Experts discuss potential of blockchain technology in financial services at Emirates Institute for Banking and Financial Studies webinar

In the UAE, the government launched the Emirates Blockchain Strategy 2021 and marked significant strides in this field.

  
Experts discuss potential of blockchain technology in financial services at Emirates Institute for Banking and Financial Studies webinar

Dubai-UAE: The benefits of Blockchain, concerns and risk considerations in integrating and deploying Blockchain, and organizational readiness in adopting distributed ledger technologies and crypto assets were the key points of discussion at a webinar hosted by the Emirates Institute for Banking and Financial Studies (EIBFS), a regional leader in banking and finance education and training.

The webinar drew the participation of headline speakers including Hafid Oubrik, Director - Payment Systems Operations and Development, Banking Operations, Central Bank of the UAE,  Dr Paul Sin, Partner, Consulting, Deloitte China and Deloitte's Asia Pacific Blockchain Lab Leader, Hong Kong, Afzal Ibrahim, Vice President and Head of R&D, Future Lab, Group Digital, Emirates NBD, Sue McLean, Partner, Baker & McKenzie LLP, London, , and Dr Suyash Bhatt, Senior Faculty member at EIBFS.

In recent years, Blockchain has dominated the news, especially in the banking and finance sector with governments around the world pushing for its adoption to simplify and digitalize operations across entities. In the UAE, the government launched the Emirates Blockchain Strategy 2021 and marked significant strides in this field.

Speaking on the webinar, Jamal Al Jassmi, General Manager of EIBFS, said: “The financial sector continues to evolve at a rapid pace in keeping with the dramatic advances in technology. In this context, EIBFS believes the theme of this webinar that discussed the implementation of Blockchain across the sector is both crucial and timely. Our panel presented some very interesting insights and highlighted the operational benefits that Blockchain can bring to the table. Moreover, they addressed the concerns of several attendees around this subject. We are confident that our attendees found the session a revelation and we look forward to continuing the dialogue on technology adoption with them.”

During the discussion, all five experts agreed that Blockchain can improve operational and cost efficiencies through reducing dependency on intermediaries. However, more needs to be done to identify synergies between departments and asses the use cases of Blockchain in the payments space, trade finance as well as in the organizational setting. Participants also discussed encryption and security of the decentralized architecture and concurred that companies should test and retest Blockchain applications to identify glitches before full implementation.

To view the recording of the webinar, please visit https://vimeo.com/534331704/139fc5cafb 

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