and encouraging innovation in an environment of checks that enhance the financial stability and efficiency of financial institutions, banking and financial markets.

One of the most important of these technologies is the so-called "Blockchin", which offers significant opportunities in developing financial and banking services and offering products that are more suited to customers' needs, saving time and cost and increasing transparency in financial transactions. It also improves the efficiency of financial transactions by enhancing the elements of speed, security and tracking, as well as providing the facilitation of cross-border transactions. These techniques also help reduce and facilitate the costs of knowing your customer's rules by providing them electronically and enriching them by analyzing large data.

It is estimated that "plucin" technologies will contribute to reducing the operational costs of global banks by between 30 and 70 per cent by 2025, apart from the savings that the use of these techniques can make in the provision of a number of other financial services, Which could contribute to reducing the cost of the proceedings by 30-40 billion dollars a year worldwide. It can also help reduce the cost of remittances and increase the efficiency of the processes of payment and settlement systems.

Studies also estimate that the use of plucchin techniques will lead to global economic gains estimated at $ 3.1 trillion by 2030. It is estimated that about 10 per cent of world GDP will be stored through this technology in 2025, The recent use of "pluchen" technology has expanded to include not only the financial services sector, but also many other sectors such as the government service delivery sector.

On the other hand, these techniques greatly help to increase levels of financial inclusion, the theme of today's meeting, which is of great importance to emerging economies and developing countries. Studies in this regard suggest that the provision of financial services through the Balukshin and mobile technologies is a promising option to provide financial services to millions of people without access to financial services, providing solutions to enhance financial inclusion levels, which will be positively reflected in increased levels of profitability of the sectors As a result of increased levels of financial coverage. Some studies estimate that these technologies will generate bank revenues of about $ 380 billion by 2025 as a result of the provision of financial services to SMEs and non-financial individuals.

Studies also show that the development of the application of "Blockxin" will help in the coming years to achieve an increase in the number of participants in the formal financial system by 1.6 billion people by the end of 2025, and increase by about $ 4.2 trillion of deposits with financial institutions and banking, and increase by about $ 2.1 trillion in the form of New credit and financial facilities during the same period. These studies also estimate the benefits of digital financial services to global GDP by about 6 per cent and the creation of new jobs estimated at 95 million jobs by 2025.

 Your Excellencies

Ladies and gentlemen,

The forum will discuss several topics related to the uses of financial techniques and their implications, including modern financial techniques such as distributed accounting books, and the "Balukshin" and its implications for conventional payment systems and the opportunities it offers in enhancing financial coverage in the Arab countries, electronic payment systems and transfers across borders and its role in enhancing access Individuals, households and SMEs to financial services and products, and payment and settlement mechanisms between banks, including adjustments for immediate transfers in small payments. The forum will also discuss the appropriate strategies and policies that will strengthen the organization and control of the techniques of "Blockchin" and the encrypted assets and virtual currencies, and the role of supervisory authorities in building and activating public-private partnership in the development of the uses of the techniques of "Blockchin" and related strategies and policies.

We hope that the discussions and discussions of the Forum will contribute to the day to provide answers, solutions and recommendations on appropriate policies and reforms to benefit from technologies and financial innovations in enhancing the financial coverage in the Arab countries, and the role that can be played by the supervisory and supervisory authorities in this regard. It is also suitable for the forum to highlight the Bali Financial Technology Program, which offers broad prospects for utilizing financial technologies to achieve sustainable development.   

Your Excellencies

Ladies and gentlemen,

The Arab Monetary Fund pays great attention to the topics of modern financial technologies and their applications, aware of the great opportunities offered by these technologies. The Fund has taken into consideration the programs of meetings of the Council of Arab Ministers of Finance, the Council of Governors of Arab Central Banks, Arab Monetary Institutions, , To the topics of applications of modern financial techniques and study their implications on the economy, stability and financial coverage, in order to encourage the exchange of experiences and experiences among the Arab countries in this regard.

The Arab Monetary Fund also raised the issue of financial technology at its high-level conferences and workshops. The theme was the high-level annual forum on developments in international banking standards and regulatory and legislative priorities organized by the Fund with the Financial Stability Institute and the Basel Committee. The use of modern technologies was also highlighted by the high-level conference organized by the IMF in cooperation with the International Monetary Fund (IMF), the Arab Fund for Economic and Social Development (AFESD) and the Moroccan Government in Marrakech in January 2018 on "Prosperity for All: Promoting Jobs and Global Growth in the Arab World." In addition, in March 2018, the Arab Monetary Fund (AMF), in cooperation with the World Bank and the Algerian government, organized a regional conference focusing on the utilization of modern financial technologies entitled "Towards a New Arab Economy: Youth, Technology and Finance". The round table discussions focused on the development of modern financial techniques: opportunities and challenges organized by the Arab Monetary Fund in cooperation with the International Monetary Fund at the level of the governors of central banks and monetary institutions on September 18, 2018 in Amman, Jordan, on the role of supervisory authorities in enhancing the use of technologies Modern and dealing with digital and encrypted currencies. IFAD also organized a high-level workshop on 2 October 2018 in collaboration with the Bank for International Settlements and the World Bank, which discussed the development of payment systems to enhance financial inclusion. Opportunities and challenges organized by the Arab Monetary Fund in cooperation with the International Monetary Fund at the level of the governors of the central banks and the Arab monetary institutions on September 18, 2018 in Amman, Jordan, on the role of supervisory authorities in enhancing the utilization of modern technologies and dealing with digital and encrypted currencies. IFAD also organized a high-level workshop on 2 October 2018 in collaboration with the Bank for International Settlements and the World Bank, which discussed the development of payment systems to enhance financial inclusion. Opportunities and challenges organized by the Arab Monetary Fund in cooperation with the International Monetary Fund at the level of the governors of the central banks and the Arab monetary institutions on September 18, 2018 in Amman, Jordan, on the role of supervisory authorities in enhancing the utilization of modern technologies and dealing with digital and encrypted currencies. IFAD also organized a high-level workshop on 2 October 2018 in collaboration with the Bank for International Settlements and the World Bank, which discussed the development of payment systems to enhance financial inclusion.

To complement these efforts, and in the light of the need for a mechanism to exchange experiences and expertise in the subject of financial technologies, the Fund launched yesterday the Regional Working Group "Modern Financial Technologies", which includes professionals and experts from the Arab public and private sectors, experts from regional and international financial institutions, Leading international organizations in the field of financial technology, consultation, exchange of experiences and knowledge on their issues and the development of different visions for their revitalization and organization in the Arab countries.

I would like to thank the members of the group who are with us today for their efforts. We hope that the group will contribute through the exchange of experiences and expertise in enhancing the diverse knowledge to support the industry of modern financial technologies and the development of innovation to help the authorities in the Arab countries to develop and organize the use of modern financial technologies. Which is compatible with the strategies and visions of each country. We also hope that the group will contribute to enhancing the capacity building of the supervisory and supervisory bodies in the Arab countries and building a network of Arab and international experts from the public and private sectors to promote this field in Arab countries. 

We are pleased with the discussions that took place yesterday, and the Group's work program for the next two years, addressing the needs of upgrading the application of financial techniques and dealing with the challenges in this regard.   

I would like to take this opportunity to invite all regional and international institutions to participate in the Group, as they represent a flexible and effective framework for coordination, reflection and the transfer of knowledge and experience. 

Your Excellencies

Ladies and gentlemen,

In addition, the topics of applications of modern financial technologies are of great importance within the framework of the FIARI activities. The initiative provides technical advice to maximize access to these technologies to support access to finance and financial services. The organization of the Forum today, as a fruit of this initiative.

In the same context, the Arab Monetary Fund, in its efforts to establish a regional system for clearing and settling Arab inter-Arab payments, is working on the use of modern financial technology solutions to support the acceleration and reduction of the cost and efficiency of Arab inter-Arab financial and investment transactions and with the main trading partners of Arab countries. You will have the opportunity today to review developments on the Arab clearing project.

In conclusion, I would like to reiterate my appreciation for the importance of the Forum coming out with an appropriate vision and recommendations that illustrate the requirements for dealing with the rapid trends in financial techniques and their use in enhancing access to financial services to support sustainable development opportunities.

Finally, I would like to thank and thank the United Arab Emirates, the Arab Monetary Fund and the Arab Trade Financing Program, for providing all the facilities that help the Fund and the Program achieve their objectives. I would also like to thank once again His Excellency Mr. Mubarak Rashid Al Mansoori, Governor of the Central Bank of the United Arab Emirates, for his opening address. I also renew my gratitude to our partners in organizing the Forum, and wish all success and success to the work of the Forum.

 

Peace, mercy and blessings of God,