THE ARAB MONETARY FUND ORGANIZES THE FIFTH EXTRAORDINARY MEETING "REMOTELY" FOR MANAGERS OF FINANCIAL INCLUSION DEPARTMENTS, PAYMENT SYSTEMS AND FINANCIAL INFRASTRUCTURE IN CENTRAL BANKS AND ARAB MONETARY INSTITUTIONS ON THE IMPLICATIONS OF THE CORONA VIR

by **claud39** Wed Jul 08, 2020 9:20 am

THE ARAB MONETARY FUND ORGANIZES THE FIFTH EXTRAORDINARY MEETING "REMOTELY" FOR MANAGERS OF FINANCIAL INCLUSION DEPARTMENTS, PAYMENT SYSTEMS AND FINANCIAL INFRASTRUCTURE IN CENTRAL BANKS AND ARAB MONETARY INSTITUTIONS ON THE IMPLICATIONS OF THE CORONA VIRUS ON FINANCIAL SERVICES

2020-07-07

Tuesday, July 7, 2020

The time is 15:00 to 17:30 Abu Dhabi time

The participants discuss:

Requirements to strengthen the regulatory environment for financial inclusion and support innovation in financial technologies

The role of central banks digital currencies in promoting financial inclusion

The future of payment tools and systems in crypto currencies

Ways to encourage digital financial transformation in Arab countries

On Tuesday, 7 July 2020, the Arab Monetary Fund will organize the fifth extraordinary meeting from a distance to discuss the implications of the Corona virus on financial services and financial inclusion. Managers of financial inclusion departments, payment systems, and digital financial infrastructure at central banks and Arab monetary institutions, in addition to the Arab Monetary Fund, which is responsible for the technical secretariat of the committees and work teams emanating from the Board of Governors of central banks and Arab monetary institutions, participate in the meeting. The meeting will be attended, alongside the General Secretariat of the Gulf Cooperation Council, representatives of regional and international institutions, including:

the International Monetary Fund and the World Bank, the European Central Bank, the Central Bank of France, the German Agency for Development, the Global Alliance for Financial Inclusion, the International Finance Corporation, and the Islamic Development Bank, The European Investment Bank, the French Development Agency, and the Consultative Group to Assist the Poor ( CGAP)), The United Nations Capital Development Fund, the International Mobile Network Association, the Euroclear Foundation, the Bill and Melinda Gates Foundation for Charity, and a number of regional and international universities.

The continuation of these meetings comes to follow up the dialogue on facing the economic, financial and banking risks and repercussions, and the resulting additional pressures on basic financial services, which clearly highlighted the importance of accelerating the transition to digital financial services and electronic payment applications, and the need to continue efforts to enhance access to finance and financial services .

The fifth meeting will discuss the package of organizational principles and guidelines prepared within the framework of the Financial Inclusion Initiative for the Arab Region, to support innovation in modern financial technologies for the purpose of enhancing financial inclusion, which aims to help Arab countries to create the regulatory environment to support innovation in digital financial services and their applications, according to the reality and needs of these Countries.

The discussions will also address the increasing trend of a large number of central banks in the world to issue digital currencies, and its reflection on the opportunities to enhance financial inclusion and the development of the payment and settlement system, and this is linked to changes in payment, settlement and related services. In this context, the dialogue will address the new risks that may arise and how to hedge them, in addition to discussing the role of central banks in dealing with the issuers of cryptocurrencies, to contribute to building an effective and efficient system of money and payments locally and globally.

The meeting will also address the requirements for access to digital financial inclusion, where pioneering experiences will be reviewed in this regard, lessons learned from the current crisis and the role of the various parties. The discussion aims to achieve a clear vision of strategic directions to reach Inclusive Digital Finance .

On this occasion, His Excellency the Director General of the Board of Directors of the Arab Monetary Fund, Dr. Abdul Rahman bin Abdullah Al Hamidi, expressed his hope that the meeting would contribute to enhancing dialogue and exchanging experiences on developing policies and tools related to improving financial inclusion in Arab countries, in order to reduce the effects of the virus on services Finance, and discuss opportunities and challenges to promote digital financial transformation in Arab countries using modern technologies.

His Excellency pointed out that enhancing financial inclusion in the Arab countries is considered a priority for central banks and Arab monetary institutions, given the financial contribution that can be contributed in enhancing the capabilities of Arab economies to meet the current challenges and prepare for the post-crisis recovery phase. His Excellency renewed his wishes to save our dear Arab countries and the world from this epidemic, and to quickly overcome the repercussions of this crisis.

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%86%D8%B8%D9%85-%D8%A7%D9%84%D8%A7%D8%AC%D8%AA%D9%85%D8%A7%D8%B9-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%86%D8%A7%D8%A6%D9%8A-%D8%A7%D9%84%D8%AE%D8%A7%D9%85%D8%B3-%D8%B9%D9%86-%D8%A8%D8%B9%D8%AF-%D9%84%D9%85%D8%AF%D8%B1%D8%A7%D8%A1-%D8%A5%D8%AF%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D8%B4%D9%85%D9%88%D9%84-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A-%D9%88%D9%86%D8%B8%D9%85