October 25, 2021

Dubai Week

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Accepting digital identity to provide services to individuals and companies

Accepting digital identity to provide services to individuals and companies

Central Bank Governor Khalid Mohammad Palama revealed that the bank will adopt a digital identity, with the aim of improving funding for individuals and small and medium enterprises to access the services they need. Strategy and structure for the open financial system, with the aim of providing a secure working environment that facilitates collaboration and participation data between financial institutions and authorized and regulated service providers.

International currency

During yesterday’s speech at the “Future of the Financial Institution” conference organized by the Central Bank at the headquarters of the “Expo 2020 Dubai” exhibition, Palama said that the “Central” will work to convert the United Arab Emirates Dirham into an international currency. Widely used internationally, to complete global payments and business transactions across borders; To achieve our development plans and ambitions, the Central Bank of the United Arab Emirates will become one of the best central banks in the world.

Road map

In line with the government’s vision for the next fifty years, Emirates’ central bank is committed to creating a roadmap for the next five decades, and is interested in incorporating three key components: the use of artificial intelligence, the analysis of large data in the banking and insurance sectors, and the use of technology in computer monitoring and supervision.

He said rapid technological advances continue to play a key role in bringing about change in various financial sectors, while providing “digital transformation” to companies and organizations by positively affecting “digital transformation” to achieve economic growth and monetary stability. And meeting the needs of individuals and the preferences of customers at all times.

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He said, “We believe that regulatory authorities need to play their role of oversight and regulation, creating an environment for innovation and ensuring that the risks of these modern technologies are managed more effectively.”

Understanding

In addition, the Central Bank announced the signing of a Memorandum of Understanding with the International Monetary Fund, Dubai, at the “Future of the Financial System” conference, with the UAE launching joint ventures and activities aimed at cooperating in the development of an integrated financial technology system.

It was signed by the Governor of the Central Bank and the Governor of the Dubai International Financial Center, Isa Qasim.

A plan

Under the Memorandum of Understanding, the central bank will work to develop a common test environment project that will allow Fintech companies to test their innovative solutions within the framework of the existing digital testing environment project.

According to a report released by the Central Bank, the two parties will co-operate in initiating initiatives and activities related to financial technology, including acceleration programs, competitions, workshops, seminars, conferences and projects.

Digital change

Palama said, “The World Financial Organization has seen a major digital transformation over the past few years, and we firmly believe that one of the key ways to ensure a strong financial system is to create a regulatory environment that facilitates innovation and promotes digitalization.”

He said, “DIFC is one of the largest FinTech acceleration projects in the region because it plays a key role in accelerating the spread of FinTech solutions in the country.”

Advanced system

For his part, Qasim said: “Based on our interest in establishing our position in the region as a leading global financial hub, we are focused on establishing an advanced body with valuable opportunities to unleash the maximum potential of the financial technology sector. Our position as one of the top 10 financial technology hubs in the world.

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He added, “Through our special partnership like the United Arab Emirates Bank, we will provide entrepreneurs in the financial technology sector with the skills to pave the way for achieving their aspirations and business goals.” And the UAE is generally a major global hub in the field of financial technology.

Features of the future

The “Future of the Financial System” conference aims to shape the future of the financial sector, with representatives of central bank governors and government agencies, as well as other leading figures in the sector and finance and technology leaders. Companies from around the world.


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