20 Apr DIFC’s Dubai FinTech Summit promises banking innovation
Dubai International Financial Centre, (DIFC), the leading international financial hub in the Middle East, Africa and South Asia region has hosted 10 leading regions’ banks and FinTechs to discuss the challenges facing the financial sector.
The roundtable was hosted by Mohammad AlBlooshi, Head of DIFC Innovation Hub and FinTech Hive. AlBlooshi commented on the uniting of FinTechs and Banks: “As an industry predicated on confidence and trust, we are currently seeing the banking sector experience a time of disruption. Given global headwinds, we have an opportunity to build more resilient institutions through collaboration between banks and FinTechs.”
The purpose of the roundtable between the heads of banks and FinTechs is to facilitate dialogue and avenues of collaboration between these long-standing financial institutions. Allowing promising entrepreneurs to begin mapping out how the financial sector can move forwards.
Historically, FinTechs have been widely recognised as a major competitor to banks. Fifty percent of the MENA (Middle East and North Africa) region is currently unbanked or underbanked as of 2022 according to the DIFC FinTech Give’s 2022 financial report.
With more in the region needing access to banking and financial technology, there are obvious benefits to collaboration between FinTechs and banks, as opposed to continued tension between the establishments. Financial Technology and the collaboration with banking will lead to greater financial security for businesses and start-ups and aid Saudi Arabian businesses as they head toward the Saudi Vision 2030.
Find out more about Mohammad AlBlooshi and the success of the summit.