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STUDY ENTITLED "THE ROLE OF DIGITAL IDENTITY IN PROMOTING FINANCIAL INCLUSION" DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

STUDY ENTITLED "THE ROLE OF DIGITAL IDENTITY IN PROMOTING FINANCIAL INCLUSION"

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STUDY ENTITLED "THE ROLE OF DIGITAL IDENTITY IN PROMOTING FINANCIAL INCLUSION" Empty STUDY ENTITLED "THE ROLE OF DIGITAL IDENTITY IN PROMOTING FINANCIAL INCLUSION"

Post by claud39 on Wed Dec 25, 2019 8:32 pm

STUDY ENTITLED "THE ROLE OF DIGITAL IDENTITY IN PROMOTING FINANCIAL INCLUSION"
2019-12-25



STUDY ENTITLED "THE ROLE OF DIGITAL IDENTITY IN PROMOTING FINANCIAL INCLUSION" Logo-ar







  • Adoption of digital identity systems would cover about 57 percent of people not covered financially under the umbrella of the banking system, according to the World Bank.







  • 1.7 trillion people, equivalent to a fifth of the world's population, do not have bank accounts because they do not have proof of identity, according to the United Nations Office for Partnerships.







  •  Digital identity contributes to financial savings for Arab governments and supports financial inclusion.







  • Providing strong legal, regulatory and legislative frameworks that guarantee the protection of the rights of digital identity holders, issuers and customers.



 

The subject of digital identity has become a big space in light of the rapid digital transformations that the world is witnessing because of its direct impact on the lives of individuals and societies at the economic and social levels. The digital identity is considered a reflection of the traditional identity that is still used by some Arab countries, but it has witnessed a growing interest in light of the rapid technological developments taking place in the world, the emergence of initiatives related to the digitization of government services in the framework of e-government, and the spread of digital financial services.




In the context of the efforts made by the Arab Monetary Fund in the field of research activities to support decision-makers in the Arab countries on priority issues, the Fund prepared a study on "the role of digital identity in promoting financial inclusion", the importance of which lies in the great role that digital identity systems play in facilitating transactions Everyday, whether at the level of the individual (the beneficiary of the service), or the state (service providers). In addition to the foregoing, the digital identity contributes to the accurate identification of the population census, support for the goal of promoting financial inclusion, as well as the precise identification of different groups of society, and the extent of their eligibility to benefit from government services provided, and facilitate the transformation of a large number of informal activities into the formal sector system And the arrival of social benefits to those who are entitled to them.




The study consists of a group of parts, the first of which deals with the concept of digital identity, and the second part addresses the necessary legal frameworks to ensure the design of a strong and effective system for digital identity, while the third part includes global best practices for a number of countries, where focus was on each of the experiences of India, Estonia and Tanzania in some detail. In the fifth part, the study was keen to review the efforts of Arab countries in adopting the digital identity system, as the UAE experience in this regard was highlighted, while the sixth part included the role of digital identity in promoting financial inclusion and the principles and guidelines issued by the Working Group of modern financial technologies that takes charge The Arab Monetary Fund has its own technical secretariat, to encourage the adoption of digital identities in Arab countries. 




The study indicated that international efforts play an important role to support the adoption of digital identity, as Article VI of the Universal Declaration of Human Rights states that "Everyone has the right to recognition everywhere as a person before the law." Both the ninth and sixteenth goals of the Sustainable Development Goals pointed to the need to “provide legal identity for all, including registration of all births” by 2030. In response to these efforts, the World Bank is adopting the “Identity for Development” project. ID4D) as one of the international initiatives seeking to strengthen digital identity systems in developing and least developed countries. The World Economic Forum also created a platform for digital identity to study the effects and implications of modernizing the transition from traditional identity to digital.




Some Arab countries face challenges regarding the scope of coverage of the digital identity, as well as the need to limit the citizens eligible for social welfare programs, thus rationalizing government spending. Adoption of digital identity systems in place of these countries' traditional identity can enable financial savings that can be drawn upon in priority development programs and activities. It also helps greatly to support financial inclusion. There is remarkable progress in this regard for the group of Gulf Cooperation Council states, where efforts to develop a digital identity in these countries coincide with future visions it espouses. On the other hand, the rest of the Arab countries are making unremitting efforts to provide a digital identity for their citizens and residents in their geographical surroundings, as a number of them have made progress in this regard, such as Sudan, Egypt, Tunisia, Morocco, Jordan and Lebanon.




Efficient digital identity systems are based on favorable legal and regulatory frameworks, where the adoption of these systems requires for example the existence of legal frameworks that balance the considerations of protecting the privacy of individuals ’data, and between the public interest, meaning the ability to view the personal data of individuals for the purposes of criminal investigations or others, Like court orders. Accordingly, some countries in the world have resorted to issuing laws regulating matters related to digital identity. India is among the few countries in the world that has a law of digital identity represented in the “ADAHAR Law 2016” which regulates the disclosure of basic biometric information. At the level of Arab countries, some countries have enacted laws related to traditional identity systems, and the executive bodies responsible for issuance and supervision tasks, as is the case in the UAE that issued the law establishing the “Emirates Identity Authority,” and the executive regulations for Federal Law No. (9) of 2006 "  




It is estimated that financial inclusion based on digital identity would work to include about 57 per cent of people not covered financially under the umbrella of the banking system, as was the case for owners of micro, small and medium enterprises, a large part of which operates in the informal sector in countries Developing ([1]). Also, there are about 2.5 trillion (2) adults who do not use official financial services because they do not have bank accounts, of whom about 1.7 trillion people, equivalent to a fifth of the world's population, have no identity.




In this context, the Arab Monetary Fund is interested in supporting the adoption of digital identity systems in the context of the efforts being made by the Modern Financial Technologies Working Group that was established in 2018 with the aim of providing technical support to the Arab supervisory authorities in terms of developing modern financial technologies and using them to support financial inclusion. In this context, the group recently issued a set of guidelines related to the use of digital identity systems, and a base I know your customer so that Arab countries can infer them in order to enable these countries to develop digital identity systems in a way that helps to support financial inclusion.




The study adopted a number of policy recommendations that would contribute to support the decision-making process in the Arab countries, represented in the necessity of providing the necessary legal, regulatory and legislative frameworks in a manner that guarantees the protection of the rights of digital identity holders and their issuing bodies, in addition to the agencies dealing with them. And the necessity of coordination and arrangement between the relevant authorities to ensure coverage of all aspects related to the digital identity. Infrastructure is also one of the most important catalysts that must be provided. There is also a need to benefit from successful international and Arab experiences, such as that of India, Estonia and the Emirates.




The full version of the study is available at the following link:









 

[1] World Bank (2018), The Little Data Book on Financial Inclusion.

[2] Claiming Human Rights, Guide to International Procedures Available in Cases of Human Rights Violations in Africa, Article (6)




https://www.amf.org.ae/ar/content/%D8%AF%D8%B1%D8%A7%D8%B3%D8%A9-%D8%A8%D8%B9%D9%86%D9%88%D8%A7%D9%86-%D8%AF%D9%88%D8%B1-%D8%A7%D9%84%D9%87%D9%88%D9%8A%D8%A9-%D8%A7%D9%84%D8%B1%D9%82%D9%85%D9%8A%D8%A9-%D9%81%D9%8A-%D8%AA%D8%B9%D8%B2%D9%8A%D8%B2-%D8%A7%D9%84%D8%B4%D9%85%D9%88%D9%84-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A
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STUDY ENTITLED "THE ROLE OF DIGITAL IDENTITY IN PROMOTING FINANCIAL INCLUSION" Empty {Arab Criticism} discusses financial inclusion

Post by claud39 on Wed Dec 25, 2019 9:16 pm

[size=36][rtl]{Arab Criticism} discusses financial inclusion[/rtl][/size]


Wednesday 25 December 2019





STUDY ENTITLED "THE ROLE OF DIGITAL IDENTITY IN PROMOTING FINANCIAL INCLUSION" Alsabaah-26149








Baghdad / Al-Sabah
 
Today, Thursday, a session on "Financial Inclusion", organized by the Training and Capacity Building Institute of the Arab Monetary Fund, will be concluded at the Fund’s headquarters in Abu Dhabi, which started yesterday. 
the first .



A post on the fund's website, followed by "Al-Sabah", said: "The issue of financial inclusion has gained increasing importance after the recent global financial crisis in the year. 
 2008 ".



The session covered concepts of financial inclusion and policies related to promoting financial inclusion and the experiences of Arab countries in this regard.



"The interest from various financial and economic policy makers in many developed and developing countries began to focus on the issue of financial inclusion and the extent of the ability to access financial services for different segments of society, especially the disadvantaged and targeted groups of the financial system, because this issue has an impact on financial stability," the publication said. Social and economic development as well as consumer protection 
Financial. "



He continued, "International reports indicate that about 31 percent of the world's adult population do not have bank accounts, while in the Arab countries the figure is about 63 percent in 
The average. "



He stressed, "From here emerges the importance of providing financial services to all segments of society easily and easily, in the sense of enabling all members of society to obtain financial services in a fair, transparent and reasonable cost. 



Some indicators can be used to measure financial inclusion, such as the number of savings accounts open with financial institutions, the use of ATMs, and the use of credit cards 
And others. "



He suggested, "It is hoped that the spread of financial services and easy access to finance for all segments of society will lead to increased economic growth", and "requires providing the appropriate environment for the success of the endeavor such as systems and skills to enable all segments of society to obtain services
 Finance. "






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