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FATTOUH: A CONFERENCE FOR ARAB BANKING ACTIVITIES, WITH THE PARTICIPATION OF THE MONETARY FUND AND THE “AMERICAN FED” DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

FATTOUH: A CONFERENCE FOR ARAB BANKING ACTIVITIES, WITH THE PARTICIPATION OF THE MONETARY FUND AND THE “AMERICAN FED”

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FATTOUH: A CONFERENCE FOR ARAB BANKING ACTIVITIES, WITH THE PARTICIPATION OF THE MONETARY FUND AND THE “AMERICAN FED” Empty FATTOUH: A CONFERENCE FOR ARAB BANKING ACTIVITIES, WITH THE PARTICIPATION OF THE MONETARY FUND AND THE “AMERICAN FED”

Post by claud39 on Thu Jun 25, 2020 11:21 am

FATTOUH: A CONFERENCE FOR ARAB BANKING ACTIVITIES, WITH THE PARTICIPATION OF THE MONETARY FUND AND THE “AMERICAN FED”






25/06/2020





FATTOUH: A CONFERENCE FOR ARAB BANKING ACTIVITIES, WITH THE PARTICIPATION OF THE MONETARY FUND AND THE “AMERICAN FED” Untitled-1-3






The Secretary-General of the Federation of Arab Banks, Wissam Fattouh, announced that “today, at 4:00 p.m. Beirut time, the Union organizes an interactive conference for senior Arab bankers, with the participation of the International Monetary Fund, the US Treasury, and the American Federal Reserve, titled« the global banking reality, in light of Corona pandemic and geopolitical developments ».




Speaking at the conference will be: General Counsel and Executive Vice President of the Federal Reserve Bank of New York Michael Heald, Former Assistant Secretary of the US Treasury for Counterterrorism and Money Laundering and Senior Director of the Financial Integrity Network in Washington (Daniel K2 FIN), Chairman of the International Federation. 




For Arab bankers, Dr. Joseph Tarabay, Governor of the Central Bank of Tunisia, Marwan Abbasi, Governor of the Central Bank of Egypt, Tariq Amer, Deputy Director of Monetary in the Capital Markets Department of the International Monetary Fund (IMF) .




Several issues of concern to the region will be discussed, including: the crisis that forced the countries of the MENA region to deal with the largest and most complex financial challenges, the digital transformation that has moved from an innovative necessity to an imperative, digital banking services and the ability of banks to continue financing economies and the effects of the Corona pandemic On oil prices and the implications for economies.










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FATTOUH: A CONFERENCE FOR ARAB BANKING ACTIVITIES, WITH THE PARTICIPATION OF THE MONETARY FUND AND THE “AMERICAN FED” Empty THE ARAB MONETARY FUND LAUNCHES THE FIRST EDITION OF THE REPORT, "OBSERVATORY OF MODERN FINANCIAL TECHNOLOGIES, ADDRESSING ELECTRONIC PAYMENT TECHNOLOGIES FOR THE RETAIL SECTOR"

Post by claud39 on Thu Jun 25, 2020 11:28 am

THE ARAB MONETARY FUND LAUNCHES THE FIRST EDITION OF THE REPORT, "OBSERVATORY OF MODERN FINANCIAL TECHNOLOGIES, ADDRESSING ELECTRONIC PAYMENT TECHNOLOGIES FOR THE RETAIL SECTOR"






2020-06-24



FATTOUH: A CONFERENCE FOR ARAB BANKING ACTIVITIES, WITH THE PARTICIPATION OF THE MONETARY FUND AND THE “AMERICAN FED” Logo-ar










Significant growth of financial technology companies, and their number increased to 82 companies in nine Arab countries, benefiting from supportive infrastructure and stimulating regulatory frameworks

The number of digital portfolios increased to 20.3 million in Egypt, Bahrain and Saudi Arabia

Promotes the activity of electronic payment companies

The need to develop the legislative environment, facilitate the licensing process, and lower levels of financial education are the most important challenges facing e-payment companies

The report monitors the successful experiences of five companies in the field of electronic payment according to the evaluation of the regulatory authorities in Bahrain, Egypt, Saudi Arabia, Syria and Morocco

 



In light of the Arab Monetary Fund’s keenness to keep its research contributions in line with the interests of its member states and in the framework of its new strategy (2020-2025), the Fund issued a new annual research journal entitled “Observatory of Modern Financial Technologies in the Arab Countries”, with the aim of monitoring the most successful models in the field of financial technologies Modern scalable and applicable. The first issue of the report touched on financial technologies in the field of electronic payment in the retail sector in light of the rise in the size of the electronic payment market in the world to up to $ 3.6 trillion, representing the largest field of financial technologies [size=8][1] .[/size]


The activity of financial technology companies in a number of Arab countries has witnessed remarkable growth in recent years, supported by the significant development recorded in the field of communications and information technology. The large increase in the number of smart phone users also contributed to the acceleration of the adoption of electronic payment applications in the Arab countries. It also enhanced the availability of these applications, the supervisory authorities endeavor to develop payment and clearing systems, and enact the necessary legislation to encourage the growth of electronic payment systems, especially with regard to the adoption of electronic signature, cyber security and data protection, in addition to the existence of real-time systems for total settlements. The interoperability of the systems, whether at the level of the banking sector, or at the level of financial services providers from outside the sector is also considered one of the most important factors of financial infrastructure that contributed to the activity of electronic payment companies.


The report focused on monitoring the activity of financial technology companies operating in the field of electronic payment in the retail sector in the Arab countries, based on a questionnaire dedicated to this purpose. The questionnaire indicated the growing activity of these companies in the Arab countries during the recent times, as the number of financial technology companies operating in the field of retail electronic payment in nine Arab countries reached about 82 companies. The largest portion of financial technology companies is distributed in Jordan, Bahrain, Syria, Iraq and Lebanon, which account for 81 percent of the financial technology companies licensed in these countries in the field of retail electronic payment.


The survey indicated that the total number of annual transactions executed through electronic payment services for the retail sector in the Arab countries for which data is available has reached 141 million transactions during 2019, while the total number of ports that provide electronic payment services in eight Arab countries (Bahrain and Algeria Syria, Iraq, Lebanon, Libya, Egypt, and Morocco) have about 178,000 outlets. Egypt comes first with about 130,000 outlets to provide the serviceThe use of digital portfolios of financial technology companies in the field of electronic payment in the retail sector is also spread in a number of these countries, which enhances the mechanisms of electronic payment, as there are about 15.3 million digital portfolios in Egypt, about 4 million portfolios in Bahrain, and one million in Saudi Arabia.


Regarding the stimulating frameworks of financial technologies in the field of electronic payment and the role of supervisory authorities, the report pointed to the trend of Arab countries in recent years to adopt strategies for digital transformation in accordance with comprehensive visions that include among their goals the availability of financial services electronically, and the provision of government services via the digital payment system, and to encourage the role Financial technology companies. This necessitated the enactment of supportive laws, primarily electronic payment laws, and the adoption of regulatory frameworks to encourage the activity of these companies and monitor the risks that may be associated with them.


As for government policies aimed at encouraging electronic payment systems in the retail sector, Arab governments are keen to encourage electronic payment operations in the retail sector by urging individuals and companies to use digital payment platforms in purchases and payment of government payments and setting digital targets to gradually increase the proportion of digital transactions The gradual abolition of the cash deal in accordance with supportive legal and regulatory frameworks. In addition to the above, the Arab countries that have witnessed remarkable growth in electronic payment activities adopt a control framework to regulate the work of these companies. Companies and cyber security requirements, and other regulations and controls stipulated by the supervisory authorities.


As for the current challenges facing financial technology companies in the field of electronic payment in the retail sector, despite the efforts made by the supervisory authorities to stimulate the activity of these companies, they face challenges, the most prominent of which is the lack of electronic customer knowledge systems, and the need to develop the legislative environment And to facilitate the process of issuing licenses in a manner compatible with the activity of these companies, in addition to the low levels of financial education in some Arab countries, and the need to enhance the capabilities of these companies in facing the risks of cyber attacks that threaten digital payment services.


The questionnaire conducted by the Arab Monetary Fund focused on monitoring the most prominent Arab experiences at the level of financial technology companies operating in the field of electronic payment in the retail sector in accordance with the views of the supervisory authorities of some successful models of these companies that have been able to achieve tangible successes in recent times in order to enhance financial inclusion and increase the efficiency of financial transactions . Accordingly, the report monitored the experiences of five successful Arab companies in this field, including: Bahrain ("BENEFIT"), Saudi Arabia (" STCPay "), Syria (the real estate bank), Egypt ("Fawry"), and Morocco ( Wafa Cash Company).


The most important factors for the success of these companies are the possession of the necessary infrastructure to carry out a tremendous amount of digital payment transactions without compromising the quality of the transactions, as well as their ability to provide a variety of digital payment services that are in line with customer needs through a widespread network of service delivery outlets, enabling them to reach a wide segment of Customers, in addition to supporting the regulatory authorities of these companies by providing support frameworks for the work of digital payment systems, and the success of some of them in launching a set of electronic banking services.


In light of what was discussed in the first edition of the Observatory of Modern Financial Technologies, some recommendations and implications for policy making can be drawn to further stimulate the activity of financial technology companies operating in the field of electronic payment, including:



  • Adopting strategies for digital transformation according to comprehensive visions that guarantee among its targets the availability of financial services electronically, providing government services through the digital payment system, and encouraging the role of financial technology companies.



  • Adopting appropriate policies to encourage individuals and companies to use digital payment platforms for government purchases and payments and to develop digital targets for a gradual increase in the proportion of digital transactions in accordance with supportive legal and regulatory frameworks.



  • Requiring financial service providers from inside and outside the banking sector to adopt interoperability of electronic payment systems from the first day of service provision.



  • Enacting national laws that regulate and stimulate electronic payment in line with the best international standards and practices, as well as with regulatory frameworks to combat money laundering and terrorist financing, corporate governance and cyber security requirements, and other systems and controls provided for by supervisory authorities.



  • Adopting a proportional regulatory framework that supports the activities of these companies, which balances the gains from the breadth of these services with the risks involved.



  • Adopting initiatives to facilitate financial technology companies ’access to finance, as minimum capital requirements are among the most important challenges facing a number of these companies.



  • Encourage the supervisory authorities to support the establishment of more financial technology companies in the field of electronic payment in rural and remote areas in the Arab countries, where these companies are concentrated in urban areas.






The full version of the issue is available at this link

 

 

https://www.amf.org.ae/ar/publications/first-edition-report-observatory-modern-financial-technologies-arab-countries

 

 



[1] Statista, (2019). “Digital Payments report 2019”.










https://www.amf.org.ae/ar/content/%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A-%D9%8A%D9%8F%D8%B7%D9%84%D9%82-%D8%A7%D9%84%D8%A5%D8%B5%D8%AF%D8%A7%D8%B1-%D8%A7%D9%84%D8%A3%D9%88%D9%84-%D9%85%D9%86-%D8%AA%D9%82%D8%B1%D9%8A%D8%B1-%D9%85%D8%B1%D8%B5%D8%AF-%D8%A7%D9%84%D8%AA%D9%82%D9%86%D9%8A%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D8%AD%D8%AF%D9%8A%D8%AB%D8%A9-%D9%85%D8%AA%D9%86%D8%A7%D9%88%D9%84%D8%A7%D9%8B
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FATTOUH: A CONFERENCE FOR ARAB BANKING ACTIVITIES, WITH THE PARTICIPATION OF THE MONETARY FUND AND THE “AMERICAN FED” Empty THE ARAB MONETARY FUND ISSUES A "GUIDE TO THE PROCEDURES AND GENERAL GUIDING PRINCIPLES OF SUPERVISORY AUTHORITIES' DEALING WITH THE REPERCUSSIONS OF CRISES ON THE FINANCIAL MARKETS IN THE ARAB COUNTRIES"

Post by claud39 on Thu Jun 25, 2020 11:32 am

THE ARAB MONETARY FUND ISSUES A "GUIDE TO THE PROCEDURES AND GENERAL GUIDING PRINCIPLES OF SUPERVISORY AUTHORITIES' DEALING WITH THE REPERCUSSIONS OF CRISES ON THE FINANCIAL MARKETS IN THE ARAB COUNTRIES"


2020-06-24





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Procedures and guidelines include many good practices to benefit from in dealing with crises, the most prominent of which are:

 

Forming a crisis management committee within the Securities and Exchange Commission to deal with the consequences

 Emphasizing the responsibilities of the boards of directors of listed companies in promoting disclosure

Review the margins of the daily fluctuation of stock prices, the possibility of stopping trading for a certain period upon the sharp decline of shares, and the possibility of reducing the number of hours of daily trading

 Review the impact of short selling operations on the market’s work, pay attention to licensing, activating and encouraging the work of market makers

 Directing listed companies to hold general assemblies through modern technical means

Encouraging the digital transformation in Arab financial markets to enhance the efficiency of transactions

Work to establish platforms for trading shares of small and medium companies and startups

Promote financial awareness and community outreach to reduce the negative effects of rumors during crises

 

Within the framework of the existing cooperation between the Arab Monetary Fund and Arab market and securities agencies to support the development of the market and securities sector in the Arab countries, the Fund issued a guide on general guidelines and procedures for the supervisory authorities to deal with the repercussions of crises on the financial markets in the Arab countries.
 

In this context, the guide included a set of best practices that were adopted in global and Arab financial markets in dealing with crises in general, where the proposed principles emphasized the importance of a crisis management committee within the Securities and Exchange Commission to deal with crises, in addition to the importance of reviewing Listed companies disbursing cash dividends, and reviewing the exchange of directors ’remuneration. In order to reduce the pressure on the liquidity of the markets, the guide proposes to review the requests of listed companies related to increasing their capital through offering new shares / underwriting rights and considering postponing them, in addition to considering the possibility of postponing the privatization of any of the governmental institutions.
 

 In order to protect investors from sharp declines in stock prices during the crisis period, it was suggested that a review be made of the daily fluctuation of stock prices, stopping trading for a certain period, reducing the number of daily trading hours, and reviewing the impact of short sales and the possibility of suspension, as well as licensing, activating and encouraging the work of manufacturers The market to find a balance by doing the market.
 

On the other hand, the procedures and guiding principles emphasized the importance of the trend to use modern technologies, as it was pointed out the importance of listed companies holding general assemblies through modern technical means, as well as encouraging the opening of investment portfolios based on digital technologies, and the adoption of modern technical means in transactions. It also called for encouraging digital transformation in Arab stock exchanges to enhance the efficiency of transactions.  
 

The guidelines also called for more attention to the creation of stock trading platforms for small and medium-sized companies and startups, with appropriate conditions to provide financing opportunities for these companies.
 

In order to encourage trading in stocks, the guide proposes to review regulations for commissions and expenses related to trading, as well as to consider reviewing the taxes imposed on securities.
 

On the other hand, with a view to providing support to listed companies, it was suggested that banks should reschedule loans owed to listed companies without additional costs, as well as consider the feasibility of establishing a fund to provide financing to the corporate sector with appropriate financing terms.   
 

Finally, the procedures and principles touched upon the necessity of adopting an action plan to prepare for the post-crisis period, the speedy return of the economic cycle to its status and maximizing the impact of recovery, as well as attention to promoting financial awareness and community communication during crises, to reduce the negative effects of rumors and coordination to continuously issue reassurance messages to investors, on That these messages enjoy credibility and transparency, which enhances the confidence of investors and all customers.
 

In this context, His Excellency Dr. Abd Al-Rahman bin Abdullah Al-Hamidi, Director General of the Chairman of the Board of Directors of the Arab Monetary Fund, expressed his pleasure to issue a guide for general procedures and guidelines for the supervision of the supervisory authorities with the repercussions of crises on the financial markets in the Arab countries, where the issuance of these principles to emphasize interest The great Arab Monetary Fund attaches to maintaining the efficiency and safety of Arab financial markets during crises, and its continued interest in supporting the progress and development process pursued by all financial markets in the Arab countries and consolidating sound practices as they are closely linked to financial, economic and social stability in the countries. His Excellency also wished to protect our dear Arab countries and the countries of the world from all crises.
 

To view the "Manual of Procedures and General Guiding Principles for Supervisory Authorities' Dealing with the Repercussions of Crises on Money Markets in Arab Countries", please go to the website of the Arab Monetary Fund at this link .









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