BANKS TOLD MORE INVESTMENT IN FINANCIAL TECHNOLOGIES KEY TO RETAINING COMPETITIVE EDGE
Dubai, UAE, 3 June 2015: UAE banks and financial institutions are being told that they must continue to invest heavily in the latest financial technologies in order to keep their competitive edge.
That is the over-riding message that will be delivered when ABTEC, the Middle East’s premier international platform dedicated to innovation in financial services, opens at Abu Dhabi National Exhibition Centre (ADNEC) next Tuesday.
The two-day event, which is the MENA region’s largest trade showcase for the entire financial technology community, combines a series of conferences featuring a 30-strong international panel of experts and an exhibition attracting more than 60 leading innovative technology providers.
At stake for the technology companies is a share of the multi-billion dollar financial technology market, and the indications are that business could be brisk on the ADNEC exhibition floor, which will see live demonstrations of technologies shaping the future of finance.
“In an era of customer focused innovation, banks and financial institutions must remain at the cutting edge of technology in order to remain compliant, meet customer expectations and keep up with competition,” said Syed Faisal Abbas, Event Director of ABTEC organisers Turret Media.
“UAE financial firms are no different. They must continue to invest heavily in the latest financial technologies in order to remain competitive, both regionally and globally.
“This is the message that will be reinforced at ABTEC as decision makers come face to face with the world’s leading solution providers to collaborate to rethink financial services. This is not just a meeting place for the major players, but a catalyst to the continued growth and digitisation of financial services in the UAE and the entire MENA region.”
The significance of the event is highlighted by the fact that, since 2008, global investment in financial services technology, or fintech, has tripled to nearly US$3 billion. Global consultancy firm Accenture predicts this figure will grow to up to US$8 billion by 2018.
ABTEC is set against a background of extensive technology initiatives introduced by regional banks in the last year. These included the launch by Gulf International Bank of Meem, the region’s first online-only bank, the first fully automated branch in Dubai by Mashreq, the first Facebook virtual branch by Commercial Bank of Dubai, as well as an Apple Watch app by Abu Dhabi Commercial Bank.
In addition, Emirates NBD launched P2P payments to its customers via MePAY, RAK Bank launched ATM card-less cash withdrawals, while Mashreq also embarked on several ventures to build P2P services, such as Property Mart and SMEXchange.
ABTEC, whose sponsors include Platinum Partners ADS Securities and FIS, and Gold Partner AFS, fits in with official measures in the UAE to create one of the world’s most modern business environments. The UAE government declared 2015 as the Year of Innovation, while the Dubai Innovation Hub aims to position the city as a centre for innovation and creativity for over two billion people around the globe.
Addressing the top trends and issues facing the financial industry today, the ABTEC conference features influential key note speakers including Arnold Gutmann, Executive Partner, Gartner, Basab Banerjee, Chief Technology Officer, DGCX, IIyas Kooliyankal, Director of Information Security, ADS Securities, Mohammed Al Khatib, Chief Information Officer, Bank Al Etihad and Deepesh Kumar Saxena, Head of IT, Bank Dhofar.