A former parliamentarian comments on the statements of the Minister of Finance regarding the dollar : He is sitting in an ivory tower LINK
Finance issues an “important” clarification regarding the possibility of adjusting the dollar exchange rate
MilitiaMan: These two articles above are opinion pieces imo.. They are not founded in solid economics. Printing more money as in the devaluation of 12/20/2020 is and was inflationary and created many issues some effectively short term good for a purpose, yet, long lived they are damaging.
The revaluation, noted above is missing the point. The point is the devaluation has run it's course and now it is time to reverse course and go to the market economy. They have had a year to endure the pain, that year is up.
Now is time to reverse course as a revaluation of the Dinar will have the opposite effect. There is far to much information out that supports Iraq is about to go international with a new exchange rate with the real value to go with it.
There is proof that the WTO suggests that there is imminence to ascension and there is more on that matter to come out, as early as next week..
There is no reason to do that if they are to stay at the present rate of 1460, nor will it ever happen.. So be careful on how one takes the was that the pros and cons are put out. imo
There is nothing at all bad coming out. There has been far to much done to date and that is at stake now globally. The digital transformation is at the forfront of all Central Banks.
The AMF is digitized, as they are too. The AMF consists of 21 regional players that include Iraq. They all will be the ones that defend the IQD right along side their respective currencies alike in the BUNA arena (platform).
So, the positive effects in play now have made the environment today what it is so that the investors and private sector can flourish once the exchange rate with real value is exposed.. imo ~ MM
A financial official talks about the expected exchange rate in the 2022 budget LINK
Finance: The positive effects of the currency adjustment are starting to appear LINK
The Arab Monetary Fund organizes the sixth meeting of the working group on Modern Financial Technologies in the Arab countries "From a Distance"
25th November, 2021
On November 24-25, 2021 The people are discussing Opportunities and challenges of applying artificial intelligence techniques in the financial sector
Strategies for moving to open financing
Trends and justifications for issuing digital currencies and lessons from regional and international experiences
Data privacy protection requirements in digital services
Frameworks to protect consumers of digital financial services
Recent trends in regulatory and supervisory techniques and their role in promoting innovation opportunities
On Wednesday and Thursday, corresponding to November 24-25, 2021, the Arab Monetary Fund will organize the sixth periodic meeting of the Modern Financial Technologies Working Group in the Arab Countries "remotely".
The meeting will be attended by representatives of Arab central banks and monetary institutions and officials concerned with modern financial technologies and payments at central banks and Arab monetary institutions, ministries of finance, capital market authorities, and Arab stock exchanges.
In the meeting, the group will discuss the areas of application of artificial intelligence techniques in thefinancial sector,and future challenges and opportunities. In this context, the group reviews the developments of the regulatory frameworks that govern the uses of artificial intelligence. In this regard, the group will listen to presentations from the Organization for Economic Cooperation and Development, the International Organization of Capital Market Authorities (ISCO), and the Institute of International Finance, in addition to reviewing the experiences of a number of Arab countries, and discussing the group’s working paper on the adoption of artificial intelligence and machine learning in the financial sector in Arab countries.
The group discussions will also address the latest developments in digital and stable currencies,
in terms of reviewing recent trends, the reasons and challenges of issuing digital currencies and some of the leading regional and international experiences. The group will hear feedback from the Financial Stability Board and the Bank of England on cryptocurrencies.
In this context, the group will also discuss a draft practical guide to activate the use of digital currencies in the Arab countries, which was prepared by the Arab Monetary Fund, based on a recent questionnaire distributed to Arab central banks.
On the other hand, the group's discussions touch on the main concepts of open banking operations, strategies for the transition to open financing, and regulatory and supervisory considerations in this regard, in order to enhance access to formal financial services and increase financial inclusion rates. In this context, a working paper prepared by the group will be discussed on the requirements for activating open financing, in addition to the vision document previously issued by the group on the subject in 2020. The discussions will also include the social responsibility of open financing service providers, and the challenges of data sharing in open financing operations.
The group will also discuss a working paper on regulatory and supervisory techniques, which covers recent trends and regional experiences, and the role of these technologies in encouraging innovation and supporting growth opportunities. The paper deals with the appropriate tools and mechanisms to be used by supervisory authorities to develop the application of these techniques. In this context, the group will hear a number of presentations from academic institutions.
In addition to the above, the topics of protecting consumers of digital financial services and protecting data privacy are of great interest to the group in this meeting, where recent developments and technologies in this field will be reviewed, in addition to discussing a working paper on the framework and experiences of customer data protection in the Arab countries.
Finally, during the meeting, the group's work program for the first half of 2022 will be discussed, and preparations for the next meeting of the group during the month of May 2022 will be discussed. A list of priority issues and topics for 2022 will also be discussed.
On this occasion, His Excellency Dr. Abdul Rahman bin Abdullah Al-Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, praised the activities and meetings of the group, through what they contribute to the transfer of knowledge about laying the foundations for a stimulating environment for modern financial technologies in the Arab countries. His Excellency stressed that the development of the modern financial technology sector is one of the priorities of Arab central banks, due to its importance in advancing the capabilities of Arab economies to face the current challenges and support the recovery phase from the Corona pandemic, in addition to the role of financial technologies in supporting opportunities for financial inclusion, by accelerating the transition to digital financial services.
His Excellency stressed the importance of the indicative papers and guides that the group is working on, as a means of following up on the development of the modern financial technology industry in the Arab region, pointing to the importance of benefiting from them in developing the necessary policies to advance all aspects of the industry in the Arab region LINK
MilitiaMan: Like we have seen in the past. The AMF is going to be a REGIONAL PLAYER, Iraq is inclusive in that.. This came out early this morning.. The theme is now acceleration to the transition to digital financial services.. That is not the only thing either.. It is about the positive impact that is coming from the transformation. They are in a hurry as the new exchange rate of the IQD is to be digitized.. imo ~ MM
MilitiaMan: There are more countries even today digitizing.. All at the same time... ACCELERATION!!! ~ imo.. ~ MM
Banking sector embraces digital transformation to improve customer experience
Accelerating digital transformation has helped HDBank ensure the efficient operation of its internal systems and business activities, meet customers’ needs amid the social distancing and ‘new normal’ and improve customer experience. — Photo courtesy of the bank
HCM CITY — Faced with the complicated developments of the COVID-19 outbreak in recent times, banks in HCM City and elsewhere in the country are strictly complying with social distancing regulations while also ensuring their systems operate smoothly and efficiently and fully meet the needs of individual and corporate customers.
The recent social distancing period was also a time when HDBank speeded up transformation of its operations.
So, despite reducing the number of employees working directly at the office and counter in accordance with the regulations on social distancing and epidemic prevention, the bank saw an increase in labour productivity and a reduction in costs while ensuring service quality and managing to serve customers in the best way.
This was thanks to the bank's modern technology platform.
HDBank has embraced digital transformation in all aspects like transaction processes, operations, human resources, and evaluation since 2020, and now seeks to make the digitisation faster and more comprehensive.
HDBank has managed to speed up comprehensive digitisation through key projects such as digitising the customer journey to bring new and convenient experiences in opening a payment account and savings book online and offering loans online against deposits, digitising the online customer journey with pioneering technologies such as electronic know your customer (eKYC), advanced eKYC and integrated authentication via video call, digitising the internal communication system, big data collection and analysis, and virtual assistant switchboard.
The use of robotic process automation technology with robot assistants has helped the bank reduce manual tasks by more than 80 per cent and increase processing speed 30 times (from three minutes to only five seconds for a transaction) with an error rate of almost zero.
According to the bank’s statistics, in the five months since the account opening process at the counter was digitised, the number of customers registering for e-banking rose to 67 per cent from the earlier 50 per cent.
HDBank’s digital applications and automation of products and services have helped improve the efficiency of transactions and meet customers’ needs amid the social distancing and ‘new normal’.
As a result, in the first six months of the year the number of e-banking transactions doubled from the same period last year with the transaction value tripling to nearly VNĐ60 trillion (US$2.6 billion).
To support businesses after the restrictions were lifted and gradually revive production and business, HDBank continues to deploy credit promotion services such as cash flow management, issuing UPAS L/Cs to promote import and export and rapid payment through eBanking with a comprehensive digital solution package.
It has also optimised services on digital platforms such as opening a business account online, 24/7 online lending (eCredit), issuing L/C online (eLC), and online international money transfer, all to support corporate customers with solutions and adapt to the new normal and digital society.
HDBank has also digitised the operating process through the use of robots for timekeeping for employees, handling requests from customers and automatic order approval.
In its internal operations too, HDBank has strongly digitised by applying Akabot, a comprehensive RPA platform that helps automate business processes involving a large number of repetitive tasks to increase productivity and improve cost savings; regularly organising online training, seminars and workshops; and enhancing communication on its internal communication channel, Workplace.
The iPaper system is applied to almost all internal processes/regulations, saving the time and cost needed for paperwork and being of particular help during the social distancing period.
Valuation, automatic and centralised accounting and document management are all optimised on the technology platform.
Thanks to its accelerating digital transformation, HDBank has ensured the efficient operation of its internal systems and business activities and smooth operation of products and services on the digital platform, especially amid the pandemic-driven restrictions.
Trần Thu Hương, director of the bank’s operations division, said: “To ensure smooth operations, the operations division in collaboration with other divisions has made improvements in everything starting from the most minor of them.
“Thanks to that, we have created a new, scientific, systematic, and more comprehensive way of working, saving time in handling services provided to customers. With the goal of how to serve customers most effectively, we always strive to make today better than yesterday and tomorrow better than today.”
HDBank has efficiently implemented the Government’s policy on waiver and reduction of loan interest rates to support customers in a number of areas directly affected by COVID and where there has been prolonged social distancing, with more than 18,000 customers owing a total of nearly VNĐ42 trillion in outstanding balance benefiting.
The results have helped HDBank succeed in building a large loyal customer base.
Reforming operations and improving services on a digital basis is one of HDBank’s efforts to make a difference in serving customers, making them happy and successful, and helping them achieve financial security. VNS