The Union of Arab Banks (UAB) called upon banks and Arab financial institutions to develop legal frameworks for electronic payment institutions which contribute to developing financial technological (fintech) products and help spread financial inclusion services through enabling disadvantaged segments to use e-payments.
In recommendations made by the UAB to conclude the events of its annual report, the union stressed on the importance of developing an effective regulatory system that ensures safety of payments in order to enhance the confidence of participants, including those from the banking and financial sectors in the Arab region.
It is necessary to utilise modern technologies to develop electronic financial services and reduce the use of cash, according to the union.
The union also stressed on the importance of the various components of the Arab banking system to train its employees to understand the financial mechanisms and technologies given their role in diversifying economic activity and developing banking operations to become more responsive to the changing needs of clients.
“Partnerships between the two sectors, the private and the public, in the Arab region must be enhanced in order to face challenges and deliver the services of these two sectors in a faster, easier, and cheaper way,” the union said.
He stressed the importance of encouraging Arab central banks to keep abreast of artificial intelligence and the transformation process of Arab financial and banking systems to be part of the digital economy phase.
As the conference came to a close, participants called upon the UAB to establish an observatory to gather information and follow developments on financial technology issues.
On Sunday and Monday, the UAB held its annual conference under the name Innovations of Financial Technology and Future of Banking Services.
At the conference, 600 banking and financial sector figures from 22 Arab and other countries were present. They included Mohammed Jarrah Al Sabah, chairperson of the UAB; Tarek Amer, governor of the CBE, Ahmed Aboul Gheit, secretary general of the League of Arab States;
During the conference, the union honoured Ismail Hassan, former governor of the CBE; Azzam Al-Shawa, governor of the Palestinian Monetary Authority; Mohamed Barakat, vice chairperson and managing director of the Arab International Bank; and Gawad Ahmed Boukhamsin, chairperson of Boukhamsin Holding Company.