Algeria has joined a growing list of countries with advanced plans to digitize key sectors of the national economy, inking a collaboration with the United Nations Development Program (UNDP).
According to a report by a local news outlet, the new partnership with the UNDP will support the Algerian national digital transformation strategy, aiming to enable the wholesale deployment of emerging technologies. Signed in Algiers, High Commissioner for Digitization in Algeria, Meriem Benmouloud, and UNDP Resident Representative Natasha van Rijn met to discuss the new partnership.
Under the partnership, the UNDP will deploy resources to back Algeria’s push to introduce blockchain technology and artificial intelligence (AI) into its economy. The UNDP will provide technical and regulatory insights to develop a long-term digitization roadmap for the North African country.
Furthermore, the UNDP will support training initiatives to deepen the Algerian talent pool for emerging technologies. Apart from policy design and training initiatives, the UNDP will support efforts with funding and resource mobilization.
At the moment, Algeria has set the ball rolling with a digital transformation strategy for 2025-2026. Dubbed Phase One, the short-term plan will attempt to digitize up to 500 public and private services, serving as the foundation for an advanced blueprint for the country.
“Over 500 projects have been identified for delivery during this window,” read an official statement. “Three-quarters of these projects target improved public services, backed by monitoring and performance indicators.”
With Phase One already underway, pundits opine that the foundation for future roadmaps has been laid. Future attempts will focus on five strategic pillars, including basic infrastructure, human resources, research and development, digital economy, and digital governance.
Algeria’s end goal is to maintain national sovereignty over its digital systems while modernizing public services. Furthermore, authorities are focused on ensuring that the digital economy becomes a key contributor to Algeria’s GDP before the end of the decade.
North Africa leads the continent in digitization
Algeria is playing catch-up with its neighbors, given their first-mover advantage in integrating emerging technologies. Morocco has significant investments in blockchain and AI, targeting a GDP boost of 10% by 2030 amid rising digital payment metrics.
Meanwhile, Egypt has unveiled its digitization strategy to become the regional leader, with use cases in finance, health, and education. Egypt is eyeing the launch of a central bank digital currency (CBDC) by the end of the decade, exploring bilateral partnerships for its digital transformation push.
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Emirates Investment Bank taps Avaloq for its digital overhaul
Elsewhere, Dubai-based Emirates Investment Bank has announced a partnership with Swiss-based technology firm Avaloq to digitize its internal operations in a valiant attempt to remain at the bleeding edge of innovation.
The Emirates Investment Bank is seeking a digital overhaul of its existing systems and will extend it to its private banking, wealth, and investment management operations. The Dubai-based private bank will adopt Avaloq’s core banking software and digital wealth management solutions, improving service delivery for its clients.
An integration with Avaloq will streamline the front, middle, and back-office systems of the bank via its proprietary straight-through processing (STP) for enhanced operational efficiency. Apart from significantly cutting manual workload through advanced automation features, the partnership is also tipped to reduce operational risk.
Furthermore, Emirates Investment Bank will benefit from Avaloq’s compliance features, enabling the financial institution to seamlessly meet local and international regulatory requirements.
“With the Avaloq platform, the bank will streamline its operations with an enhanced core wealth platform, empower its front office staff through RM Workplace and enhance client experience with our Web and Mobile Banking solution,” said Akash Anand, Avaloq’s head of the Middle East and Africa.
Parties to the partnership noted that Avaloq’s open architecture will enable the bank to connect with a broad range of third-party services leaning on Community APIs. By supporting third-party services, pundits are predicting a shortened time frame for the commercial rollout of new products.
Launched in 1976, Emirates Investment Bank is listed on the Dubai Financial Market and operates as a boutique-style private bank, offering personalized wealth management and advisory services.
“Joining forces with Avaloq reflects our commitment to staying at the forefront of innovation in wealth and investment management in a growing and dynamic industry in [the] UAE,” said Emirates Investment Bank COO Anthony Jaganathan.
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The gale of digitization sweeps through financial institutions
The financial sector is ahead of the curve in embracing emerging technologies to digitize processes amid stiff competition from disruptors. Early in the year, Jamaica’s largest bank, the National Commercial Bank Jamaica Limited, unveiled plans for its own digital payment solution to improve services for consumers.
Meanwhile, US Bancorp (NASDAQ: USB) has announced the launch of a new digital assets unit to revolutionize payments and provide new investing options for customers. At the moment, one in three Kenyan banks has indicated a readiness to venture into digital assets, with regulators scrambling to introduce watertight guardrails.
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Watch: Blockchain is much more than digital assets
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Source: https://coingeek.com/algeria-partners-with-undp-for-its-national-digital-transformation/
