The UAE is the first in the Arab region in the general index of modern financial technologies
The UAE ranked first in the Arab world in the General Index of Modern Financial Technologies issued by the Arab Monetary Fund today, at a rate of 75 percent, thanks to the multiple efforts in promoting the fields of modern financial technology activities and the various initiatives in activating the latest financial technologies and providing requirements that improve the degree of financial transformation. Digital, in addition to excellence in providing digital financial services, enhancing financial awareness and education, and providing funding to support innovation, cooperation and partnerships, whether at the state or related party level.
The Index of Modern Financial Technologies in the Arab Countries "FinxAr" sheds light on the development of the modern financial technology industry and digital financial services in the Arab countries during the period "2018-2020", which was launched on the occasion of the Arab Financial Inclusion Day that falls on April 27 of each year.
His Excellency the Director General, Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abd al-Rahman bin Abdullah Al-Hamidi said that the index was based on the results of a questionnaire sent to all central banks and Arab monetary institutions, as it represents an effective tool in identifying areas that need more attention and efforts and what are required of appropriate policies to benefit from Experiences of other Arab countries in this regard.
The general index scored 43%, and the indicators for talent development, cooperation and partnerships came in the forefront by 50% and 49%, respectively, then the policy and legislation indicators and the demand side by 44% each, while the results highlighted the need to pay attention to the two axes of financial infrastructure and financing. The two indicators scored 39 percent and 18 percent, respectively.
The annual index aims to identify the efforts of Arab countries in supporting the development of the modern financial technology industry. It also contributes to setting a vision for the modern financial technology industry in the Arab countries and how to support the incubating environment, by shedding light on the challenges facing the development of the modern financial technology industry in the Arab countries, in order to help formulate national policies to strengthen the industry in Arab countries in the future, and benefit from Opportunities and capabilities available to Arab countries.
The General Index for Modern Arab Financial Technologies "FinxAr" consists of six main indicators that represent the dimensions of the environment in support of modern financial technologies, including: policies and legislation, the demand side, availability of financing, financial infrastructure, and talent development to support innovations, and finally cooperation and partnerships. Its type in terms of the dimensions it deals with and the areas of state intervention and measuring their efforts in enhancing the incubating environment for modern financial technologies.
The results indicated by the index reflect the interest and efforts made by the authorities in the Arab countries in the past three years towards improving the opportunities for growth and employment of financial technologies, as it shows the improvement of the digital financial services environment and the implementation of national programs and activities for digital transformation during the year 2020 compared to 2018 and 2019.
The launch of the index comes within the framework of the Arab Monetary Fund’s efforts to support Arab countries ’tendency to upgrade the industry of modern financial technologies and support digital financial transformation, in a way that serves to enhance inclusiveness, financial stability and opportunities to achieve sustainable development.
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