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HIS EXCELLENCY DR. ABDUL RAHMAN BIN ABDULLAH AL HAMIDI SPEAKS AT THE OPENING OF A HIGH-LEVEL TECHNICAL WORKSHOP "REMOTELY" ON "DIGITIZING TRADE FINANCE OPERATIONS" HELD DURING THE PERIOD 30-31 MAY 2021 DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

HIS EXCELLENCY DR. ABDUL RAHMAN BIN ABDULLAH AL HAMIDI SPEAKS AT THE OPENING OF A HIGH-LEVEL TECHNICAL WORKSHOP "REMOTELY" ON "DIGITIZING TRADE FINANCE OPERATIONS" HELD DURING THE PERIOD 30-31 MAY 2021

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HIS EXCELLENCY DR. ABDUL RAHMAN BIN ABDULLAH AL HAMIDI SPEAKS AT THE OPENING OF A HIGH-LEVEL TECHNICAL WORKSHOP "REMOTELY" ON "DIGITIZING TRADE FINANCE OPERATIONS" HELD DURING THE PERIOD 30-31 MAY 2021 Empty HIS EXCELLENCY DR. ABDUL RAHMAN BIN ABDULLAH AL HAMIDI SPEAKS AT THE OPENING OF A HIGH-LEVEL TECHNICAL WORKSHOP "REMOTELY" ON "DIGITIZING TRADE FINANCE OPERATIONS" HELD DURING THE PERIOD 30-31 MAY 2021

Post by claud39 Mon May 31, 2021 10:26 am

HIS EXCELLENCY DR. ABDUL RAHMAN BIN ABDULLAH AL HAMIDI SPEAKS AT THE OPENING OF A HIGH-LEVEL TECHNICAL WORKSHOP "REMOTELY" ON "DIGITIZING TRADE FINANCE OPERATIONS" HELD DURING THE PERIOD 30-31 MAY 2021


 2021-05-30




HIS EXCELLENCY DR. ABDUL RAHMAN BIN ABDULLAH AL HAMIDI SPEAKS AT THE OPENING OF A HIGH-LEVEL TECHNICAL WORKSHOP "REMOTELY" ON "DIGITIZING TRADE FINANCE OPERATIONS" HELD DURING THE PERIOD 30-31 MAY 2021 Logo-ar






The digitization of trade finance contributes to increasing the volume of intra-Arab trade, which still constitutes low levels around 10 percent of the total foreign trade of Arab countries.
 

Within the framework of the Arab Monetary Fund's keenness to support the efforts of its member states in the field of digital transformation, the Fund, in cooperation with the Arab Trade Financing Program, is organizing a high-level "remote" technical workshop on "digitizing trade finance operations" during the period 31-30 May 2021 with the participation of a number of Experts from regional and international institutions and high-level representatives from agencies involved in trade finance operations in Arab countries.

On this occasion, His Excellency Dr. Abdul Rahman bin Abdullah Al Hamidi, Director General, Chairman of the Board of Directors of the Arab Monetary Fund, delivered a speech at the opening session, in which he stressed the importance of the workshop, which comes in light of the great role that international trade plays, especially in countries with emerging economies and developing countries in terms of strengthening Economic growth.

His Excellency indicated that the digitalization of trade finance will contribute to reducing the trade finance gap, which increased in the wake of the Covid-19 pandemic to reach $ 3.4 trillion compared to $ 1.5 trillion in 2019 before the pandemic spread, according to estimates by the Asian Development Bank and the International Chamber of Commerce, and what imposes it imposed. This is one of the challenges especially for small and medium enterprises, which are estimated to have difficulty accessing 45% of them to trade finance facilities.

His Excellency also explained that international estimates also indicate that eliminating the reliance on paper documents in trade finance transactions leads to a reduction in the time required to complete each transaction by at least two hours, while the appropriate application of digitalization techniques for trade finance operations contributes to reducing compliance costs by 30 percent or More.

On the other hand, His Excellency indicated that exploring opportunities for digital transformation in financing Arab trade would help to bring about a tangible increase in the volume of intra-Arab trade, which still constitutes low levels of about 10 percent of the total foreign trade of Arab countries, in contrast to levels close to 70. Percent for European Union countries.
The following is the full text of the speech:

 
Sisters and Brothers,


It is my pleasure and gratitude to welcome you to a high-level "remote" technical workshop on "digitizing trade finance operations" organized by both the Arab Monetary Fund and the Arab Trade Financing Program with the broad participation of representatives of the concerned authorities in the Arab countries in light of the importance of this topic And its role in increasing the efficiency levels of Arab trade finance operations.

I also do not fail at the outset to extend my sincere thanks to the representatives of regional and international institutions participating in this workshop, including: the International Chamber of Commerce, the European Bank for Reconstruction and Development, the International Islamic Trade Finance Corporation, the Regional Corporation for Clearing and Settlement of Arab Payments (Bana), and for their valuable participation in The activities of this workshop.

Thanks are also extended to all high-level representatives from central banks and Arab monetary institutions, ministries of economy and trade, chambers of commerce, and national agencies for the Arab Trade Finance Program.

Ladies and Gentelmen


It is no secret to any of you that international trade plays a major role, especially in countries with emerging economies and developing countries, in promoting economic growth, creating job opportunities, reducing poverty levels and enabling governments to achieve sustainable development goals. You are also well aware of the size of the trade finance gap, which rose from about $ 1.5 trillion in 2019 before the spread of the Corona pandemic to at least $ 3.4 trillion in the aftermath of the pandemic, according to estimates by the Asian Development Bank and the International Chamber of Commerce, and the challenges this poses Especially for small and medium enterprises, which are estimated to have difficulty accessing 45% of trade finance facilities.

Sisters and Brothers


As you know, trade finance operations are still done traditionally and go through many procedures that are based on paper documents, which sometimes reach a hundred paper documents required to complete a single trade finance transaction, which reduces the efficiency of these operations, and increases the time required and the cost required to complete them. And it prevents a wide range of customers from accessing these services.

The digital transformation in trade finance represents one of the most important developments that help to develop traditional financing mechanisms and increase the efficiency of operations aimed at facilitating international Arab trade, especially in light of the prominent technologies in the context of the fourth industrial revolution, which include blockchain technology, artificial intelligence, and big data, which help banks. To know more accurately its customers and facilitate all procedures related to trade finance operations, in a way that helps reduce costs and increase levels of financial inclusion, especially for small and medium enterprises.

It is estimated that eliminating the reliance on paper documents for trade finance transactions reduces the time required to complete each transaction by at least two hours, while the appropriate application of digitalization techniques for trade finance operations reduces compliance costs by 30 percent or more.

In addition to the above, digital transformation in general and in the field of trade finance in particular will have many macroeconomic gains, especially for developing countries, as digitalization in general is expected to raise the growth rate of international trade for these countries by about 2.5 percent annually during the period. (2021-2035), it is also expected to raise the economic growth rate of advanced economies by about 9 percent annually, while developing countries are expected to record greater gains for digitization, represented, for example, by an expected increase in GDP in Brazil by about 20 percent and in China by about 55 percent by 2035, according to World Trade Organization estimates.

Ladies and Gentelmen


Since the start of its activity in 1991 until the end of March 2021, the Arab Trade Financing Program has contributed to financing about 764 credit lines, with a total value of about 15 billion US dollars. The program also seeks, through its 217 national agencies, to facilitate and develop intra-Arab trade and is keen on continuous development of its services to suit the needs of exporters and importers.

In light of the foregoing, the importance of this workshop stems from the interest of the Arab Trade Finance Program to closely monitor developments and developments, especially in the field of digital transformations related to trade finance, with the opportunities it provides to develop this activity at the level of the Arab region and increase access opportunities for this type of financing, which is widely considered It is of importance, especially for small and medium enterprises, which contribute about 45 percent of the GDP in the Arab countries and provide a third of job opportunities in the formal sector.

Exploring opportunities for digital transformation in financing Arab trade would help to bring about a tangible increase in the volume of intra-Arab trade, which still constitutes low levels of about 10 percent of the total foreign trade of Arab countries, compared to levels close to 70 percent for the European Union countries.

On the other hand, this workshop also comes in the context of the interest of the Arab Monetary Fund in the context of its strategy for the period (2020-2025) and its vision for the year 2040, to be the closest partner for Arab countries in their interaction with economic developments and developments to strengthen the centers of stability in Arab countries, within the framework of a proactive approach. To help Arab countries keep pace with the digital revolution with the aim of enhancing their levels of economic performance, productivity and international competitiveness.

In this context, the Arab Monetary Fund focuses in particular on providing advice and technical support to its member states in the field of digital transformation, especially with regard to the digitization of public finances, digital currencies issued by central banks, digital financial transformation, modern financial technologies, and the digitization of trade finance operations, through Numerous activities, including exchange of expertise and experiences, and capacity building for concerned technicians in Member States in these fields.

Distinguished attendees ,,


Before concluding, I would like to take this opportunity to express my sincere appreciation and thanks to the authorities in the United Arab Emirates, the country of the headquarters of the Arab Monetary Fund, the Arab Trade Finance Program, and the Regional Corporation for Clearing and Settlement of Arab Payments (Bana), for their great support that contributes to the success of these institutions Carry out the tasks and purposes assigned to them.

In conclusion, I hope that the activities of this workshop will be successful, wishing success to all the participating brothers and sisters. I also reiterate my thanks to all speakers, looking forward to the effective contribution of this workshop in supporting efforts to digital transformation of trade finance services in the Arab countries.

Peace, mercy and blessings of God.




https://www.amf.org.ae/ar/content/%D9%85%D8%B9%D8%A7%D9%84%D9%8A-%D8%A7%D9%84%D8%AF%D9%83%D8%AA%D9%88%D8%B1-%D8%B9%D8%A8%D8%AF-%D8%A7%D9%84%D8%B1%D8%AD%D9%85%D9%86-%D8%A8%D9%86-%D8%B9%D8%A8%D8%AF%D8%A7%D9%84%D9%84%D9%87-%D8%A7%D9%84%D8%AD%D9%85%D9%8A%D8%AF%D9%8A-%D9%8A%D9%8F%D9%84%D9%82%D9%8A-%D9%83%D9%84%D9%85%D8%A9%D9%8B-%D9%81%D9%8A-%D8%A7%D9%81%D8%AA%D8%AA%D8%A7%D8%AD-%D9%88%D8%B1%D8%B4%D8%A9-%D8%B9%D9%85%D9%84-%D9%81%D9%86%D9%8A%D8%A9-%D8%B9%D8%A7%D9%84%D9%8A%D8%A9
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