UAB, UAC and INSME issue digital economy guidelines with GCEL

To re-energize the banking industry and jump-start the global economy

  
UAB, UAC and INSME issue digital economy guidelines with GCEL

GENEVA - International organizations released Ten Digital Economy Guidelines in alignment with the G20 Leaders’ policy directives that aim at securing sustainable economic growth. The Guidelines were adopted by the Union of Arab Banks (UAB), Union of Arab Chambers (UAC), International Network for SMEs (INSME), and the Global Coalition for Efficient Logistics (GCEL) to set the foundation for successfully implementing the Digital Economy.

The Digital Economy has been a key G20 policy directive since 2015. However, until today, no one has defined the Digital Economy, nor how it can be deployed to rebalance and grow the high, mid and low-income economies.

Following 15 years of R&D on digitizing the global economy, an international Coalition is leading a global economic development program that digitally “Jump Starts” national economies and their trade partners through a Digital Economy Platform (DEP). This Coalition involves the public sector representing 75% of the world's citizens. The Coalition will also involve the private sector comprised of the world's leading technology, e-commerce, finance, and insurance firms with USD 1.5 trillion revenues and a 4.7 million workforce.

These organizations will be united to deliver the DEP that maximizes the power of what technology makes possible today to reduce excess trade costs by USD 4.8 trillion, increase goods trade by USD 6.3 trillion, and create more than 400 million jobs by 2030.

Mr. Wissam Fattouh, UAB Secretary-General, commented on the benefits for the financial industry, “The DEP tools will better integrate banks to the B2B marketplace through the use of dynamic, high quality, and validated data. Our members will have greater transparency to reduce risks, ease regulatory compliance burdens and realize a new USD 7.5 trillion financial services market opportunity by 2030.”

This global program transforms the manufacturing, agriculture and services sectors by digitizing the value chains in 6 steps: 1) Create an online digital catalog of goods and services globally, 2) Optimize matching of buyers with sellers, 3) Increase the conversion ratio from seeing a product or service to acquisition, 4) Provide digital financing, 5) Secure digital Insurance, and 6) Deliver digital logistics and operations tools for business transactions.

Dr. Sergio Arzeni, INSME President and former OECD Director of the Centre for Entrepreneurship, exclaimed: “To ensure global adoption, the DE must be free of cost to end users, especially benefiting SMEs, yet sustained by a unique business model.”

The program offsets monopolistic and geopolitical concerns by empowering national e-commerce, finance and insurance firms to expand services and realize a new USD 20.5 trillion digital services market opportunity by 2030.

Dr. Khaled Hanafy, UAC Secretary-General, remarked, “The Digital Economy must encompass a global scoring mechanism that enables all users to perform an objective evaluation of performance risk when making business decisions.”

Captain Samuel SalloumGCEL Chairman, commented that the Digital Economy must be based on a comprehensive solution, “The real Digital Economy provides seamlessly integrated commerce, finance, insurance, and logistics/operations verticals, which represent the main pillars of the B2B market place, the mother of all industries.”

The Ten Digital Economy Guidelines were developed to serve as the foundation for any future initiative related to the implementation of the Digital Economy. The Guidelines followed completion of the G20 Nations Case Study with 90 ministries, IGOs/NGOs, academia, and private sector experts representing 80% of the global GDP. Nearly 95% of the G20 B2B participants defined the digital tools they need to be more competitive.

Contacts
Press
GCEL
Gregory D. Bird
Deputy Secretary-General
g.bird@gcel.net 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases