KUWAIT CITY, Sept. 23 -- Kuwait held on Monday an international banking conference with focus on challenges facing the global economy.
At the conference, themed "Shaping the Future," Mohammad Al-Hashel, Central Bank of Kuwait's (CBK) governor, said that banking industry is encountering challenges foremost global economy's uncertainties, financial technology revolution and meeting customers' needs and expectations.
"Global economy was facing intensifying headwinds, and the financial industry was at a cross-road which required exploration of new service methods," he noted.
Addressing the challenges facing global economy, he said that the International Monetary Fund (IMF) twice lowered its global growth projections for 2019 to 3.2 percent, with developed economies expected to grow at a much slower rate of 1.9 percent.
"A key driver of this slowdown is economic uncertainty brought about by rising trade tensions and protectionist policies," he noted, adding that "if trade tensions continue, the IMF may further revise down its economic growth projections."
Meanwhile, he said the latest digital technologies were transforming the economic landscape and were disrupting many traditional industries along the way.
While banks can potentially manage onslaught by financial technology firms, the real challenge will be posed by the Big Techs.
Another challenge, said Al-Hashel, was the fact that financial industry should meet rapidly shifting customer needs and expectations.
"Banks have battles to fight in order to added value and efficiency to their services," he added.
The conference attracts a wide range of economic figures from Kuwait's banks, regulatory and supervisory bodies, high-level executives in banking sector and international credit rating agencies, as well as international organizations and standards bodies, banking experts and representatives of financial technology companies from around the world.
马克龙访美 伊朗、叙利亚和贸易是重大议题
体坛英语资讯:Chinese womens basketball team gear up for Asian Cup at Canberra training camp
联合国安理可能会派人前往缅甸和孟加拉国视察
美联邦法官裁定DACA必须继续
川普与安倍两天会谈未达贸易协议
国内英语资讯:China, Singapore agree to enhance BRI, trade cooperation
消费者组织:脸书人脸识别软件侵犯隐私权
国内英语资讯:Premier Li urges efforts to promote stable economic growth, improve peoples livelihood
偷拿厕纸、烟灰缸?这些年从白金汉宫“顺手牵羊”的名人可真不少
美司法部长塞申斯宣布对非法入境“零容忍”政策
白宫医生放弃退伍军人事务部部长提名
体坛英语资讯:Feature: No Barcelona revenge for Dortmunds Alcacer
川普总统称将向美墨边界派遣军队
研究:动物玩具广受青睐实际对野生动物有害
美法院裁定司法部不得切断对“庇护城市”的拨款
脸书5000万用户信息泄露 扎克伯格发声明认错
川普总统及夫人在白宫举办复活节滚彩蛋活动
体坛英语资讯:Varene: we tried to ignore Neymar transfer rumors
国内英语资讯:Xis article on ecological protection, development of Yellow River basin to be published
前渔船船长排污向太平洋排放油污水罪名成立