The Middle East & Africa is considered to be one of the most promising and growing markets in the world now a days. The financial services sector in this region is in the middle of an over whelming renovation process with all the changes taking place politically and economically. The constant improvement in the populations’ awareness and education always creates challenges and complications for the financial services industry, asking for more regulatory requirements in order to achieve a better monitoring processes aiming for a more secure financial systems.
The regulatory process in the financial sector needs to continuously enhance and improve to minimize the risks providing more transparency and accountability considering its major role in economic growth. Consequently, the regulators should enhance their framework towards managing risks, increasing compliance and combating financial crimes which would lead to an elevated capital standardization and financial stability.
Moreover, with the advanced business intelligence and emerging cybersecurity technologies, the challenge for the regulators would be developing a flexible structure that would allow an elastic use of cross-borders payments and transaction banking while minimizing the risks.
Detangling the popular global financial crisis 2007-2011 required extraordinary approaches and initiatives, Congressman Barney Frank, Former Chairman of House Financial Services Committee, United States Congress was one of the sponsors of the Wall Street Reform and Consumer Protection Act, also known as the Dodd-Frank legislation, leading to financial stability council that had a huge impact in stabilising the US financial service industry and ensured the prompt recovery of the US economy.
The Middle East & Africa International Finance Dialogue is coming in November 2018 highlighting the challenges in the marketplace and how to overcome them. Bringing together key decision makers from financial institutions and new market players to discuss managing risks and contextualizing transaction banking trends for MEA region market.
Key focus areas include: