The Board of Directors of the Securities and Commodities Authority (SCA), chaired by the Minister of Economy, Sultan bin Saeed Al Mansouri, approved during its recent meeting in Dubai, an initiative to launch a roadmap that will lay the groundwork for launching the SCA's strategy for financial inclusion. The strategy ensures access to financial services and products to all segments and segments of society, in order to achieve the idea behind what is meant by financial inclusion and in particular to promote and facilitate access to all financial sectors and enable them to use them properly, in addition to providing diverse and innovative financial services at low cost through Providers of these services.
The Minister of Economy and Chairman of the Board of Directors, Eng. Sultan bin Saeed Al Mansouri, said in a statement yesterday that «the strategy of the Authority for financial inclusion works to reach the services and products of securities to the largest possible number of all individuals in the UAE from all age groups, social and cultural, and it is based on Raising awareness and educating beneficiaries and beneficiaries of financial services and products of their rights and duties through coordination with strategic partners in the capital market sector and other concerned parties on expanding the use of services and products throughout the country, and the benefit of each Slavery Authority Endodontic ports provided by other bodies. »
Al Mansouri added that «the Authority is working on the formulation of a strategy at the level of the State as an initiative of the Securities and Commodities Authority involving all stakeholders, and that this strategy aims to achieve a number of objectives, including: the provision of financial products and services, and facilitate the procedures and the cost of access, and provide full information “Providing tools that help in making financial and investment decisions, including consulting services, and using innovation and technology to achieve these goals.”
The strategic partners of the Authority are represented in this initiative in both the financial markets and the commodity contracts exchange (Abu Dhabi Securities Exchange - Dubai Financial Market - Dubai Gold and Commodities Exchange), the market institutions that include all the entities licensed by the Authority to practice securities activities, and the issuers of securities: Listed companies, investment funds, etc., new companies that offer innovative products and services (such as the use of technology), in addition to investors and entrepreneurs.
The announced plan expects to be coordinated and cooperation with each of the stakeholders that regulate other sectors of the market, including: Ministry of Economy - Central Bank - Insurance Authority - Ministry of Justice - Ministry of Finance - Telecommunications Regulatory Authority - Charities - International institutions such as the United Nations and IFC, And others that want to get involved in the initiative so that it determines our role.
The plan seeks to reach the financial services provided to various categories of society, including employees, retirees, housewives, youth, assisted labor, low-income people, people of concern, and anyone who does not know or do not reach the capital markets. Banks, financial institutions, insurance companies, non-bank financing services (Crowd funding), and credit card companies.
The plan presented the elements available to the Authority, which are the axes for achieving financial inclusion, including the existence of a national project for investment awareness and financial inclusion, which will be one of the tools to help reach new segments of investors, through: electronic and smart applications - social media, and print media and audio FinTech, which will contribute to the dissemination of financial technology that will help the largest number of investors, followers and others to access the services and products of capital markets, For electronic trading, collective financing Crowd funding, and an initiative with government funds SMEs.
The implementation of the plan requires gathering information to understand the needs of the UAE community, which may include conducting questionnaires, meeting with some public and private sector institutions, and holding focused sessions and workshops to identify initiatives, problems, challenges, opportunities and priorities for implementation in terms of categories and services.
In addition, the plan also considers reducing the cost of access to financial services, such as encouraging competition and entry of new companies into the sector, pricing financial services on a segment basis (according to the income - transactions of each investor), while providing and diversifying targeted financial services and products to the public. Through the provision of organizational support, including the development of a time plan to accelerate the issuance of legislation to provide various financial instruments, and provide a conducive environment for that, as well as the organization of events and forums where the problems identified and try to find innovative solutions.