More than 120 IT stakeholders from Banking, Financial Services and Insurance (BFSI) enterprises from across the region will discuss the latest trends and challenges in the financial technology (FinTech) industry at the second Fintech Summit in Dubai in October.

The Dubai Financial Services Authority (DFSA) will co-host the Second Fintech Summit with Naseba, a business facilitation company, on October 30 in Dubai, UAE.

The summit will provide a platform for the region's banking, financial services and insurance (BFSI) decision makers to source and evaluate the latest developments in FinTech. It will also offer high-level peer-to-peer industry networking and business facilitation.

The DFSA’s involvement in the summit reflects its efforts to develop an innovation-friendly ecosystem, in alignment with the UAE National Innovation Strategy set out by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, to make the UAE a hub for innovation and technology, said a statement.

On August 1, the DFSA launched a bespoke crowdfunding framework for loan and investment platforms, the first in the GCC. The framework has the ability to catalyse growth in the FinTech industry in the UAE and the region, by targeting the specific requirements of crowdfunding platforms.
It follows the introduction of the DFSA’s Innovation Testing Licence in May. The special class of financial services licence allows qualifying firms to develop and test innovative FinTech concepts on a restricted basis from within the DIFC, without being subject to all the regulatory requirements that normally apply to regulated firms.

The summit is being held under the theme ‘Transforming BFSI Enterprises’ and will feature keynote addresses from industry thought leaders, as well as pre-scheduled business meetings between FinTech solution providers and BFSI senior executives who are seeking to adopt FinTech to benefit their businesses, the statement added.

"Banks in the region have realised that they must adopt new technologies and innovative business models in order to adapt to the changing market,” said Nicholas Watson, Naseba’s managing director. “Of the 200+ IT executives we surveyed, 86 per cent have budgeted at least $1 million for FinTech adoption in the next year, with 13 per cent allocating between $10 million and $25 million. We are pleased to co-host the event which will provide access to the FinTech innovation enterprises in the region require.”

Bryan Stirewalt, DFSA's managing director of supervision and speaker at the summit, said: “The DFSA is pleased to cooperate with Naseba to offer a platform to facilitate discussions on the latest initiatives in this fast-developing industry. Financial institutions are already harnessing innovations in technology to improve efficiencies and to provide better solutions and services to clients.”

Other speakers at the summit include: the UK Prime Minister's Ambassador for FinTech, Alastair Lukies, CBE; the chief operating officer of Abu Dhabi Islamic Bank, Sagheer Mufti; and the SVP of innovation and FinTech at Emirates NBD, Naimish Shah.

The summit will take place at the Park Hyatt Dubai. It will bring together over 120 IT stakeholders from Banking, Financial Services and Insurance (BFSI) enterprises from across the region for high-level peer-to-peer industry networking and business facilitation. -TradeArabia News Service