صندوق النقد العربي
ARAB DAY FOR FINANCIAL INCLUSION - APRIL 27, 2021 UNDER THE THEME OF “ROLE OF DIGITAL TRANSFORMATION IN INCREASING FINANCIAL INCLUSION”
Enhancing and accelerating the transition to digital financial services, and importance of raising awareness
Call on to:
Alignment with the priorities of the Group of Twenty (G20)
Promoting digital financial inclusion for young people, women and MSMEs
The issue of promoting access to financing and financial services in the Arab countries is receiving great attention from the Council of Arab Central Banks and Monetary Authorities’ Governors, in recognition of the potential and great opportunities that can be achieved through enhancing financial inclusion to support inclusive and sustainable economic development, address unemployment challenges, and achieve social justice. There is no doubt that the current developments and the negative repercussions of the COVID-19 pandemic have clearly highlighted the great importance of deploying Fintech for the purposes of financial inclusion, and the need to enhance digital financial services and familiarize users with them. The pandemic has increased the demand for digital financial services and made the need to accelerated digital transformation and improved digital financial services a critical issue in economic policies in the Arab region.
The Arab Monetary Fund publishes a white paper on “Open finance: A framework for the Arab region is more than a question of scope"
Promoting open finance frameworks generates great opportunities for enhancing digital financial services and financial inclusion
Open finance addresses the challenges of data fragmentation and maximize the potential value of financial data
The paper highlights, the areas and depth of regulatory interventions, the needed types of technological standards and the operational standards covering system responsiveness, to implement open finance
The Arab Monetary Fund (AMF) issued today Monday 6 December, 2021, a paper on “Open finance: A framework for the Arab region is more than a question of scope”, summarizing the results of a collaborative study conducted by the Arab Regional Fintech Working Group (WG), which AMF acts as the technical secretariat of the group’ and the MENA Fintech Association. The paper is issued under the framework of the Fund's endeavours to promote awareness of the requirements for developing banking and financial industry, while supporting digital financial transformation efforts in Arab countries.
The paper aims to craft the transition from open banking to open finance, beginning from the areas adjacent to payment accounts and covering the whole financial services, highlighting the needs for additional considerations to accommodate the cross-sector functionality of open finance, and providing insightful answers on how open banking can improve the efficiency of a border financial ecosystem and support digital financial inclusion in the region.