Trends driving the growth of financial services technology (FinTech) in the Middle East were discussed at a forum hosted in Dubai, UAE, today (May 11).

FinTech 2020, hosted by FIS, a global leader in financial services technology, also looked at how these developments are empowering the local financial services industry as a whole.

The event saw FIS preview its latest research into how FinTech in the Middle East will evolve between now and 2020. The company also ran a real-time poll to see how attendees’ plans compare to the global and regional results.

More than 70 participants working in financial services, banking, asset management, private equity and other related industries took part in the survey.

About 35 per cent of respondents said they would mostly look to increase investment into disruptive technologies by 2020. Other important investment targets include market expansion, customer experience, regulatory compliance and talent management. Separately, participants pointed to advancements in mobile and wearable technologies and multi-asset trading technology as the most compelling to their businesses, said the statement.

The keynote speech was delivered by Dr Nasser H Saidi, a chief economist and governance reform advocate. It was followed by a panel presided by respected industry experts such as Dr Jarmo Kotilaine, chief economist at Bahrain Economic Development Board. The event, held at Palazzo Versace, also offered the opportunity for attendees to network with some of FIS’s 20,000+ global clients.

FIS acquired SunGard, one of the world’s largest privately held software and services companies, in 2015 for $9.5 billion. The deal included SunGard’s Middle East and Africa operations.

Wissam Khoury, managing director of FIS Middle East & Africa, said: “With the GCC countries FinTech industry growing at an exponential rate over the next few years, we need to be ready to make the most of all opportunities that will present themselves.

“Our clients are crying out for more sophisticated and efficient technology solutions to innovate and adapt to change. This is especially true of the Middle East, which has seen its financial services landscape change beyond all recognition in less than two decades. We believe that between now and 2020 we will see a radical increase in reliance on cutting edge FinTech in the region, which is why we think hosting this event has been an excellent forum to bring industry leaders together.” - TradeArabia News Service