CLASSIFICATION OF MODERN FINANCIAL TECHNOLOGIES IN ARAB COUNTRIES (FINXAR)

UDC 338.12
DOI: 10.36871/ek.up.p.r.2023.11.05.006

Authors

Asaad Hameed Hamzah Albudairi,
Plekhanov Russian University of Economics

Abstract

The article discusses the classification of financial technologies and its subject area of research. Describes the significant acceleration of the digitalization process of the modern global financial industry and the tendency to develop and provide financial products and services with minimal cost and effort and to meet the needs of consumers and financial institutions. The article draws on the efforts of the Arab Monetary Fund, which launched a special index (FinxAr) to measure the level of digitalization of finance by establishing a system (indicator) for each axis. With its help, we analyze the level of each axis in Arab countries to determine its strengths and weaknesses.

Keywords

digital transformation, digital services, infrastructure, Arab countries, FinxAr, digital payments.