Al-Jarrah: Transforming the banking business into digital will be completed in 5 years

by **claud39** on Wed Sep 11, 2019 7:51 am

Al-Jarrah: Transforming the banking business into digital will be completed in 5 years

11/09/2019

Al-Jarrah: Transforming the banking business into digital will be completed in 5 years Rc_156818301160_23

KIB Chairman and Chairman of the Union of Arab Banks Sheikh Mohammed Al-Jarrah Al-Sabah participated in the joint conference of the Union of Arab Banks and the Organization for Economic Co-operation and Development (OECD) held recently in Paris under the title “Financial Innovations: Laws, Legislation and Compliance Challenges”. The European Central Bank, the Union of Francophonie Banks and the Union of European Banks, with a view to promoting Arab-European banking dialogue.

The conference was inaugurated at the headquarters of the Organization for Economic Cooperation and Development in the presence of the Chairman of the Executive Committee of the Union of Arab Banks, Chairman of the Board of Directors of the International Federation of Arab Bankers Joseph Torbey, and the Secretary-General of the Union of Arab Banks Wissam Fattouh, in addition to the participation of a group of leaders of banks and financial institutions and Arab and international regulatory and legislative bodies.

The conference discussed several topics and themes, including: challenges of regional and international compliance of international financial institutions, anti-money laundering legislation, correspondent banks, financial sanctions, intelligence on financial crimes, financial technology and legislation, and opportunities and challenges and the Euro-Mediterranean cooperation for Joint economic growth and financial inclusion.

Al Jarrah said: “We are delighted to participate in this important conference which focuses mainly on the subject of technology and financial innovations, in line with the spread of technology that has contributed to a qualitative leap in many aspects of banking business, especially that we at the Union of Arab Banks Transforming banking in the departments of the world's governments, private sectors and companies into digital in the next five years.
He added that digital technology has become critical to the banking sector.

The traditional business model of retail banks will be out of date, and a balanced approach combining traditional banking and innovative digital services is essential. In this regard, the Union of Arab Banks is keen to encourage Arab financial institutions to strengthen their operational systems and infrastructure so that they can adopt the latest technological developments that give customers more options to ensure the best possible service.

At the end of his statement, Al-Jarrah pointed to the leading role of Kuwait International Bank (KIB) in keeping with the latest financial technologies and its keenness to continue to develop its services and products offered to customers through all electronic channels in order to improve and simplify their banking experience.

http://www.uabonline.org/en/news/arabicnews/15751604158015851575158115781581160816101604157516/67638/0