FinTechs and Banks Unite for Innovation at DIFC’s Dubai FinTech Summit Dialogues
DIFC-led dialogue hosts ten heads of banks and FinTechs for discussion on current financial stability and outlook
Dubai, United Arab Emirates–(Newsfile Corp. – April 18, 2023) – Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region hosted the second Dubai FinTech Summit (DFS) Dialogues this week, powered by the Innovation Hub. Heads of 10 leading regional banks and FinTechs were invited to unpack the challenges facing the financial sector and deliberate on how the industry can de-risk and build resilient, sustainable financial institutions.
FinTechs and banks unite for innovation at DIFC’s Dubai FinTech Summit Dialogues
To view an enhanced version of this graphic, please visit:
http://images.newsfilecorp.com/files/8861/162148_70830e61840fa814_001full.jpg
Hosting the roundtable, Mohammad AlBlooshi, Head of DIFC Innovation Hub and FinTech Hive, said, “As an industry predicated on confidence and trust, we are currently seeing the banking sector experience a time of disruption. Given global headwinds, we have an opportunity to build more resilient institutions through collaboration between banks and FinTechs.”
FinTechs and banks unite for innovation at DIFC’s Dubai FinTech Summit Dialogues
To view an enhanced version of this graphic, please visit:
http://images.newsfilecorp.com/files/8861/162148_70830e61840fa814_002full.jpg
Commenting on the session, he added, “Through conveners such as this roundtable and the first-ever Dubai FinTech Summit in May, we are facilitating dialogue and avenues of collaboration for long-standing financial institutions, regulators, and promising entrepreneurs to together map out how the sector can – and should – move forward.”
Sanjay Sethi, Senior Managing Director, Head of Global Transaction Banking at First Abu Dhabi Bank, said, “This is an age of collaboration and co-creation where leading financial institutions and pioneering FinTechs can embark on a journey of innovative discovery together. This is especially true when we look at opportunities to expand into new geographies, improve product capabilities, grow revenues, or scale or optimise our business faster and more efficiently. Alongside this, FinTech solutions in transaction banking are growing in agility every day. As we look to the future, FAB will continue collaborating with pioneering FinTechs to deliver impactful advances across the financial industry.”
Earlier this year, the UAE Central Bank announced the implementation of its Digital Dirham digital currency strategy, which promises to be a critical step in the country’s payments industry, something that will deeply impact banks, FinTechs, businesses, and customers. “As such, the synergy between banks and FinTechs proves to be unavoidable as the industry inches towards a cashless economy,” added AlBlooshi.
Technology: Disrupting and enhancing trust
“As a FinTech services provider, the core, as with any tech player is to build an emotional connection with the end consumer,” said Raman Thiagarajan, CEO and Founder, Zenda.
As customers turn to technology, banks have been forced to adapt traditional trust-building to complement the digitisation of banking.
Anand Krishnan, Head of Technology, Emirates Investment Bank, said, “It is increasingly important banks continue to invest more in technology that not only builds but maintains trust in customers across their entire journey.”
Mehdi Tazi, Chief Operating Officer, Lean Technologies, stated, “I believe customers still trust banks more than FinTechs – they are larger more established institutions. However, something FinTechs do very well is streamlining processes when helping onboard customers into these larger banks. As a result, we are seeing a marriage between FinTech and banking that enhances the customer’s journey, ultimately building trust.”
The onset of Web 3.0 ushers in a transformative moment for financial services, capital markets and banking, shifting customer expectations and revolutionising the sector.” The total transaction value of embedded finance is said to reach USD7 tn in 2026, as per Rakesh Reddy, CEO, Cloud4u: “This is particularly useful for Platform as a Service (PaaS) providers who will strongly benefit from this growth, undeniably becoming a key industry disruptor.”
Nilay Singh, Chief Executive Officer, State Bank of India, DIFC, pointed out, “We cannot ignore AI. It has to be adopted but cleverly and effectively, and this is where we need to understand what to outsource and when to collaborate.”
Join the dialogue at the Dubai FinTech Summit at Madinat Jumeirah in Dubai. Tickets can be purchased at http://dubaifintechsummit.com/.
About Dubai International Financial Centre
Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and an estimated GDP of USD 8 trillion.
With a close to 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.
DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of over 36,000 professionals working across over 4,300 active registered companies – making up the largest and most diverse pool of industry talent in the region.
The Centre’s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships.
Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.
For further information, please visit their website: difc.ae, or follow them on LinkedIn and Twitter @DIFC.
For further details about the announcement, please contact:
Nupur Aswani
Head – Media, PR and Corporate Communications, Trescon
+91 95559 15156
Content Distribution Partner
ZEX PR WIRE
info@zexprwire.com
To view the source version of this press release, please visit http://www.newsfilecorp.com/release/162148
