Advanced Technologies Transforming Banking Sector in UAE: Says Experts

By | November 17, 2023

BIT2023 conference held in Dubai discussed the latest trends in the sector

Cutting-edge technology is revolutionizing the banking sector, as highlighted by experts. At the BIT2023 conference held in Dubai, discussions revolved around the latest industry trends. Topics such as blockchain, advancements in banking technology, and cross-border remittances took center stage at the Banking, Innovation, and Technology (BIT) event, organized by Khaleej Times on a Wednesday.

At the event, Ravi Tharoor, CEO of Khaleej Times, highlighted the necessity for banks to adjust to rising consumer expectations driven by digitalization. He emphasized the importance of real-time transactions, emphasizing that they enhance efficiency, accessibility, and security. Tharoor underlined how seamless transactions align with digital advancements and are crucial for banks to remain competitive. This, in turn, facilitates financial transactions, meeting the evolving needs of an interconnected world.

The two-day gathering united industry experts to focus on the pressing needs in the banking sector. They delved into exploring cutting-edge technologies specifically designed to fulfill customer demands.

The banking industry’s advancements hold significant importance, especially in a region with 60% of the population under 30 and highly tech-savvy individuals. It’s observed that over 50% of UAE residents already use digital wallets, indicating a strong adoption of digital financial tools.

Sunjay Sudhir, the Indian ambassador to the UAE, emphasized the transformative effect of digitalization on global dynamics. He highlighted India’s prowess in leveraging technology and its substantial investment in digital innovations and fintech. As a result, India has emerged as one of the world’s fastest-growing fintech markets.

Sudhir pointed out India’s remarkable rise as the third-largest fintech ecosystem globally, crediting this growth to the banking revolution that prioritizes financial inclusion within the country.

Fintech Innovations Expanding Payment Systems

Sudhir highlighted India’s transformative fintech innovations, citing the Unified Payment Interface (UPI) as a prime example. He emphasized how UPI revolutionized digital payments, particularly during the COVID-19 pandemic, by offering a safe alternative to handling physical currency. Its widespread acceptance, spanning from street-side vegetable vendors to luxury hotels, underscores its ubiquity. Notably, October recorded over 11.4 billion UPI transactions, surpassing $210 billion in transaction amounts.

Additionally, Sudhir delved into the specifics of the Rupay card, India’s indigenous card payment network. With its debit, credit, and prepaid options, this card holds significant popularity in the country. Its forthcoming launch in the UAE aims to facilitate seamless transactions for the Indian diaspora, enabling easier remittances to their families while reducing transaction costs, thereby enhancing their quality of life.

He also discussed a memorandum of understanding (MoU) inked between India and the UAE in July. This agreement interlinks their payment and messaging systems, with plans to introduce UPI in the UAE. Additionally, the agreement establishes a local currency trade settlement mechanism. This mechanism permits traders to execute transactions using both dirhams and Indian rupees. Its purpose is to reduce risks in payment systems for both exporters and importers.

Creating a Fintech Venture

Throughout the day, several experts discussed various topics, including strategies for establishing a fintech company. Entrepreneur Lloyed Lobo, the co-founder and president of Boast.AI, a fintech platform, shared five unconventional lessons derived from his experience in building a $200 million company.

Lobo emphasized the significance of embracing risks, illustrating his actions during the COVID-19 pandemic when he chose to sell half of his company. He also highlighted the essence of cultivating a community of like-minded individuals. Recalling his past as a refugee during the Gulf War, he recounted an impactful moment in a rickety bus along a Jordanian highway amidst bombings. Despite the uncertainty of survival, the camaraderie among people, their laughter, songs, and music with a guitar struck him profoundly. This experience taught him the enduring truth that even amidst challenging journeys, the presence of good companions makes it memorable.

Furthermore, Lobo underscored the importance of prioritizing the well-being of both customers and employees in fostering a strong company culture. He stressed the value of establishing a circle of influence to augment the venture’s growth and impact.

Special Thanks:

Leave a Reply

Your email address will not be published. Required fields are marked *