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The governor of the “Central”: The Internet allowed malicious and fraudulent parties to reach consumers

2019-12-11T22:04:38.822Z

Central Bank Governor Mubarak Rashid Al-Mansoori said that the use of cash is decreasing significantly around the world, and mobile phone transfers have become the main payment method in some countries, but he pointed out that despite this, the spread of the Internet has also allowed access to



The Governor of the Central Bank, Mubarak Rashid Al-Mansouri, said that the use of cash is decreasing significantly around the world, and transfers via mobile phone have become the main payment method in some countries, but he pointed out that despite this, the spread of the Internet also allowed the arrival of unregulated parties Malicious and fraudulent to consumers. Al-Mansouri stressed the difficulty of building and implementing a financial system that prevents the movement of illicit funds, even at the level of more developed countries, as well as new digital payment methods, including the increasing number of assets and cryptocurrencies, which increases the volume of complexities in the face of risk management at their renewable and innovative levels.

This came in a speech by the Governor of the Central Bank before the 14th annual high-level meeting on global banking standards and legislative and regulatory priorities, which was organized by the Arab Monetary Fund in Abu Dhabi yesterday, in cooperation with the Institute for Financial Stability of the Bank for International Settlements.

cooperation

Al-Mansouri stressed that cooperation between countries is required to confront the emerging risks that threaten financial institutions, in order to impose the provision of different levels of expertise, knowledge, and creative initiatives that ensure successful management of risks and threats.

He pointed out that the risks of money laundering and terrorist financing are one of the most prominent examples that the supervisory bodies agreed to tighten the standards around them, and the mobilization of the broader financial sector to combat the financing of the proliferation of weapons of mass destruction, as this received great attention in the face of increased risks and threats.

Al-Mansouri added that a new concept of sustainable financing must be referred to, as it is evident that the financial sector contributes to this long-term program to achieve the sustainable development goals, noting that both the financial sector and regulatory bodies suffer because of the rights and obligations that should be allowed under sustainable issuance programs , Where the supervisory authorities supervise the extent of compliance with and implementation of the specific issuance standards.

Obsession

Al-Mansouri clarified that the risks of banks ’internal systems being exposed to penetration or sabotage constitute the biggest concern for bank executives and central bank governors, and they represent the greatest risks and threats to them, as the numerous incidents that occurred in recent years show the vulnerability of digital data of theft or penetration.

He continued, "We strongly support the development of new financial technologies aimed at reducing costs, speeding up financial intermediation, and achieving more financial integration and our responsibility, as oversight bodies, is primarily to ensure that risks to financial stability are contained."

"All our efforts are directed towards enhancing consumer welfare, in financial services and in the wider societies," Al-Mansoori said.

Priority

The Governor of the «Central» stressed that «reducing dependence on oil and diversifying the sources of our economies is a major priority for the UAE, as we continue to seek a path of sustainable growth in the post-era dependence on oil», pointing out that “green financing can represent one of the many ways to accelerate This development. ”

He mentioned the issue of electronic risks, which includes both the risks that threaten IT systems and operations, and the integrity of the data itself.

The governor explained that, like any innovation, the Internet is an exceptional means of support, as some studies show that it has contributed up to a fifth of economic growth over the past years, but on the other hand, this involves great risks as well.

Facing unexpected shocks

The Director General of the Board of Directors of the Arab Monetary Fund, Dr. Abdul Rahman bin Abdullah Al-Hamidi, said that the global economy witnessed signs of weakness during the current year, affected by the atmosphere of uncertainty resulting from the escalation of trade tensions between the advanced economies, and concerns about the repercussions of the large rise in the levels of public debt. This is reflected in trade and investment activities in both developed and developing economies.

Al-Hamidi added that according to the estimates of some international institutions, the rate of growth of the global economy will decrease to about 3%, as it is estimated that the rate of growth of advanced economies will decrease to about 1.9%, and the rate of growth of emerging economies and developing countries to about 4.1% for the current year.

He emphasized, however, that the banking system today is relatively more prepared to face unexpected shocks, as it is thanks to the central banks that constantly verify the performance and work of banking and financial institutions subject to their supervision, in order to ensure the flexibility of their financial positions, in accordance with banking laws, regulations, instructions and rules, to achieve banking safety , Monetary and financial stability.

Mubarak Al-Mansoori:

We support the development of new financial technologies aimed at reducing costs and speeding up financial intermediation.

Source: emara

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