THE ARAB MONETARY FUND ORGANIZES THE FOURTH MEETING OF THE WORKING GROUP OF MODERN FINANCIAL TECHNOLOGIES IN THE ARAB COUNTRIES "REMOTELY"

by **claud39** Thu Nov 26, 2020 1:17 pm

THE ARAB MONETARY FUND ORGANIZES THE FOURTH MEETING OF THE WORKING GROUP OF MODERN FINANCIAL TECHNOLOGIES IN THE ARAB COUNTRIES "REMOTELY"

2020-11-25

The assembled are discussing

Open banking operations and their accompanying applications and the necessary regulatory framework

Ways to support innovations in regulating modern financial technologies

Guiding principles for organizing digital wallet services

The launch of the FinxAr Modern Financial Technologies Index in the Arab Countries

The Arab Monetary Fund will organize on Wednesday and Thursday 25-26 November 2020 the fourth periodic meeting of the Working Group on Modern Financial Technologies in the Arab Countries "remotely". The meeting will discuss open banking operations and their accompanying applications, the necessary regulatory framework, and the papers and guiding principles prepared by the group in this regard.

The meeting will also address the latest developments in innovations in the field of regulating modern financial technologies, including the regulation of crowdfunding platforms and lending between peers. The meeting will also touch on digital wallet services and their providers, as the group discusses issuing guidelines to regulate these services. In addition to these topics, the group will discuss in the meeting the launch of the Finx Ar index of modern financial technologies in Arab countriesAnd the annual report to be issued on developments in modern financial technologies, in addition to adopting a dictionary of modern financial technology terminology in order to enhance awareness of these interests. Finally, the meeting will be surrounded by the group's action plan for 2021.

The meeting will be attended by officials concerned with modern financial technologies and payments at central banks, Arab monetary institutions, financial market authorities and Arab stock exchanges, in addition to representatives of international financial institutions, especially the World Bank, the Bank for International Settlements, the Islamic Development Bank, the Financial Stability Board, the Islamic Financial Services Council, and a group Financial Action, the Institute of International Finance, the Consultative Group to Help the Poor, the German Agency for Development, the Euroclear Foundation, the University of Hong Kong, and the University of Cambridge, as well as a number of financial services providers and modern financial technology experts, at the regional and global levels, and the pioneers of modern financial technology companies in the region . It is noteworthy that the Arab Monetary Fund holds the secretariat of the Board of Governors of Central Banks and Arab Monetary Institutions, as well as the committees and working groups emanating from it.

In this context, His Excellency the Director General, Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdulrahman bin Abdullah Al-Hamidi, indicated that the group's meetings enhance the establishment of the foundations of the stimulating environment for modern financial technologies in the Arab countries, and contribute to enhancing the capabilities of workers in this field in the Arab countries.

His Excellency noted that the modern financial technology sector is considered one of the priorities of central banks and Arab monetary institutions, because of its role in pushing the capabilities of Arab economies to face current challenges and prepare for the post-crisis recovery phase, in addition to the role of technologies in supporting opportunities for financial inclusion, by accelerating the transfer of services Digital Finance. His Excellency also stressed the interest of their Excellencies, governors of central banks and Arab monetary institutions, in such meetings in transferring knowledge and exchanging experiences and expertise between Arab countries, and the important guidance papers issued by it.

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