Dubai to host 3rd edition of Fintech Summit on 30 October

The emirate of Dubai will host the third annual Fintech Summit on 30 October, held under the banner theme of “Enterprise Grade. Real World. Now”.

Organised by the leading regional deal facilitation company Naseba, the event provides a solid platform and timely update for banking, financial services, and insurance (BFSI) decision makers.

The event also will see the participation of an influential line-up of over 20 high profile speakers who will lead an intensive schedule of presentations, panel discussions, and tech talks, in addition to as much as 15 solutions providers.

Around 82% of financial services firms are planning to increase their fintech partnerships in the coming three to five years, with an expectation of 20% return on investment (ROI) on their innovation projects, the Dubai Fintech Summit organisers said, citing a report released by PwC.

“Fintech innovation is gaining incredible momentum in the region, with governments and private sector companies eager to gain global competitive advantage and support sustainable economic development goals through next generation technology adoption,” Sandeep Chauhan, head of Operations and Technology, Mashreq Bank, said.

The Dubai Fintech Summit organisers expected that the global banking industry to spend $519 billion on technology this year, up 4.1% from a year earlier, while legacy system updates and next-generation back office solutions will top their investments.

In the same vein, firms in the Middle East and North Africa ( MENA) region are projected to spend $155 billion on IT solutions in 2018, according to a recent research conducted by Gartner.

It added that banking and securities companies led IT spending growth in the last 12 months with +3.6%, followed by insurance companies with +2.9%; and making a sizeable investment into analytics, blockchain, artificial intelligence and software applications.