Doha - 

Obstacles that impede digital transformation, challenges of financial and digital technology, and ways of employing them in enhancing the operations of financial and banking institutions, several topics discussed by the opening session of the Fintech Conference in the Middle East, which was held in Doha today, Wednesday.

The conference, which is organized by the Qatar Association of Certified Public Accountants, and attracts speakers from international institutions and organizations in the field of banking, financial services and information technology, addressed the importance of providing a legislative, regulatory and supervisory framework that allows the development and operation of financial technology business models and financial artificial intelligence.

The conference focused on discussing the future and challenges of financial and digital technology, financial technology innovations, and ways to employ them in enhancing the operations of financial and banking institutions and payment and transfer companies, as well as the role of financial technology in facilitating and enhancing compliance with anti-money laundering rules, and enhancing transparency using digital identities and records and the recommendations of the working group. Financial "FATFL", and how to protect customers in light of digital transformation.

During his speech at the opening session, the Chairman of the Board of Directors of the Qatar Society of Certified Public Accountants, Dr. Hashem Al-Sayed, stressed that the conference on financial technology in the Middle East is of increasing importance in light of the successive and accelerating electronic developments on the global arena, as digitizing the economy has become a top priority for various countries of the world. The size of the digital economy in America is 50% of the contribution to the GDP, while in China it has reached the level of 60%.

Al-Sayed believes that the digitization of financial and banking services has become a top priority for the world (Al-Jazeera)

meager numbers

Despite these numbers, the situation in the Arab world indicates a great weakness, as we see that the contribution of the digital economy to the GDP does not exceed 3%, especially if we know that the economies of the Gulf countries combined exceed 4 trillion dollars and represent the fourth economic power in the world after America China and Japan, according to Mr.

He expressed his hope that over the next ten years, the Gulf countries will have a presence on the map of the global digital economy, as well as an influential entity and role in this virtual world, especially "we have the best technology products, communication infrastructure, fixed fiber network, advanced devices and high-quality services, and we have the best cadres. trainee, and we attract highly skilled technicians.”

Digital transformation has become a necessity for all institutions and bodies that seek to develop and improve their services and facilitate their access to beneficiaries. Digital transformation does not only mean the application of technology within the institution, but it is a comprehensive and complete program that affects the institution and its method of work, mainly internally and externally, and also through providing services to the target audience. To make services easier and faster.

As for the Director of the Monitoring and Development Department at the Administrative Control and Transparency Authority, Ms. Amal Al-Kuwari, she confirmed that technology has become a major and necessary player in all fields, stressing the importance of identifying ways to protect the integrity of financial systems through identifying, knowing and evaluating the risks associated with the criminal misuse of financial technology. and using techniques that enhance compliance with anti-money laundering measures.

Amal Al-Kuwari stresses the importance of learning about ways to protect the integrity of financial systems (Al-Jazeera)

risk reduction

Amal Al-Kuwari said in a statement to Al-Jazeera Net, that it is necessary to ensure the proper use of technology and digital services, and to present the risks that may result from financial technology, and then try to reduce the risks that result from the use of such technology.

She added that the future is moving greatly towards digital and technological services, which include all ministries, institutions and bodies at the present time, as at least 50% of the work of any institution has been converted into digital services.

The conference provided an opportunity to exchange experiences among the participants, gain new knowledge about the latest developments in digital technology, financial transactions in its various aspects, as well as the latest technologies and challenges in the world of the digital revolution, and its importance in financial technology, presenting the latest concepts and developments in the world of digital financial technology, and its role in The world of business and finance and the upgrading of banking services, according to Al-Kuwari.

In turn, the head of the International Accounting Standards Committee for the Public Sector in Lebanon, Dr. Roger Lotfi, considers that the most important challenges facing digital services are the legislation that must be approved in Arab countries in order to confront new digital technologies.

Lutfi: The legislative framework must be available to develop and operate financial technology business models (Al-Jazeera)

Promote digital services

Lutfi said, in a statement to Al Jazeera Net, that banking centers in countries should encourage and spend on these digital services to ensure their security, as well as legalizing tax matters for these services and treating them in a proper manner.

He explains that digital transformation has multiple benefits not only for customers, but also for government institutions and companies, including that it significantly saves cost and effort, improves operational efficiency, improves quality and simplifies procedures for obtaining services.

Digital services create opportunities to provide innovative and creative services away from traditional ways of providing services, and digital transformation helps government institutions and companies to expand, spread and reach a larger segment of customers.