On Demand: Spearheading digital innovation and cross-border payments: the Arab CBDC conference

Covid-19 and changes in global trade trends are accelerating the region’s focus on fintech and digital payments. With consumer trends and the rate of the decline of cash varying across the region, governments are exploring different priorities, from bolstering new sector needs to combatting financial exclusion. This panel explored national retail payment and digital currency strategies across the region. It addressed the shift from a bank-centric model, the need for retail CBDCs and the overlap with legacy systems, as well as the expansion of instant payment systems.

Abdulwahid Janahi is chief executive officer of BENEFIT, Bahrain’s electronic network for financial transactions. He joined in 2005 with 34 years’ experience in the financial industry, covering marketing, telecommunications and business development. He has a BSc in focus and marketing from St Edward University in Texas, US, and an MBA from the University of Bahrain.

Bilaterally agreed correspondent banking networks and remittances remain expensive and slow with the lack of standardisation hindering further economic integration. Project Buna, a multi-currency payments platform, aims to address these challenges by bringing together the markets of the Gulf Co-operation Council, Middle East and North Africa for all intraregional payments. This panel explored the potential for pan-regional cross-border payments and developments in financial market infrastructures.

A wholesale CBDC could transform interbank settlement, offering speed, resilience and cost efficiency. However, innovative payments solutions, platforms and upgrades are in development which do not require a wholesale CBDC. This panel explored the potential for domestic and cross-border wholesale CBDCs in the region, discussing when and how new innovations are needed, the role of blockchain and private sector settlement instruments in improving wholesale payments and the importance of interoperability.

Emmanuel Givanakis is the chief executive officer of the Financial Services Regulatory Authority of Abu Dhabi Global Market. He oversees the financial services regulatory framework that governs the activities of ADGM and its registered entities. Givanakis joined ADGM in October 2014 as the head of policy and legal, overseeing the establishment of ADGM’s legislative framework, which was a pivotal step in the creation of ADGM as an international financial centre. He also manages the enforcement function of the FSRA.

Anca Bogdana Rusu is head of strategic partnerships, policy and advocacy at cLabs, working on Celo. She joined cLabs after having spent over eight years at the World Bank and International Finance Corporation focused on financial inclusion and fintech. She has worked both with regulators and public authorities, as well as with private sector institutions on digital financial services in emerging markets in Africa, Latin America and Europe. Prior to joining the World Bank, she worked in economic research, consulting and the non-profit sectors. Rusu serves as an expert for the European Blockchain Observatory and Forum and as executive committee member for Global Impact Fintech. She represents cLabs in its interactions with United Nations agencies, the Alliance for Financial Inclusion and government agencies looking to deploy solutions on blockchain. She holds degrees in economics from the Academy of Economic Studies, Bucharest, and a master’s in public policy from Georgetown University.

Ghady Rayess is the co-founder and managing partner of FOO, a leading fintech technology provider in Europe, the Middle East and Africa. FOO enables banks and financial institutions to roll out innovative products to markets quickly. Rayess is passionate about transforming the financial and payments system to a friendlier, more secure and accessible ecosystem by combining the right technology, policies and product design. He holds a master’s degree in information networking from Carnegie Mellon University.