The movers and shapers of the financial technology (fintech) world will return to Dubai on October 30 for the third annual Fintech Summit, organised by leading regional deal facilitation company Naseba.

With the region’s financial landscape rapidly evolving as disruptive technologies and the drive towards digitisation reshape business practices, activities and economies, this year’s event will once again provide a solid platform - and timely update - for banking, financial services and insurance (BFSI) decision makers looking to remain agile amid a shifting topography.

Held under the banner theme of “Enterprise Grade. Real World. Now”, an influential line-up of over 20 high profile speakers will lead an intensive schedule of presentations, panel discussions, tech talks and round table discussions, alongside more than 15 solutions providers, with a supporting calendar of pre-scheduled business meetings and deal facilitation opportunities.

“Fintech is gaining momentum across the region, with governments and private sector companies adopting next generation technology in their eagerness to support sustainable economic development and establish a competitive advantage. The UAE, and Dubai in particular, is accelerating investment and implementation in support of the National Innovation Strategy set out by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who has expressed his vision to make the UAE a global leader in innovation. Against this background, today’s BFSI C-suite need to be ahead of the curve when it comes to implementation,” said Sandeep Chauhan, EVP, Global Head, Operations and Technology, Mashreq Bank.

 Digital disruption is unavoidable. It’s happening because multiple technologies are rapidly evolving all the time. While this very human approach to business may seem at odds with Mashreq’s digital backbone, it does in fact drive every choice the business makes – even the creation of what Chouhan calls his ‘Digital Workforce’

 The global banking industry will spend $519 billion on technology this year, an increase of 4.1 per cent on 2017 spend, with legacy system updates and next-generation back office solutions leading investment.

Recent research by Gartner put a figure of $155 billion on Mena region IT spending in 2018, with banking and securities firms leading spending growth in the last 12 months (+3.6 per cent), followed by insurance (+2.9 per cent); and making significant investment into analytics, blockchain, artificial intelligence and software applications.

A recent Ernst & Young survey found that banks were primed to invest anywhere from $5-20 million for digital initiatives and the BFSI sector in the Middle East is turning its attention to digital transformation, with Emirates NBD alone committing Dhs1 billion ($272.3 million) over the next three years.- TradeArabia News Service