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Arab Monetary Fund: Digital transformation is a key factor in reshaping the banking sector
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2024-09-14 05:45
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2024-09-14 05:45
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Shafaq News/ The Director General of the Arab Monetary Fund, Fahd bin Mohammed Ali Al-Turki, confirmed on Saturday that digital transformation plays a fundamental role in reshaping the banking sector in Arab countries, noting that these countries have strengthened their partnerships with modern financial technology companies, which led to an increase in investments in this sector, so that the number of companies operating in this field reached about 1,500 companies by the end of the first half of this year.
Al-Turki said, during the conference on electronic payment towards financial stability in Iraq, which was attended by a Shafaq News Agency correspondent, that "the regulating legislation, electronic financial transfers, digital financial consumer protection, and anti-money laundering requirements must achieve a balance between stimulating digital transformation on the one hand and managing and reducing risks on the other hand, and that digital transformation is a fundamental factor in reshaping the banking sector in the Arab region."
Al-Turki continued: “Governments and central banks can play a role in supporting digital transformation by creating digital regulation. This is evident from investing in digital infrastructure and addressing cybersecurity challenges, which helps create an environment that fosters innovation and growth in the banking sector.”
He explained that “investing in digital infrastructure would stimulate digital banking services that help enhance access to banking services and products for the population using the financial system and non-using the financial system, and that the Arab region has renewed modern financial technology companies in its countries for increasing investments, the number of which reached 1,500 companies by the end of the first half of 2024 globally and regionally.”
He pointed out that "important global statistics on modern financial technologies provide huge opportunities for investment in this sector, as total investments in modern financial technologies in 2023 amounted to about 115 billion US dollars, and it is expected that investment in this sector will continue to grow steadily until it reaches 325 billion dollars by 2026."
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Al-Turki said, during the conference on electronic payment towards financial stability in Iraq, which was attended by a Shafaq News Agency correspondent, that "the regulating legislation, electronic financial transfers, digital financial consumer protection, and anti-money laundering requirements must achieve a balance between stimulating digital transformation on the one hand and managing and reducing risks on the other hand, and that digital transformation is a fundamental factor in reshaping the banking sector in the Arab region."
Al-Turki continued: “Governments and central banks can play a role in supporting digital transformation by creating digital regulation. This is evident from investing in digital infrastructure and addressing cybersecurity challenges, which helps create an environment that fosters innovation and growth in the banking sector.”
He explained that “investing in digital infrastructure would stimulate digital banking services that help enhance access to banking services and products for the population using the financial system and non-using the financial system, and that the Arab region has renewed modern financial technology companies in its countries for increasing investments, the number of which reached 1,500 companies by the end of the first half of 2024 globally and regionally.”
He pointed out that "important global statistics on modern financial technologies provide huge opportunities for investment in this sector, as total investments in modern financial technologies in 2023 amounted to about 115 billion US dollars, and it is expected that investment in this sector will continue to grow steadily until it reaches 325 billion dollars by 2026."
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