Four New Applications Showcased including the Systems of Licensing, Inspection, Awareness, and Presentation of Data and Statistical Reports
H.E. Eng. Sultan bin Saeed Al-Mansoori, Minister of Economy and Chairman of the Board of the Securities and Commodities Authority (SCA), visited the SCA stand at Gitex. He was received by, among others, H.E. Dr. Saif Al Zaabi, Chief Executive Officer of the SCA, and a number of department directors and section heads at the SCA.
The SCA partakes in 38th Gitex Technology Week as part of the Federal Government Entities stand which contains several federal government institutions and authorities. During Gitex, the SCA unveiled a number of technical projects and smart initiatives for the customers, including the individuals, entities, and companies supervised by the SCA.
H.E. Eng. Sultan Al-Mansoori, Minister of Economy and Chairman of the Board of the SCA stated that “SCA partakes in Gitex this year as part of its obligations to promote the investment environment in the State by advancing the quality of the government services and facilitating access thereto through the use of information technology to provide rapid and competent smart solutions and boosting effective communication with the investors and customers, as well as improving the level of investment awareness in the markets”.
H.E. added that: “The SCA pays particular attention to its participation in Gitex through the representation of all the SCA sectors in the initiatives presented to the public. Certainly, participation of the SCA in this event is a continuation of its efforts to introduce the technological services to all the customers in the financial sectors, whether the investors, listed companies, brokerage firms, financial services companies, and all the parties relevant with the market’s activities”. He noted that “the significant development in the UAE securities sector in harnessing the information technology to serve the customers and investors and promote the investment environment is in line with the prudent vision of our leadership in relation to the smart government initiatives”.
H.E. Sultan Al-Mansoori noted that “Stemming from the prudent vision of the leadership of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates, may Allah keep him safe, and his brother His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates, and Ruler of the Emirate of Dubai, may Allah keep him safe, which seek to make the UAE on the list of the top creative countries worldwide, in the SCA we aim at launching innovative and creative initiatives toward the comprehensive digital transformation of our services which would support the comprehensive development happening in the State at different levels.”
During the event, the SCA showcased its latest electronic and smart applications and projects which enhance the attractiveness of the finance and business environment for the UAE and resident investors, and effective communication with the different customer groups, and identification of their needs in order to improve the government services delivered and make all services available for the customers smoothly. The SCA showcased the smart investor application, which was developed in cooperation with Skyline University College. The smart investor application is a platform that educates the investors about their rights and duties in the securities sector and it integrates with the SCA’s initiative of the national program from investor awareness and financial inclusion. The smart investor application includes: awareness messages, investment awareness handbooks, video and radio material, investor awareness brochures, and the educational and awareness events.
The SCA presented a demo of the Licensing Department System which was developed by OPEN TEXT Company, as part of the unified system of the technical departments. This systems aims at organizing the day-to-day operations in the Department and facilitating the submission of applications by the customers by reengineering the licensing procedures and requirements. This system enables linking the SCA with the strategic partners and local entities such as the Ministries of Economy and Finance, Departments of Economic Development, Federal Authority for Identity & Citizenship, and the Telecommunications Regulatory Authority.
During the event, the SCA showcased the Inspection System of the Supervision Department, which is an integrated system that links all the relevant entities with the SCA Supervision Department, and with other entities (the licensed companies, with the Supervision, Disclosure and Enforcement Department), starting from formation of the inspection team, until the preparation of final reports about the companies in cooperation with the other departments electronically. This system contributes in reducing the time and cost and enhancing communication among the entities, as well as promoting efficiency and increasing the customer satisfaction rate.
Furthermore, the SCA presented a demo of the statistical data and report system (Qlik), which was developed by Tagetik. This system uses demo data from the SCA’s database of the licensed companies with the aim of presenting dashboards and reports that enable the decision makers to develop an overview of the SCA’s operations.