Browsing: Financial sector

• Financial technology has become an important support for the development of countries around the world.
• Digital technology, data resources, and intelligent technology can promote digitalization across the globe.
• At the global meet, experts provided insights on the opportunities and challenges of digital transformation in the financial sector within the Arab world.

Investors across the world are closely monitoring digital transformation, financial inclusion and sustainable finance trends in the Arab world. These revelations emerged as a top agenda during the just concluded Annual Investment Meeting (AIM) in Abu Dhabi, UAE.

Director and Advisor at the Secretary General Office–Union of Arab Banks Rajaa Kammouny highlighted the challenges banks within the Arab world are facing while calling for readiness to tackle future challenges. 

Digital transformation in the Arab World

Under the Digital Transformation of Financial Sectors in the Arab World and the Role of Financial Technology in Economic Diversification discussion forum, experts offered …

On March 15th this year the government announced a raft of measures to curb the pandemic brought about by COVID-19. Among the measures were that government employees and businesses were to be shut, a minimum number of people maintained and the rest to start working from home except for those providing essential services. 

 It is now five months down the line and the initial excitement that a new formula had been found of remote working from home has become a damper and many CEOs have realised it is not workable. During this time into a pandemic that rapidly reshaped how companies operate and which is nowhere in sight in ending, an increasing number of executives now say that remote work, while necessary for safety much of this year, is not their preferred long-term solution once the coronavirus crisis passes. 

Some companies had even vowed …

The second half period of 2020 has been marked with persistent bearish sentiment exacerbated by the financial performance amidst uncertainty in economic and business recovery in the pandemic era. On a year to date (YTD) basis, the NSE-20 and NASI have posted negative returns 34.2% and 22.2%, respectively. However, there have been outstanding performers that bucked the general market trend. Absa NewGold ETF (a security whose value is pegged on the value of global price of gold) is up 39.5%; Kenya Airways (+86.8%) on a buy-out fueled price rally; and Olympia Capital (+21.9%). The key index counters are all negative with the key banks (Equity, KCB and COOP) sharply lower, on average by 41% YTD while Safaricom and EABL have retreated 12.1% and 22.4% YTD, respectively.  

Also Read: Understanding Stock Market Liquidity in African Exchanges

The bearish market coupled with uncertainty around resolution of the Covid-19 pandemic, has shifted investors’ …