ICD event discusses ways to promote cross-border disruptive financial services
The Islamic Society for the Development of the Private Sector (CIM) (www.ICD-ps.org), member of the Islamic Development Bank Group (BIDBG), organized a side event entitled “Role of CIMThe Bridge platform in the digitization and restoration of businesses after COVID-19 pandemic ”September 3, 2021.
CIM the goal behind the event was to play a leading role, especially in the post-COVID-19, in the promotion of innovations and cross-border financial services that accelerate the financial recovery of targeted individuals and SMEs through an efficient and rapid deployment of emerging trends driven by key FinTech players in sectors such as ” digitization “,” Open Banking “,” Blockchain “, and” Big Data “,” Cloud Services “and” NeoBanks “.
CIM also aimed to update solution providers and implementers with the latest regulations and policy updates. Besides, CIM also sought out valuable recommendations that enable expansion and cross-border solutions, while establishing new businesses and partnerships that facilitate post-disaster recovery.COVID resilience and prosperity for all.
Among the themes addressed by the event were the challenges and opportunities related to the cross-border expansion of FinTech, efficient and rapid deployments of emerging trends in FinTech, highlighting Fintech sectors such as’ digitization ‘,’ Open Banking “,” Blockchain “and” “Big Data”, “Cloud Services” and “NeoBanks”; in addition to the development of new and innovative solutions by FinTech startups to overcome the financial challenges faced by individuals and SMEs and the new financial regulations recently announced by financial authorities.
In his opening remarks, Mr. Ayman Sejiny, the CEO of CIM, said: “Today, millions of people around the world perform a wide variety of financial transactions through their smartphones without the need to visit a bank branch. New financial products and mobile wallets targeting low-income households are emerging in Africa and Asia. The technology makes it possible to carry out virtually any type of financial transaction – savings, payment, credit – in remote villages using smartphones. FinTechs can accelerate financial inclusion, especially for poor people around the world.
He also said: “We all need to understand and be prepared to accept the disruption and innovation that technology brings into our lives.”
He further underlined the importance of Fintech to achieve financial inclusion goals. “Fintech solutions deliver more effective results compared to separate networks of public institutions and international development organizations. Emerging FinTech-based ecosystems are accelerating access to finance, expanding and monetizing digital footprints. Now, financial inclusion is well served.
Six FinTech Founders and CEOs contributed to this event to highlight their own experiences regarding the challenges and opportunities for expansion in CIM member countries.
Additionally, the session updated the audience with recent and emerging trends related to digitization and the blockchain industry with a view to fostering cross-border expansion for all.
The panelists also touched on the evolution of individuals and businesses when it comes to saving money, making payments, investing and borrowing, while confirming that Fintech solutions currently available allow practically any type of financial transaction – savings, payment, financing. – in remote villages with the use of smartphones. It is evident that FinTech solutions can encourage cross-border financial services with ease and reliability.
At the end of the event, Mr. Sejiny awarded the winners of his international financial innovation competition entitled “CIM‘s Finnovation Award 2020 in the presence of numerous government officials, business leaders of financial institutions, FinTechs entrepreneurs, businessmen and development practitioners attended the event.
“The Finnovation Award recognizes the ideas, inspiration and leadership of financial institutions that contribute to the improvement of the financial sector,” said Mr. Sejiny. “Showcase innovative solutions that have been successfully implemented in one member country and that have the potential to be replicated in other member countries,” he added.
The winners announced for 2020 include:
- An innovation solution from Alif Bank of Tajikistan entitled “E-wallet alif.mobi, Salom retail loan card”;
- An innovative solution from the Islamic Bank of Maldives titled “Lifestyle Finance to Meet Consumer Demand”;
- An innovation solution from Saudi Arabia’s Bidaya Home Finance titled “Data Driven Marketing Campaigns”;
- An innovation solution from Green Delta Capital Limited of Bangladesh titled “GD Planner”; and
- An Innovation solution from Wifak International Bank of Tunisia entitled “The Plus Card and the Salary Card ++”.
These innovations deserved to be recognized and rewarded because they encourage other financial institutions to view innovation as the main driver of growth and sustainability in a rapidly changing age.
This award is presented and sponsored by CIM continue to support the growth and sustainability of the financial sector in order to collaborate in the achievement of development goals and objectives. CIM encourages all financial institutions with highly distinguished innovations to participate in the 2nd edition of CIM‘s global Finnovation Award which will be launched in the fourth quarter of 2021. For more information, please visit the Finnovation Award website at www.innovativeFIs.net.
Distributed by APO Group on behalf of the Islamic Society for Private Sector Development (CIM).
The Islamic Society for the Development of the Private Sector (CIM) is a multilateral development finance institution and is a member of the Islamic Development Bank Group (IDB). CIM was established in November 1999 to support the economic development of its member countries by providing finance for private sector projects, fostering competition and entrepreneurship, providing advisory services to governments and private companies and encouraging cross-border investment. CIM is rated A2 ‘by Moody’s,’ A- ‘by S&P and A + by Fitch. CIM establishes and strengthens cooperation and partnership relations with the aim of establishing common or collective funding. CIM also applies financial technology (Fintech) to make financing more efficient and comprehensive. For more information visit: www.icd-ps.org