UAB AND GCEL SIGN STRATEGIC AGREEMENT TO ADVANCE THE DIGITAL ECONOMY
March 05, 2015
On March 5, 2015, the Union of Arab Banks (UAB) and GCEL signed a Memorandum of Understanding (MOU) during the 5th Arab-Turkish Economic Dialogue (UAB G20/B20 Conference) in Istanbul, marking an important step toward advancing the Digital Economy Platform (DEP).
The agreement was signed by Mr. Wissam Fattouh, Secretary General of the UAB, and Tan Sri Abdul Rahman Mamat, Chairman of GCEL Asia, on behalf of GCEL Co-Chairman Captain Samuel Salloum. The signing took place in the presence of H.E. Cavit Dağdaş, Acting Undersecretary of Treasury and G20 Turkey Finance Deputy, and H.E. Dr. Ahmed Mohamed Ali, President of the Islamic Development Bank Group.
The MOU also provided for UAB’s participation in the Integrated Digital Economy Advisory Board alongside regional banking associations from Europe, Africa, Asia, and the Americas.
The Digital Economy Platform integrates key components of global trade, including e-Commerce, e-Finance, e-Insurance, e-Logistics, and e-Grants, creating opportunities to improve trade efficiency, expand access to financial services, and stimulate economic growth.
The initiative also supports better trade visibility, more effective logistics planning, optimized infrastructure utilization, and improved investment decision-making through the use of advanced digital technologies. The platform is expected to contribute to a new digital financial services market opportunity valued at approximately USD 5 trillion.
