{"id":3168,"date":"2024-07-17T00:39:10","date_gmt":"2024-07-16T21:39:10","guid":{"rendered":"https:\/\/arab-forum.org\/?post_type=project&p=3168"},"modified":"2025-01-11T16:19:45","modified_gmt":"2025-01-11T14:19:45","slug":"summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community","status":"publish","type":"project","link":"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/","title":{"rendered":"Summary of Workshop to Promote Financial Technology and Innovation in the Arab Community"},"content":{"rendered":"

Bar-Lev Hi-Tech, October 12, 2021<\/span><\/strong><\/p>\n

Introduction<\/span><\/strong><\/h3>\n

The <\/span>Israeli FinTech Community<\/span><\/strong>, <\/span>Arab Economic Forum<\/span><\/strong>, <\/span>Korat Funds for Economic Development<\/span><\/strong>, <\/span>Israeli Forum for the Advancement of the Economy<\/span><\/strong>, <\/span>Impact<\/span><\/strong>, and the <\/span>Small and Medium Enterprises Agency at the Ministry of Economy<\/span><\/strong> collaborated to promote the adoption and development of financial technology (FinTech) solutions in the Arab community in Israel. This initiative aims to reduce economic gaps and address barriers to integrating the Arab population into Israel\u2019s economy, particularly given the digital transformation of the banking system over the past decade.<\/span><\/p>\n

Financial inclusion<\/span><\/strong> through technology is a proven method of enabling access to financial services for underserved populations, including those without accounts in traditional financial institutions (<\/span>unbanked<\/span><\/em>) and those with limited access to financial services (<\/span>underserved<\/span><\/em>).<\/span><\/p>\n

The <\/span>World Bank<\/span><\/strong> defines financial inclusion as:<\/span><\/p>\n

\u201cBusinesses and individuals having access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit, and insurance – delivered in a responsible and sustainable manner.\u201d<\/strong><\/p>\n

This definition includes four key components:<\/span><\/p>\n

    \n
  1. Accessibility:<\/span><\/strong> The ability to open a bank account.<\/span><\/li>\n
  2. Affordability:<\/span><\/strong> Financial services that are cost-effective for users.<\/span><\/li>\n
  3. Ease of Use:<\/span><\/strong> Availability of essential financial products and services.<\/span><\/li>\n
  4. Distribution:<\/span><\/strong> Delivery of services in a responsible and accessible manner.<\/span><\/li>\n<\/ol>\n

    Additionally, financial inclusion must address the <\/span>unique needs of various population groups<\/span><\/strong> to ensure effectiveness.<\/span><\/p>\n

    Studies have shown that FinTech can promote financial inclusion by enhancing financial mobility and enabling individuals to exercise their economic rights through digital tools. <\/span>This<\/span> includes using electronic systems for payments, accessing government benefits like tax refunds, and participating in advanced financial activities such as loans, savings, and investments.<\/span><\/p>\n

    FinTech and Sustainable Development Goals (SDGs)<\/span><\/strong><\/h3>\n

    There is growing recognition of FinTech\u2019s role in advancing the <\/span>United Nations Sustainable Development Goals (SDGs)<\/span><\/strong>, including reducing poverty and inequality, promoting gender equality, and improving environmental sustainability. This potential highlights the importance of FinTech as a tool for economic and social development.<\/span><\/p>\n

    Workshop Overview<\/span><\/strong><\/h3>\n

    The workshop in October 2021 focused on promoting FinTech and financial innovation within the Arab community. Participants included representatives from FinTech institutions, associations, business organizations, banks, and regulatory bodies.<\/span><\/p>\n

    Key discussion points included:<\/span><\/p>\n

      \n
    1. Financial and Technological Literacy: <\/span><\/strong>Assessing the level of literacy in light of the digital transformation and the cultural and social dynamics of Arab society.<\/span><\/li>\n
    2. Data Availability: <\/span><\/strong>Opportunities to collect and analyze data on internet usage, banking applications, and FinTech solutions.<\/span><\/li>\n
    3. Payment Methods: <\/span><\/strong>Examining usage rates of cash, credit cards, e-wallets, payment apps, and online banking in the Arab community.<\/span><\/li>\n
    4. Language Barriers: <\/span><\/strong>Addressing the Hebrew language as a barrier to FinTech adoption.<\/span><\/li>\n
    5. Religious Factors: <\/span><\/strong>Understanding how religious beliefs and Sharia rulings influence the consumption of financial services.<\/span><\/li>\n
    6. Alternative Financial Services: <\/span><\/strong>Exploring solutions for groups with limited access to traditional banking services, such as postal bank accounts and loans from associations.<\/span><\/li>\n
    7. Digital Wallet Adoption: <\/span><\/strong>Investigating the use of digital wallets among foreign workers in Israel and their potential adoption in the Arab community.<\/span><\/li>\n
    8. Financial Behavior: <\/span><\/strong>Distinguishing between personal and commercial financial behaviour among families running small businesses.<\/span><\/li>\n<\/ol>\n

      Identified Barriers to Financial Services Access<\/span><\/strong><\/h3>\n

      Participants highlighted the following obstacles hindering access to financial services in the Arab community:<\/span><\/p>\n

        \n
      1. Lack of Trust: <\/span><\/strong>High<\/span> levels of mistrust in the financial system, with many people lacking bank accounts.<\/span><\/li>\n
      2. Preference for Cash: <\/span><\/strong>Widespread reliance on cash over digital payment methods such as credit cards, payment apps, and e-wallets.<\/span><\/li>\n
      3. Reliance on Human Interaction: <\/span><\/strong>Preference for human-assisted services over digital tools.<\/span><\/li>\n
      4. Language Barriers: <\/span><\/strong>The Hebrew language poses a cultural barrier, especially in terms of understanding instructions or filling out forms.<\/span><\/li>\n
      5. Limited Access to Credit: <\/span><\/strong>Difficulty accessing bank credit, leading to reliance on non-bank credit sources.<\/span><\/li>\n
      6. Blurred Financial Boundaries: <\/span><\/strong>Overlapping personal and business financial management among families operating small businesses.<\/span><\/li>\n
      7. High Banking Costs: <\/span><\/strong>Expensive banking services reduce affordability and accessibility.<\/span><\/li>\n
      8. Non-Bank Credit: <\/span><\/strong>Creditworthiness <\/span>is often assessed<\/span> without considering non-bank credit that has <\/span>been successfully repaid<\/span>.<\/span><\/li>\n<\/ol>\n","protected":false},"featured_media":5206,"template":"","project_cat":[273,271],"class_list":["post-3168","project","type-project","status-publish","has-post-thumbnail","hentry","project_cat-fintech-promotion","project_cat-workshops-and-lectures"],"yoast_head":"\nSummary of Workshop to Promote Financial Technology and Innovation in the Arab Community - The Arab Economic Forum<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Summary of Workshop to Promote Financial Technology and Innovation in the Arab Community - The Arab Economic Forum\" \/>\n<meta property=\"og:description\" content=\"Bar-Lev Hi-Tech, October 12, 2021 Introduction The Israeli FinTech Community, Arab Economic Forum, Korat Funds for Economic Development, Israeli Forum for the Advancement of the Economy, Impact, and the Small and Medium Enterprises Agency at the Ministry of Economy collaborated to promote the adoption and development of financial technology (FinTech) solutions in the Arab community […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/\" \/>\n<meta property=\"og:site_name\" content=\"The Arab Economic Forum\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/arabeconomicforum\/\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-11T14:19:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/arab-forum.org\/wp-content\/uploads\/2024\/07\/group-business-people-suits-were-sitting-aro-1719088963-2-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/\",\"url\":\"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/\",\"name\":\"Summary of Workshop to Promote Financial Technology and Innovation in the Arab Community - The Arab Economic Forum\",\"isPartOf\":{\"@id\":\"https:\/\/arab-forum.org\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/arab-forum.org\/wp-content\/uploads\/2024\/07\/group-business-people-suits-were-sitting-aro-1719088963-2-scaled.jpg\",\"datePublished\":\"2024-07-16T21:39:10+00:00\",\"dateModified\":\"2025-01-11T14:19:45+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/#primaryimage\",\"url\":\"https:\/\/arab-forum.org\/wp-content\/uploads\/2024\/07\/group-business-people-suits-were-sitting-aro-1719088963-2-scaled.jpg\",\"contentUrl\":\"https:\/\/arab-forum.org\/wp-content\/uploads\/2024\/07\/group-business-people-suits-were-sitting-aro-1719088963-2-scaled.jpg\",\"width\":2560,\"height\":1707,\"caption\":\"A group of business people in suits were sitting aro 1719088963 2\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"HOME\",\"item\":\"https:\/\/arab-forum.org\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Project\",\"item\":\"https:\/\/arab-forum.org\/en\/project\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"workshops and lectures\",\"item\":\"https:\/\/arab-forum.org\/en\/project_cat\/workshops-and-lectures\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Summary of Workshop to Promote Financial Technology and Innovation in the Arab Community\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/arab-forum.org\/en\/#website\",\"url\":\"https:\/\/arab-forum.org\/en\/\",\"name\":\"The Arab Economic Forum\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/arab-forum.org\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Summary of Workshop to Promote Financial Technology and Innovation in the Arab Community - The Arab Economic Forum","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/","og_locale":"en_US","og_type":"article","og_title":"Summary of Workshop to Promote Financial Technology and Innovation in the Arab Community - The Arab Economic Forum","og_description":"Bar-Lev Hi-Tech, October 12, 2021 Introduction The Israeli FinTech Community, Arab Economic Forum, Korat Funds for Economic Development, Israeli Forum for the Advancement of the Economy, Impact, and the Small and Medium Enterprises Agency at the Ministry of Economy collaborated to promote the adoption and development of financial technology (FinTech) solutions in the Arab community […]","og_url":"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/","og_site_name":"The Arab Economic Forum","article_publisher":"https:\/\/www.facebook.com\/arabeconomicforum\/","article_modified_time":"2025-01-11T14:19:45+00:00","og_image":[{"width":2560,"height":1707,"url":"https:\/\/arab-forum.org\/wp-content\/uploads\/2024\/07\/group-business-people-suits-were-sitting-aro-1719088963-2-scaled.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/","url":"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/","name":"Summary of Workshop to Promote Financial Technology and Innovation in the Arab Community - The Arab Economic Forum","isPartOf":{"@id":"https:\/\/arab-forum.org\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/#primaryimage"},"image":{"@id":"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/#primaryimage"},"thumbnailUrl":"https:\/\/arab-forum.org\/wp-content\/uploads\/2024\/07\/group-business-people-suits-were-sitting-aro-1719088963-2-scaled.jpg","datePublished":"2024-07-16T21:39:10+00:00","dateModified":"2025-01-11T14:19:45+00:00","breadcrumb":{"@id":"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/#primaryimage","url":"https:\/\/arab-forum.org\/wp-content\/uploads\/2024\/07\/group-business-people-suits-were-sitting-aro-1719088963-2-scaled.jpg","contentUrl":"https:\/\/arab-forum.org\/wp-content\/uploads\/2024\/07\/group-business-people-suits-were-sitting-aro-1719088963-2-scaled.jpg","width":2560,"height":1707,"caption":"A group of business people in suits were sitting aro 1719088963 2"},{"@type":"BreadcrumbList","@id":"https:\/\/arab-forum.org\/en\/project\/summary-of-a-workshop-to-promote-financial-technology-and-financial-innovation-in-the-arab-community\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"HOME","item":"https:\/\/arab-forum.org\/en\/"},{"@type":"ListItem","position":2,"name":"Project","item":"https:\/\/arab-forum.org\/en\/project\/"},{"@type":"ListItem","position":3,"name":"workshops and lectures","item":"https:\/\/arab-forum.org\/en\/project_cat\/workshops-and-lectures\/"},{"@type":"ListItem","position":4,"name":"Summary of Workshop to Promote Financial Technology and Innovation in the Arab Community"}]},{"@type":"WebSite","@id":"https:\/\/arab-forum.org\/en\/#website","url":"https:\/\/arab-forum.org\/en\/","name":"The Arab Economic Forum","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/arab-forum.org\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/arab-forum.org\/en\/wp-json\/wp\/v2\/project\/3168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arab-forum.org\/en\/wp-json\/wp\/v2\/project"}],"about":[{"href":"https:\/\/arab-forum.org\/en\/wp-json\/wp\/v2\/types\/project"}],"version-history":[{"count":9,"href":"https:\/\/arab-forum.org\/en\/wp-json\/wp\/v2\/project\/3168\/revisions"}],"predecessor-version":[{"id":4249,"href":"https:\/\/arab-forum.org\/en\/wp-json\/wp\/v2\/project\/3168\/revisions\/4249"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/arab-forum.org\/en\/wp-json\/wp\/v2\/media\/5206"}],"wp:attachment":[{"href":"https:\/\/arab-forum.org\/en\/wp-json\/wp\/v2\/media?parent=3168"}],"wp:term":[{"taxonomy":"project_cat","embeddable":true,"href":"https:\/\/arab-forum.org\/en\/wp-json\/wp\/v2\/project_cat?post=3168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}