More than 200 banking financial services and insurance (BFSI) enterprise decision makers from across the region discussed the latest developments in FinTech including artificial intelligence (AI) and blockchain at the recently concluded FinTech Summit in Dubai, UAE.

Organised by Naseba, a global business facilitation services provider in association with Dubai Financial Services Authority (DFSA), the event was held under the theme ‘Transforming BFSI Enterprises’.

Aligned with the UAE National Innovation Strategy to position the country as a hub for innovation and technology in finance, the summit covered artificial intelligence, machine learning, blockchain, cyber security, regulation, crypto currency and other game changing developments.

Alastair Lukies CBE, the UK Prime Minister’s Business Ambassador for FinTech, delivered an address on digitising the industry, innovating products and services, and generating ROI through the adoption of FinTech. Lukies urged enterprises in the region to borrow a leaf from leading technology companies and adopt a model that puts the consumer experience first.  
 
The summit also featured a series of lively panel debates, including a discourse on the issue of enterprises collaborating or competing with FinTech firms. Christopher Taylor, the CEO of Abu Dhabi Finance said, “We are witnessing a deep shift in the way BFSI is innovating to exploit new digital technologies, supported by Fintech and increased competition and I think it is a positive one."

The global and regional impact of blockchain – a technology market set to reach values of $7.7 billion by 2024 – was  covered in a later discussion featuring Naimish Shah, senior VP Innovation, Emirates NBD; Saleem Ahmed, SVP Information Technology, Sharjah Islamic Bank; Fady Sleiman, CIO, Waha Capital; and Gregory Simon, CEO, Loyyal, a loyalty platform leveraging blockchain technology.

The panel discussed the potential of blockchain technology in the finance industry and the wider role it will play in line with the Dubai Blockchain Strategy for 2020.Saleem Ahmed said: “Blockchain technology has reached the point of no return and there are enormous opportunities for financial organisations to leverage this by creating new business models and streamlining business processes at a potentially lower cost to the end customer with much faster fulfilment times”.

As GCC nations race to position themselves ahead of global trends in the burgeoning FinTech sector, a number of strategies to boost innovation have been launched across the UAE, such as the DIFC FinTech Hive and the Abu Dhabi Global Market sandbox programme. In May, DFSA announced the launch of the Innovation Testing Licence (ITL), a special class of restricted financial services licence to allow real-time, live FinTech R&D within the Dubai International Financial Centre (DIFC).

“The summit was a clear demonstration of Dubai’s intent as a financial services leader” said Sam Tidswell-Norrish, Principal at Motive Partners & Chief of Staff to UK Prime Minister’s Business Ambassador for FinTech.

 “Dubai is positioning itself for the future by embracing the intersection of financial services and technology for the benefit of the Dubai economy and the people. In a world where regulatory directives play such an important role in innovation, the support of the DFSA was extremely encouraging. We hope to play an active role in the region’s growth and the sector’s development.”

“Over 200 executives including 150 pre-qualified enterprise buyers and investors meeting with leading FinTech companies is more than just a sign that the region is very much ready for FinTech and blockchain technologies” said Naveen Bharadwaj, Naseba’s production director.

 “The applications of FinTech are boundless, and the functions that have been developed so far, are just the tip of the iceberg.  We are witnessing the evolution of a cohesive and flexible BFSI industry that serves all stakeholders efficiently, and its implications for the region are exciting,” he added. – TradeArabia News Service