THE ARAB MONETARY FUND CONFIRMS THE COMMITMENT AND KEENNESS OF ARAB CENTRAL BANKS TO PROVIDE A REGIONAL PLATFORM FOR CLEARING AND SETTLING ARAB PAYMENTS

THE ARAB MONETARY FUND CONFIRMS THE COMMITMENT AND KEENNESS OF ARAB CENTRAL BANKS TO PROVIDE A REGIONAL PLATFORM FOR CLEARING AND SETTLING ARAB PAYMENTS

2019-03-29



The conference brought together a number of experts from the financial sector and raised the debate on regional and global developments in the field of cross-border payment and settlement systems

Al Mansoori affirms UAE support for Arab clearing project for its prominent role in promoting economic and financial integration between Arab countries and strengthening trade and investment relations with economic partners

Abu Dhabi, United Arab Emirates, March 29, 2019: The High-Level Conference on "The Role of Cross-Border Payment Arrangements in Enhancing Regional Financial Integration", organized by the Arab Monetary Fund (AMF), concluded on 27 and 28 March 2019 at the Intercontinental Hotel in Abu Dhabi, United Arab Emirates United Nations. The conference, which was held in partnership with the German Development Agency, was attended by more than 300 experts in financial services and payment systems from around the world.

As well as senior officials from the ministries of finance and economy and central banks and concerned from commercial banks and financial institutions and bodies involved in the technology sector and financial technology companies from the Arab region and beyond. During which the speakers discussed the most important challenges facing regional and global cross-border payment and settlement systems, as well as proposed solutions. The discussion also addressed a number of related issues and themes, such as the future and role of regional payment systems, the trends of the payment services industry, recent developments and innovations, and the role of modern payment systems in enhancing the efficiency and integrity of financial transactions.

The conference addressed the challenges facing cross-border payment transactions and the opportunities to benefit from the latest developments and technologies to provide radical solutions to these challenges to meet the needs of the market. In this context, the Arab Monetary Fund presented during the conference the draft regional system for clearing and settling Arab payments as an important center for enhancing the efficiency of cross-border financial and investment transactions not only between Arab countries but also between the Arab countries and the main trading partners of the Arab world.

In this context, His Excellency Dr. Abdulrahman Al-Humaidi, Director General of the Arab Monetary Fund (AMF), in his opening speech, referred to the rapid developments in modern technologies and their increasing use in the financial sector and the corresponding growth and acceptance of demand by customers and small and medium enterprises for immediate and digital payment services. And an integrated low-cost chain that meets their needs. Dr. Al-Humaidi expressed the importance of keeping the payments industry in line with the latest trends in the field of technology in order to benefit from them and reduce the risks associated with them which may affect the integrity and integrity of financial transactions. "It is important to encourage and stimulate innovation in an organized environment that can enhance financial stability as well as the overall efficiency of the banking industry and financial markets."

"The payment platform developed by the Fund in cooperation with central banks and the Arab monetary institutions aims to provide safe, fast and low-cost arrangements that contribute to the development of the payment industry today," Dr. Al-Humaidi said. "This platform will stimulate business and investment in the Arab region." "The fund is working hard to launch the platform as soon as possible and will soon announce the date of the first operation through the system."

In a speech to the Governor of the Central Bank of the United Arab Emirates, Mubarak Rashid Al Mansoori, Al Mansouri pointed to the importance of the regional system for clearing and settling Arab payments, which is aimed at facilitating the implementation of intra-Arab transactions. The Governor also stressed the UAE's keenness to ensure the success of the project, noting the prominent role of the system in intensifying opportunities for strengthening trade and investment relations with all economic partners of the Arab region. 

Participants stressed that, as risks increased, compliance requirements in the financial sector increased, especially in the area of ​​AML / CFT and the examination of penalties. In this context, IFAD emphasized the role of the platform in enhancing compliance by the Arab financial sector with international and regional AML / CFT requirements and penalties.

Speakers discussed the importance of countering cyber threats, in conjunction with increased threats and risks to financial institutions and financial stability. It was noted that the protection of financial market infrastructure has become necessary with the increasing use of electronic devices, which exceeded 50 billion in recent years.

A session was also held to discuss the changing role of technology in regulation. The discussion focused on the use of technologies as a tool for regional and international integration and compliance with international standards and requirements, as well as the positive effects of technologies on financial infrastructure.

The speakers also discussed the means available to Arab financial institutions to include financially marginalized groups in the banking system, and the most appropriate ways to enhance financial coverage in the Arab region and the role of the Arab clearing system in this regard.

The participants agreed that the discussions that took place during the conference would pave the way for further cooperation in the regional payments industry, in order to enhance the process of Arab regional financial integration and economic growth and stability.

LINK

RamblerNash wrote:THE ARAB MONETARY FUND CONFIRMS THE COMMITMENT AND KEENNESS OF ARAB CENTRAL BANKS TO PROVIDE A REGIONAL PLATFORM FOR CLEARING AND SETTLING ARAB PAYMENTS

2019-03-29



The conference brought together a number of experts from the financial sector and raised the debate on regional and global developments in the field of cross-border payment and settlement systems

Al Mansoori affirms UAE support for Arab clearing project for its prominent role in promoting economic and financial integration between Arab countries and strengthening trade and investment relations with economic partners

Abu Dhabi, United Arab Emirates, March 29, 2019: The High-Level Conference on "The Role of Cross-Border Payment Arrangements in Enhancing Regional Financial Integration", organized by the Arab Monetary Fund (AMF), concluded on 27 and 28 March 2019 at the Intercontinental Hotel in Abu Dhabi, United Arab Emirates United Nations. The conference, which was held in partnership with the German Development Agency, was attended by more than 300 experts in financial services and payment systems from around the world.

As well as senior officials from the ministries of finance and economy and central banks and concerned from commercial banks and financial institutions and bodies involved in the technology sector and financial technology companies from the Arab region and beyond. During which the speakers discussed the most important challenges facing regional and global cross-border payment and settlement systems, as well as proposed solutions. The discussion also addressed a number of related issues and themes, such as the future and role of regional payment systems, the trends of the payment services industry, recent developments and innovations, and the role of modern payment systems in enhancing the efficiency and integrity of financial transactions.

The conference addressed the challenges facing cross-border payment transactions and the opportunities to benefit from the latest developments and technologies to provide radical solutions to these challenges to meet the needs of the market. In this context, the Arab Monetary Fund presented during the conference the draft regional system for clearing and settling Arab payments as an important center for enhancing the efficiency of cross-border financial and investment transactions not only between Arab countries but also between the Arab countries and the main trading partners of the Arab world.

In this context, His Excellency Dr. Abdulrahman Al-Humaidi, Director General of the Arab Monetary Fund (AMF), in his opening speech, referred to the rapid developments in modern technologies and their increasing use in the financial sector and the corresponding growth and acceptance of demand by customers and small and medium enterprises for immediate and digital payment services. And an integrated low-cost chain that meets their needs. Dr. Al-Humaidi expressed the importance of keeping the payments industry in line with the latest trends in the field of technology in order to benefit from them and reduce the risks associated with them which may affect the integrity and integrity of financial transactions. "It is important to encourage and stimulate innovation in an organized environment that can enhance financial stability as well as the overall efficiency of the banking industry and financial markets."

"The payment platform developed by the Fund in cooperation with central banks and the Arab monetary institutions aims to provide safe, fast and low-cost arrangements that contribute to the development of the payment industry today," Dr. Al-Humaidi said. "This platform will stimulate business and investment in the Arab region." "The fund is working hard to launch the platform as soon as possible and will soon announce the date of the first operation through the system."

In a speech to the Governor of the Central Bank of the United Arab Emirates, Mubarak Rashid Al Mansoori, Al Mansouri pointed to the importance of the regional system for clearing and settling Arab payments, which is aimed at facilitating the implementation of intra-Arab transactions. The Governor also stressed the UAE's keenness to ensure the success of the project, noting the prominent role of the system in intensifying opportunities for strengthening trade and investment relations with all economic partners of the Arab region. 

Participants stressed that, as risks increased, compliance requirements in the financial sector increased, especially in the area of ​​AML / CFT and the examination of penalties. In this context, IFAD emphasized the role of the platform in enhancing compliance by the Arab financial sector with international and regional AML / CFT requirements and penalties.

Speakers discussed the importance of countering cyber threats, in conjunction with increased threats and risks to financial institutions and financial stability. It was noted that the protection of financial market infrastructure has become necessary with the increasing use of electronic devices, which exceeded 50 billion in recent years.

A session was also held to discuss the changing role of technology in regulation. The discussion focused on the use of technologies as a tool for regional and international integration and compliance with international standards and requirements, as well as the positive effects of technologies on financial infrastructure.

The speakers also discussed the means available to Arab financial institutions to include financially marginalized groups in the banking system, and the most appropriate ways to enhance financial coverage in the Arab region and the role of the Arab clearing system in this regard.

The participants agreed that the discussions that took place during the conference would pave the way for further cooperation in the regional payments industry, in order to enhance the process of Arab regional financial integration and economic growth and stability.

LINK

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Claud (Moose)