Arab Regional Fintech Working Group
Introduction to the Arab Regional Fintech Working Group
A working group comprising technicians and experts from the Arab countries from the public and private sectors in addition to experts from regional and international financial institutions, service providers and leading organizations in Fintech industry at the international level. The objective of the group is to enhance experiences and knowledge sharing on Fintech issues and to contribute to the development of Fintech industry in Arab countries.The group will also contribute through the exchange of expertise in the promotion of diversified knowledge to support the Fintech industry and the development of innovation, helping the Arab authorities to develop and regulate the use of Fintech solutions & applications within the strategies and visions of each state. The group will strengthen the capacity-building of the supervisors and regulators in the Arab countries and build a network of relations between Arab and international experts from the public and private sectors to promote this area in the Arab countries.
The group tackles all topics and issues related to Fintech scope, blockchain techniques, big data, artificial intelligence, cyber risks, crypto currencies and assets, digital currencies issued by central banks, digital financial services and electronic payment services, , open banking operations and APIs, as well as controls, supervisory and regulatory rules on Fintech techniques..etc.
The Regional Fintech Working Group meets twice a year, taking advantage of the opportunities of conferences and workshops held in Arab countries.
The Arab Monetary Fund will act as the technical secretariat for the working group. Its mandate will include among others, the preparation, and the invitation to the working group meetings, as well as being responsible of drafting reports and minutes of meetings covering the working group activities, coordinating on various topics addressed by the group, and following up on the recommendations as well. This is in addition to facilitate the work flow and communication among group members and within the executive committee.
An executive committee to be established to oversee the working group action plan, performance, and to the follow up on a specified set of objectives that have been determined on a yearly plan basis and its achievement and measurement.
Members
- Regulators from the Arab region, including Arab central banks and monetary authorities, ministries of finance, capital market authorities,
- Financial institutions, including banks and stock exchanges & securities commissions, SMEs & micro finance organisations,
- Regional & Global Fintech companies,
- Arab Banking and Capital Markets Associations,
- Regional & Global Fintech Hubs,
- Experts from regional and international financial institutions,
- Selected academia and research centers
Regulatory Advisory Group
A regulatory Advisory Group will be emerge from the WG members to support the Regulatory Framework
that properly accommodate Fintech industry in Arab countries. The Regulatory Advisory group comprises
members from Arab central banks and monetary authorities in addition to regional and international
experts.
The regulatory advisory group has key deliverables to achieve on yearly basis. This would include the
Proposal of some guidelines such as, but not limited to: crowdfunding, eKYC and CDD, DLT & blockchain, crypto assets, as well as
cyber resilience guidelines.
Technical Advisory Group
A Technical Advisory Group will emerge from the WG members to map the current financial innovation, so that
to
support building capacity and knowledge sharing on technical aspects of the Fintech industry. The group
comprises members from Arab central banks and monetary authorities in addition to
regional and international experts.
The Technical advisory group has key deliverables to achieve on yearly basis. This would include, but not limited to, among
other
targets, mapping DLT & Blockchain technologies, exploring the current landscape for Banking Developments
(including open banking & PSPs), monitor the evolution of central banks digital currencies to assess their
suitability and impact on financial stability and monetary policy.
Executive Committee Composition
| Executive Committee Members | Title |
|---|---|
|
HE. Younis Haji Alkhouri |
Undersecretary- Ministry of Finance - UAE |
|
Eng. Ayman Hussein |
Sub Governor – Central Bank of Egypt |
|
Dr. Waheed Al Qassim |
CEO – Bahrain Association of Banks |
|
Mrs. Dorra Marrakchi |
Central Bank of Tunisia |
|
Dr. Harish Natarajan |
Lead Financial sector Specialist, Lead Payments’ Global Working Team, WBG |
|
GIZ |
GIZ |
Executive Committee Mandate
An executive committee to be established to oversee the working group action plan, its performance, and to the follow up on a specified set of targets that have been determined on a yearly plan basis and its achievements.