More than 1100 terms covering various aspects of the Fintech industry
The glossary aims to pinpoint and define the Fintech terms considering the tremendous and accelerated growth of the Fintech activities
Terms are shown in three languages "English, Arabic, and French"
The terms are classified under 14 chapters to cover all aspects of financial technology
Within the framework of the Arab Monetary Fund’s eagerness to enhance the digital financial literacy in the Arab countries, and its belief in the importance of having robust reference for the terminologies of the financial technology industry, considering the significant role that the financial innovation plays in the future of financial and banking services, the Arab Monetary Fund, within the activities of the Arab Regional Fintech Working Group, has issued the second edition of the "Fintech Glossary”.
The glossary contains (14) chapters covering all the terms of financial technology, which contributes to enhancing the awareness of the financial innovations’ concepts and terminologies.
In this regard, in light of the tremendous and accelerated growth of the Fintech industry, and the great opportunities offered by the fintech industry to enhance the efficiency of financial and banking operations, it becomes important to raise the awareness of the public about the terminologies of financial innovations, in an inclusive and comprehensive manner. There is no doubt that fostering financial technology awareness will create positive impact on the future of financial and banking services in particular, and on financial stability and diversification of economic activity in general.
The glossary aims to be a gateway to introduce the terms used in various aspects of financial technology, whether in terms of business models and activities, the used technologies, the regulatory and supervisory policies and frameworks, and the institutional frameworks, through (14) chapters that are provided as follows: Artificial intelligence and machine learning, blockchain technology, cloud computing, cryptography, cyber security, data protection, digital identity, decentralized ledger technology (DLT), general terms (overlapping in industry), Insurtech, open banking operations, payments, smart contracts, and finally tokenization.
It worth mentioning that the glossary reached 1129 terms compared with 630 terms included in the first edition that was issued in December 2020.
In this occasion, His Excellency Director General Chairman of the Board of Arab Monetary Fund, Dr. Abdulrahman A. Al Hamidy, stressed the importance of the second edition due to the substantial additions included, which boost the comprehensiveness of the glossary, highlighting the need for a regular update of the glossary.
His excellency indicated that issuance of such glossary comes to confirm that developing awareness and literacy about the development in Fintech industry and digital financial services will ensure a better understanding of digital business models and how to apply these innovative technologies in the financial sector, which contributes to enhancing the efficiency of access to formal digital financial services in Arab countries. His Excellency also emphasized the increasing interest shown by their Excellencies, Governors of Arab central banks and monetary authorities, in Fintech matters and the prominent role they play as a mechanism for digital transformation in Arab countries.
A copy of the glossary can be viewed via the following link