Emirates News Agency – UAE Leads to Digital Transformation in Financial Services

Dubai, 20 October / WAM / In his keynote address on the third day of Fintech Surgeon, Raja Al Masrooy, Executive Vice President, Fintech Hive Project, Dubai International Financial Center, highlighted the key position in UAE business integration. Incubator system for companies. New technology companies in the emerging fintech and financial services industry.

In his speech today at an event at the World Trade Center in Dubai, Al Masroui highlighted the key role of the Fintech Hive project as the first and largest accelerator in the field of financial technology in the Middle East, Africa and South Asia region. .

He said, “As the United Arab Emirates has taken the lead in pushing the wheel of this change, we have seen drastic changes in the financial services sector at the regional level.

We also saw the licensing and launch of three digital banks by the UAE Central Bank, and we can not wait until these banks reach the markets and increase competitiveness because at this point financial institutions will have to challenge themselves locally, change the business model, or allow Fintech startups to focus on their products. Look for opportunities that allow access to all the technologies and innovations offered.

The Fintech Hive project has accelerated more than 120 start-ups in the financial sector through various projects and demonstrated 75 business ideas and introduced more than 40 products used in financial institutions in the UAE. Launched in 2017.

Al-Masroui highlighted the role played by the Fintech Hive project “Hair Acceleration” initiative, which has supported more than 60 women, and stressed the efforts made in the country to support the career advancement of women in the financial services sector. To date and has helped them communicate with expert advisors and leaders in the financial and banking service system.

Major changes taking place in the financial and banking sector are currently at the top of the list of the most important topics.

Kunal Soitram, a global technology company, emphasized the potential for providing financial tools and services to customers and brands.

He said, “Integrating financial services into new environments and systems provides clients with a smoother experience in the movement of funds, the use of credit cards, lending and more.

The use of financial tools and services provides a simple communication system using application programming interfaces, which creates the basic framework that ensures added value to the customer by providing a new and smoother experience. Payment for their digital form.

Philip King, Global Chairman of the Retail Banking Group at ADIB, discussed the key role that a small bank branch plays in increasingly technology-based market realities.

He said, “We hear a lot about the insignificance of a bank branch in the retail banking sector or its permanent closure, but we also believe in the importance of developing the idea of ​​distributing with bank branches. About 70% of our customers who use digital methods, at least daily or weekly by our digital banking services Benefit, within a month, we registered 13 million transactions through our mobile application, 5 million financial transactions and 8 million non-financial transactions, confirming that today we have a large base of digitally educated and empowered customers.

He added, “If the customer is accustomed to doing tasks through mobile applications, he has enjoyed an easy, fast and convenient way to get services, so we need to redesign the branch to maintain the credibility and provide services as easily and quickly. And the convenient way.”