Financial services will emerge stronger from Covid-19 crisis

MANAMA: The fourth MEA Fintech Forum, hosted by Bank ABC, concluded on a defining note as financial services executives, fintech experts, thought leaders and an international audience of over 2000 delegates concur that financial services would emerge stronger and more agile than ever before from the Covid-19 crisis.

Held under the patronage of the Central Bank of Bahrain, the forum saw two days of stimulating discussions on: 2021-Path to recovery; Bank of the future; Regulation in the digital age; Sustainability and inclusion; Digital payments, ecosystem, currencies, and Cybersecurity.

Themed ‘Banking Beyond Digital’, the forum assembled on an interactive virtual platform, leading commentators including Financial Times editor-at-large Dr Gillian Tett, BBC presenter Stephen Sackur, and Dr Ziad Daoud of Bloomberg, with a diverse representation of industry leaders, pioneers and regulators.

In his welcome remarks, Dr Khaled Kawan, group chief executive of Bank ABC, highlighted the impressive trajectory of the forum and the digital transformation that it has inspired.

He expressed confidence that this virtual edition, held on the back of the pandemic, will help in driving collaboration and access to knowledge, accelerating digital transformation.

Delivering the inaugural keynote address, Bank ABC deputy group chief executive Sael Al Waary said, “The arrival of Covid-19 has turbo-charged the digitalisation of financial services. We have seen half a decade of change in just a few months and as we move from response to recovery, banks and financial institutions must build on this, reassessing their priorities.”

He noted that the path to recovery will be digital with AI and data science becoming more deeply embedded into lives.

“The path beyond recovery will move from digital to invisible,” added Mr Al Waary.

A key highlight was the regulators’ round-table, which brought together Central Bank of Bahrain Governor Rasheed Al Maraj, Saudi Arabian Monitory Authority Governor Dr Ahmed Alkholifey and Financial Stability Board Secretary General Dietrich Domanski in a stimulating discussion on the role of regulators in the digital age.

Mr Al Maraj said, “While historically regulators were one step behind the industry in terms of innovation and technology, what the pandemic taught us is that as we move forward, we have to be prepared and think ahead. As we continue to learn, we must be prepared to build the right skills and put the right ecosystem in place.”

The forum also included a CEOs round-table discussion between Dr Kawan, Martin Tricaud of HSBC, and Atiq Rehman of Citi, who explored the demand for digital banking, the double threat of Covid-19 and negative interest rates and rising investment in digital.

The Challenger Banks’ CEOs panel on the 2nd day saw ila Bank’s Mohamed Al Maraj in discussion with Robert Bell, CEO of 86 400, and Deniz Güven, CEO of Mox, Standard Charterd’s neobank, with the session moderated by Anthony Thomson, founder of Atom Bank, Metro and 86 400.

Innovation

Insightful keynotes included digital pioneer and AI scientist Dr Inma Martinez discussing the increasing role of AI in banking; Dr Edwin Ouderaa, sharing Accenture’s insight on the future of banking; Jamal Fakhro, managing partner with KPMG Bahrain, discussing his perspective on the MENA region and Hari Moorthy of Goldman Sachs and Giulio Romanelli from McKinsey highlighting the evolution of international trade and transaction banking with digital innovation.

Former MD of China Investment Corporation (CIC) Winston Ma held a session with a focus on China, while Mahesh Bhalerao from Google threw light on the future of digital payments, Ciaran Martin, from the National Cyber Security Centre, UK gave an account on cyber threats and the dark side of digital while author Dr Simon Hayward explored how senior leaders can best navigate the new disruptive technologies and who will be the winners of the post-pandemic world.

As the digital revolution continues to gain momentum, biometrics, AI, digital currencies, automation and data analytics will play an increasing role and require more effective regulation and governance going forward.

Technological innovation is expected to change relationships with many delegates highlighting the need for a more flexible, collaborative approach that allows for a diverse range of stakeholders to contribute.

The need for institutions to embrace operational benefits of digital transformation has been accelerated as a result of the pandemic and with contactless becoming the safest way to pay, the majority of delegates agreed that cash is a relic of the past and the new normal is set to drive the adoption of digital currencies and payments.

The forum showcased how the sector plans to address current challenges, navigate the dramatically changing banking landscape and develop innovative ways to capitalise on the opportunities available.

As one of the region’s progressive financial institutions, and a recognised leader with a passion for digital innovation, Bank ABC’s commitment to Bahrain’s vision of becoming a leading fintech hub is underlined by the MEA Fintech Forum.

Bank ABC Group including the digital, mobile-only bank, ila and digital payments provider, AFS, are engaged in the development of new fintech-led financial services and global ecosystems.

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