Central banks participate in the manufacture of modern financial technologies

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«Arab Monetary» and the development of digital payment systems

Monday 18 July 2022 130

 

 Baghdad: Follow-up to the morning

 

The Director General and Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdul Rahman bin Abdullah Al-Hamidi, said: “Promoting the digitization of responsible payments in our Arab countries will help attract more groups of society, especially youth, women and small enterprises, to the financial system, in line with the requirements and needs of these groups. This will be reflected in supporting sustainable growth opportunities, creating job opportunities, and promoting equality and financial stability in the Arab countries.”

Al-Humaidi announced that “the Arab Monetary Fund will join more than 80 members of the Better Than Cash Alliance, from governments and regional and international financial institutions, committed in promoting responsible digital payments to help advance development goals.

sustainable”.

Al-Hamidi stated: "Joining the alliance highlights the keenness of the Fund to lead efforts towards digitizing responsible payments in the Arab region, and to inform the members of the alliance about its activities to benefit from the exchange of experiences and expertise with other members, in a way that supports improving the digitization of responsible payments, at the global level and in the world." Arabic in particular.

For her part, Director General of the Global Alliance for the Promotion of Digital Payments, Dr. Ruth Goodwin Groen said: "We are pleased to welcome our newest member, the Arab Monetary Fund, which is participating in the growing global efforts to shift from cash payments to a responsible digital payments system, to improve the lives of various segments of society."

Groun praised the Fund's "outstanding vision in supporting the comprehensive development of its member countries by promoting the digitization of responsible payment systems."

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The digital economy and countries of conflict

Tuesday 26 July 2022 80

 

 of the. Hamid Rahim 

 

It is unfortunate that our country, Iraq, in light of the ordeals it is going through, has come to the fore in the lists of classifications with negative indicators, and on the other hand, we do not find an impact or its presence may be modest when pivotal development indicators such as the classification of higher education are issued, with signs of question marks such as Economic growth forecasts, which were recently released by the International Monetary Fund and the World Bank after the improvement in oil prices, as they indicated that Iraq led the Arab countries in growth, while the influence was (external) meaning that internal economic activity had no role in it even at the level of oil production, in the past three years We are at about the same level, meaning that the external international factor made a jump in prices and this reflected positively on our oil revenues. Where is the growth in that? We do not find a more logical explanation than that there is a great overlap between the economy 

and politics.

Iraq's development rights were and still are wasted, due to purely political factors that created an illogical relationship between the volume of available resources, economic opportunity and comparative advantages, and between very modest economic performance. Therefore, we find, on the part of financial resources and huge cash flows, an economic deterioration in the most vital development indicators as a diversification GDP, poverty indicators, housing gap, energy crisis and others.

 The development challenge lies in the levels of development at the level of the economic concept of development on the one hand, and in the mechanism of application and tools used technically in the processes of development transformation on the other hand, and perhaps the digital economy today has posed a new challenge facing the countries of economic backwardness in dealing with this pattern as a necessity to burn the stages of transformation economic to reach the threshold of developmental transformation.

The question is, what is the digital economy?

What are its strategic pillars? It is simply the interaction, integration and fruitful coordination between information and communication technology and the local economic activity to organize and coordinate its internal and external relations, meaning that it depends on the use of the tools of the modern technical revolution in the field of communications and information in addressing the requirements of the conduct of economic activity in all its forms. The strategy depends on the “digital basis” i.e. keeping pace with technological changes, “digital innovation” i.e. providing education systems that help innovation, “digital citizen” i.e. empowering the individual with technology, “digital business” which means empowering the operating establishments with technology and finally (digital government).

The Arab Federation for Digital Economy, in cooperation with the Arab League, issues an indicator for Arab countries regarding the digital economy, as it places the Gulf countries, except for (Kuwait) in the first group, followed by the countries of the second group, which are (Kuwait, Egypt, Jordan, Lebanon, Morocco, Tunisia and Algeria), which is less than the first group in the size of digital transformations As for the third group, which was called (the countries of conflict), our country, Iraq, came alongside Yemen, Syria, Libya and Palestine, which is the least group in the transition towards the digital economy, and here is the (critical point) that reflects the administrative decline, as the arrival of Iraq with its giant capabilities in this place, cannot be to find a justification for it.

The result is management is the basis of development transformation and the available resources are nothing but a catalyst, and Iraq has lost the main pillar of development by losing a successful management, and the resources have been wasted without any development impact. 

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Central banks participate in the manufacture of modern financial technologies

 

 

•  Today, 11:40

 

The Arab Monetary Fund announced, today, Monday, the launch of a training course directed at cadres working in central banks, under the title (Regulatory Frameworks and Legislations for the Industry of Modern Financial Technologies) .
A statement by the fund stated that "the course, which will continue until the eighth of this month, is also directed to those concerned with issues of modern financial technologies and the staff working in the capital market authorities and stock exchanges and ministries of finance who are specialized in issues of modern financial technologies."
He added, "It aims to deepen the participants' understanding of the regulatory framework for the modern financial technology industry, as well as discussing many axes, the most important of which is building an incubating environment and effective national strategies for modern financial technologies and blockchain technologies."
The course reviews some different aspects of regulating modern financial technology activities, such as regulating open financing activities, alternative financing, encrypted financial assets and digital contracts, digital financial services consumer protection frameworks, cyber safety, data protection frameworks and customer information privacy, and electronic KYC rules to combat laundering. Funds and financing of the cuticle.
It will also shed light on digital regulatory and supervisory solutions to support the regulatory and supervisory authorities in regulating this industry.