The Administrative, Financial, and Technological Requirements for the Success of the Financial Technology Industry in the Arab Countries

Authors

Yusuf Abu Fara, Al-Quds Open University - PalestineFollow
Sharif Abukarsh, Arab American UniversityFollow

Abstract

This study aimed at identifying the requirements of the success of financial technology industry in the Arab countries. The use of technology in financial transactions began a long time ago; for example, the ATM technology has been in services since 1967. Recently, the use of technology has expanded significantly in many financial areas. In recent years (especially since 2014), the term financial technology has spread as a new term in the world of finance and business. The financial technology has significant and clear effects on the methods of providing financial services and payment processes, virtual currencies and others. It also provides creative services and innovative improvements in various fields and functional areas, such as wealth and asset management, investment, savings and lending, insurance and finance, account management, financial planning, electronic payments, money transfer and business operations, etc.

The study identified a set of requirements of the success of financial technology in the Arab countries, the most important of which are: the effective use of the applications of the blockchain technology in the financial sectors, providing cyber-security to financial technology industry, providing digital identification services for each customer, providing and using artificial intelligence technology and Big Data processing technology, providing robot-advisers services, developing the automated transfer of funds, developing the InsurTech technology and wealth management technology, providing appropriate e-payment methods and exchange systems to provide financial with adequate liquidity (adequate liquidation of operational and strategic operations), providing regulatory and legislative environment that facilitates the work of the financial technology industry, enacting legislations to support them, supporting technological development processes, intensifying electronic promotion of financial technology industry and deepening conviction in its financial and investment role, enabling information technology to achieve interaction between customers and financial technology industry.

Recommended Citation

Abu Fara, Yusuf and Abukarsh, Sharif (2023) "The Administrative, Financial, and Technological Requirements for the Success of the Financial Technology Industry in the Arab Countries," Journal of the Arab American University مجلة الجامعة العربية الامريكية للبحوث: Vol. 9: Iss. 1, Article 7.
Available at: https://digitalcommons.aaru.edu.jo/aaup/vol9/iss1/7