The Union of Arab Banks (UAB) signed a Memorandum of Understanding (MOU) with GCEL at the 5th Arab-Turkish Economic Dialogue (UAB G20/B20 Conference) in Istanbul on March 5, 2015. This MOU triggers a new USD 5 trillion financial services market opportunity through empowering the Digital Economy Platform (DEP).
The MOU was signed by Mr. Wissam Fattouh, UAB Secretary General and Tan Sri Abdul Rahman Mamat, GCEL Asia Chairman on behalf of Captain Samuel Salloum, GCEL Co-Chairman. This MOU was signed in the presence of the Acting Undersecretary of Treasury and G20 Turkey Finance Deputy, H.E. Mr. Cavit Dagdas and the President of the Islamic Development Bank Group, H.E. Dr. Ahmed Mohamed Ali. The MOU also provides for the UAB to join the Integrated Digital Economy Advisory Board alongside regional banking associations from Europe, Africa, Asia, and the Americas.
The DEP environment includes optimally performing levels of e-Commerce, e-Finance, e-Insurance, and e-Logistics, encompassing the pillars of global trade, as well as e-Grants that will drive real economic integration unleashing under commercialized and under financed markets throughout the world. This mutual cooperation is designed to implement the required roadmap to make trade more efficient by using 21st Century technology. In addition, the empowered Digital Economy can create national trade visibility to maximize logistics physical infrastructure investment returns by providing dynamic information regarding current and future trade volumes, and new tools to efficiently manage resources to avoid shipment bottlenecks, and to optimize existing logistics infrastructure and prioritize future investments.