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Event May 8-9, Dubai: FinTechs and banks unite for innovation at DIFC’s Dubai FinTech Summit Dialogues
DIFC | Soumen Chakraborty | Apr 13, 2023
Image: DFIC
DIFC-led dialogue hosts ten heads of banks and FinTechs for discussion on current financial stability and outlook
- Dubai, United Arab Emirates, 11 April 2023: Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region hosted the second Dubai FinTech Summit (DFS) Dialogues this week, powered by the Innovation Hub. Heads of 10 leading regional banks and FinTechs were invited to unpack the challenges facing the financial sector and deliberate on how the industry can de-risk and build resilient, sustainable financial institutions.
- According to recent research by Report Ocean, the global FinTech Lending Market was valued at approximately USD573.05 bn in 2021 and is anticipated to grow with a healthy growth rate of more than 27.4% over the forecast period 2022-2029.
- The age of Banks vs. FinTechs is behind us
- The FinTech sector, widely recognised as a major competitor to banks, is expected to double in size from USD135.9 bn in 2021 to USD266.9 bn in 2027, according to DIFC FinTech Hive's 2022 FinTech Report. Additionally, with approximately 50 per cent of the MENA region currently unbanked or underbanked, FinTechs have been playing a crucial role in promoting inclusive economic growth in the region.
- However, a unanimous takeaway from all banks at the DFS Dialogue captured how both entities are in fact symbiotic.
Sanjay Sethi, Senior Managing Director, Head of Global Transaction Banking at First Abu Dhabi Bank:
This is an age of collaboration and co-creation where leading financial institutions and pioneering FinTechs can embark on a journey of innovative discovery together. This is especially true when we look at opportunities to expand into new geographies, improve product capabilities, grow revenues, or scale or optimise our business faster and more efficiently. Alongside this, FinTech solutions in transaction banking are growing in agility every day. As we look to the future, FAB will continue collaborating with pioneering FinTechs to deliver impactful advances across the financial industry.
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- Trust and innovation:
- Google predicts that the financial services and banking industry will emerge as the primary spender for AI technology in the MENA. The industry will make up nearly 25 per cent of all AI investments in the region, with banking tech alone expected to contribute 13.6 per cent to the region’s gross domestic product by 2030.
- The onset of Web 3.0 ushers in a transformative moment for financial services, capital markets and banking, shifting customer expectations and revolutionising the sector. The total transaction value of embedded finance is said to reach USD7 tn in 2026, as per Rakesh Reddy, CEO, Cloud4u, “This is particularly useful for Platform as a Service (PaaS) providers who will strongly benefit from this growth, undeniably becoming a key industry disruptor.”
Mehdi Tazi, Chief Operating Officer, Lean Technologies:
I believe customers still trust banks more than FinTechs – they are larger more established institutions. However, something FinTechs do very well is streamlining processes when helping onboard customers into these larger banks. As a result, we are seeing a marriage between FinTech and banking that enhances the customer’s journey, ultimately building trust.
- Dubai Fintech Summit (DFS): Dubai is gearing up for continued growth and innovation, so how can policymakers, entrepreneurs and investors come together to further advance during these volatile times? With a unified goal to enhance inclusive, stable banking solutions for the region, traditional financial establishments are increasingly optimistic in growing their partnerships with promising FinTechs to help bridge gaps and strategically stay ahead of the curve. Join the dialogue at the Dubai FinTech Summit at Madinat Jumeirah in Dubai.
Visitors can now purchase tickets with early bird prices available until 15 April 2023.
About Dubai International Financial Centre
Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and an estimated GDP of USD 8 trillion. With a close to 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai. The Centre’s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups. For further information, please visit our website: difc.ae, or follow us on LinkedIn and Twitter @DIFC.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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