The Third Middle East & Africa Fintech Forum has been held in Manama, Bahrain, and the discussions this year signalled an important shift in the approach taken by bankers and regulators across the Middle East and North Africa.
The region as a whole has one of the lowest rates of bank account penetration in the world, but in recent years regulators from several countries have been making efforts to address this looking at new technologies and approaches. Many Arab countries are also looking for ways to diversify their economies and bolster economic growth in the face of sluggish oil prices.
Against this backdrop, the 2019 FinTech Forum drew an historic number of banking executives and senior regulators from over half a dozen countries. They heard presentations from a range of speakers on the latest developments in financial technology, financial inclusion, open data in finance, and artificial intelligence. Speakers included best-selling authors Brett King (author of Bank 4.0) and Dr Pippa Malmgren (author of The Leadership Lab), as well as Anthony Thomson (founder of Metro Bank, UK) Alastair Lukies CBE (UK Prime Minister’s Business Ambassador for FinTech), His Excellency Rasheed Mohammed Al Maraj (Governor, Central Bank of Bahrain), Sael Al Waary (Deputy Group CEO, Bank ABC & Chairman, Arab Financial Services), celebrity robot Sophia, and Dr David Hanson (Founder of Hanson Robotics and creator of Sophia the robot), amongst others.
Underscoring the significance of the paradigm shift currently underway in financial services across the region, attendees said:
HE Rasheed Al Maraj, Governor of the Central Bank of Bahrain, said:
We cannot sit idle and not provide the leadership and innovative thinking that this industry needs to grow
Sael Al Waary, Deputy Group CEO of Bank ABC, said:
We’ve hosted this conference before, but the explosion in attendance amongst bankers and regulators this year really shows that we are on the edge of a fundamental change in the regional financial sector. Factors like advancements in technology and greater mobile penetration are making it possible to talk practically about things that would have been impossible before. Certainly we can only make the difference if there is an appetite for change, but based on what I have heard today the will is definitely there as well. It’s a very exciting time to be a banker.
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The Middle East and Africa Fintech Forum has been held annually in Manama, Bahrain since 2017. The event is held under the patronage of the Central Bank of Bahrain and hosted by Bank ABC and Arab Financial Services. The 2019 event was attended by over 500 delegates and, in addition to the main conference hall, featured an exhibition area showcasing the latest in financial technology.
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