With a value of $ 20 trillion, “Arab banks” launch a campaign to spread the digital economy platform

The Union of Arab Banks (UAB), the Arab Information Technology Organization (AICTO), the General Arab Insurance Union, the Arab Union for the Digital Economy, and the Global Alliance for Effective Logistics have announced the launch of a balanced global governance campaign that includes the regions of Europe, the Americas, Asia, the Middle East and Africa, to organize the deployment of the digital economy platform Multidimensionality (MDDEAS®).

This program is represented by 13 technology companies in the world that deploy innovative platform applications and features at a free cost to end users in the B2B trading market. These applications generate advanced levels of high-quality big data that drive an innovative global registration system to reduce risks, while enabling e-commerce and finance companies And national insurance with more transparency and efficiency, thus expanding services.

The platform is expected to create a new digital services industry worth $ 20 trillion by 2031. In order to ensure globally balanced management of the platform’s rollout, industry unions in the Middle East will engage peer associations in Europe, Asia and the Americas to join the respective regional councils.

G20 adopts more than 200 digital initiatives

Samuel Salloum, president of the Global Logistics Alliance for the Effective Scope of the Digital Economy Platform, said that public-private partnerships in the G20 forums in 2015 contributed to the G20 leaders’ acceptance of the digital economy as a key policy towards sustainable economic growth, as countries followed The G20 has more than 200 digital initiatives as diverse as artificial intelligence, blockchain and the internet of things – all of which are important units but have not achieved the economic impact needed to drive global economic growth does not float.

He pointed to the need to deploy the platform to improve the efficiency of all participants in the value chain through the $ 168 trillion fragmented B2B trade, which is the mother of all industries.

Wissam Hassan Fattouh, secretary general of the Union of Arab Banks, said the benefits of the multidimensional digital economy application platform for the financial industry, given that, “according to the Asian Development Bank and the Bank for International Settlements, only 5- Today, 8% of global B2B trade spending is financed. ”

The platform will provide opportunities for banks worth $ 7.5 trillion

He explained that the platform’s applications capture unprecedented levels of real-time validated B2B trading data for the financial industry to reduce underwriting and transaction risks, reduce asset recovery and the burden of regulatory compliance, as these benefits will provide banks with an expected opportunity in the $ 7.5 trillion financial market by 2031 and expanding financial inclusion for small and medium-sized businesses.

A trillion dollars in the insurance sector earned from the platform

In turn, dr. Shakib Abu Zaid, Secretary-General of the Arab General Insurance Federation, explains that the insurance sector enjoys great benefits by integrating the platform with B2B trading participants, providing the required real-time and high-quality data needed. to improve the visibility and efficiency of value chains, as the insurance industry could then reduce operational and financial risks and potentially attract $ 1 trillion in new gross written premiums by 2031.

Then engineer dr. Mohammed bin Omar, Secretary General of the Arab Organization of Information Technology, describes one of the features of the advanced platform, noting that it includes AxioScore®, a dynamic and objective measure of business performance and risk, and uses include artificial intelligence, blockchain and big data analysis to leverage unprecedented levels of high accuracy and quality data obtained through the platform.

$ 12 trillion e-commerce profit

He noted that AxioScore® dynamically facilitates decision-making, drives action with confidence and delivers higher conversion rates from seeing an online product or service to acquisition, and welcomes the opportunity to generate $ 12 trillion in new e-commerce revenue by 2031 through the platform .

After that, dr. Ali El-Khoury, President of the Arab Federation for the Digital Economy, gave an insight into the need for a balanced global management of the digital economy.

He explained that the data-based digital economy can restore balance in the global economy and achieve sustainable economic growth, and that the global governance structure to deploy the platform in a geopolitically balanced and non-monopolistic manner while providing data privacy and security maintained, reflects the recent Digital Economy report released by the United Nations Conference on Trade and Development 2021, which states that a global approach to data management is needed to achieve economic benefits for all.

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