--> --> r
The current wave of global market volatility leads to the global financial services industry outlook to be set for a period of uncertainty due to the rising of geopolitical risks and policy uncertainty in major economies. Since the Middle East & Africa are considered promising and growing markets in the world today, but the geopolitical risk in the region will remain elevated due to the current political conflicts. Therefore, the financial services sector in this region is in the middle of an overwhelming reform process with all the changes taking place politically and economically.
Meantime, 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 process aiming for more secured 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.
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, bringing together key decision makers from financial institutions and new market players to discuss the current wave of the global market volatility and trade tension and uncertainty. The discussion is designed aiming to highlight the challenges in the marketplace and how to overcome them.
Key focus areas include: