PHOTO
Dubai: FinTech will radically improve the financial health of the people of the Gulf through access to next-generation banking services, says Mr. Simon Galpin, Managing Director of Bahrain Economic Development Board. He was speaking at Finnovex ME 2019, a one-day conference on financial innovation and excellence, held in Dubai.
“FinTech holds the strongest potential to impact the ME economy with the potential of open banking to transform the services available to consumers in the short to medium-term. We’re also laying the foundations for the development of cryptocurrency in the Middle East. That’s another technology that has the potential to take off and progress far beyond what we’ve seen to date,” he added.
“As technology continues to transform every sector and market, those who don’t innovate are left behind. But creating the conditions for innovation is a little trickier; but is possible. It’s more conducive to the culture of entrepreneurialism that we’re fostering here as we create an environment for the next generation of digitally-minded companies to take root and flourish. The data economy in the region is expected to create 10,000 jobs for data scientists over five years,” said Mr. Galpin.
The Finnovex ME 2019 featured key banking and finance industry thought-leaders from across the region, focusing on the future of financial services to be reshaped by the disruptive technological innovations in structuring, provision and consumption. The summit highlighted challenges and opportunities in the financial services sector in the region, bringing together government authorities, representatives from central banks and local as well as global financial institutions from the region.
Finnovex ME 2019 also recognized the best practices, organisations and individuals in the banking and Financial Services sectors for showcasing excellence in adopting the industrial transformation.
Commenting on the resounding success of the summit, Mr. Shabaz Ahmed, Executive Director at Exibex, said, “We are glad to receive the overwhelming response from across the banking and financial industry for the event. Finnovex ME examined how technology is changing the delivery of banking and payment services. Finnovex discussed the roles of banks, fintech companies, and other stakeholders in building an impetus to this paradigm shift. rapidly changing technology providing a momentous opportunity to transform banking and financial services.”
“The Middle East is one of the world's fastest growing regions in the banking and capital markets sector. The region's financial services sector is in the middle of an immense overhaul. With populations getting younger, better educated and more demanding; swelling diversity in financial products and services; and rising regulatory requirements for better monitoring of processes and developing secure financial systems, banks and financial institutions across the region are investing heavily to match or surpass their international peers,” said Kanchi Shah, Head of Production, Exibex.
The Central Bank of UAE, Bahrain Economic Development Board, Alinma Bank, Emirates NBD, Bahrain Islamic Bank, Arab National Bank, Jordan Ahli Bank, Riyad Bank, Al Fardan Exchange, Dubai Islamic Bank, Abu Dhabi Financial Group, Arab Bank for Investment & Foreign Trade, MENA Fintech Association and AXA Green Crescent Insurance Company were key partners of the Finnovex. These industrial fore-runners have been instrumental in embracing change in the region.
Finnovex ME 2019 brought together over 300 delegates from eight countries including the UAE, Saudi Arabia, Bahrain, Jordan, Kuwait, Lebanon, Oman and Egypt across the region. The summit is supported by The Bahrain Economic Development Board, Expo 2020 Dubai, Newgen Software Technologies, OneSpan, Comviva and Daon, will focus on Financial Innovations, Digital Transformation, Omni-Channel Banking, Cyber Security, Artificial Intelligence (AI), Blockchain and Customer Experience Enhancement.
ABOUT EXIBEX
Exibex relies on the 3-Es of business: Experience, Expertise and Excellence. We carry this attitude and add our touch to everything that we do. Our team is an ensemble of dynamic and vibrant individuals who have decades of experience in the world of C-level networking. Our experience and expertise, put together, provide us excellence in what we do and allow us to create events which open up continual opportunities.
Our platforms enable acceleration of both individual, and organizational performance, to benefit global business leaders.
We comprehend the challenges organizations face in this volatile and uncertain market, so we look to help your core revenue generation teams by building a complete 360-degree package tailored to your business strategies, goals and needs.
Contact:
Mobina Abbas
Watermelon PR
+971 4 2833 655
mobina@watermelonme.com
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
