- Financial technology has become an important support for the development of countries around the world.
- Digital technology, data resources, and intelligent technology can promote digitalization across the globe.
- At the global meet, experts provided insights on the opportunities and challenges of digital transformation in the financial sector within the Arab world.
Investors across the world are closely monitoring digital transformation, financial inclusion and sustainable finance trends in the Arab world. These revelations emerged as a top agenda during the just concluded Annual Investment Meeting (AIM) in Abu Dhabi, UAE.
Director and Advisor at the Secretary General Office–Union of Arab Banks Rajaa Kammouny highlighted the challenges banks within the Arab world are facing while calling for readiness to tackle future challenges.
Digital transformation in the Arab World
Under the Digital Transformation of Financial Sectors in the Arab World and the Role of Financial Technology in Economic Diversification discussion forum, experts offered insights on the opportunities and challenges of digital transformation. The discussion largely focused on the financial industry within the Arab world.
“The pandemic has changed the economic world and digital advancements have helped different institutions become more advanced,” Banque Misr President Mohamed Mahmoud Ahmed El-Etreby said.
Experts noted how financial technology has become an important support for the development of countries around the world. They also highlighted how digital technology, data resources, and intelligent technology can promote digitalization internationally.
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The Founder and CEO Finnovating De La Cruz emphasized the importance of collaboration and innovation in accelerating enterprise growth. He also discussed the top three techs being used in Fintech, including AI and blockchain. His input also highlighted how Finnovating can help Fintechs find the right partners to work within the UAE.
The digital transformation of the financial sector in the Arab world has been rapidly accelerating in recent years. With the rise of financial technology (fintech), traditional financial institutions are increasingly adopting digital solutions to enhance their services and reach new customers.
Delivering financial services
Fintech is also playing vital role in economic diversification in the region. In particular, it is helping create new business opportunities and stimulate innovation.
The experts said leveraging advanced technologies such as blockchain, artificial intelligence, and machine learning, fintech startups and established players can transform how financial services are delivered in the Arab world, making them more accessible, efficient, and secure.
This, in turn, is powering economic growth and creating a more diversified and resilient economy in the region.
“Startups are very significant when it comes to economic diversification. Access to working capital is crucial for their success. My company is working to help solve this challenge of access to capital by granting easier access to financing,” CEO and Founder – Halliday Growth, Malachi Halliday said during the discussion.
In addition, there was a presentation by Su Xing, the Secretary-General of the Organizing Committee of China’s Boao Summit Forum on World Financial Firm Technology.
Promoting digitalisation in China
He demonstrated how financial technology through digital technology, data resources, and intelligent technology has been used to promote digitalization in China.
He described how ‘Shenquan Forecasting System,’ which has an accuracy rate of up to 85 percent, helps guide financial institutions. The system also helps individual users to increase their accounts up to four folds in 13 trading days.
Xing also explored how China’s financial technology companies are launching various innovative products and services. For instance, real-time global market forecasting technology, digital currency, artificial intelligence, blockchain, cloud computing, and big data. These innovations have brought these financial technologies into the UAE.