Fintech will radically improve financial health of people in the Gulf, say experts
Dubai, 24 March 2019: FinTech will radically improve the financial health of the people of the Gulf through access to next-generation banking services, says Mr. Simon Galpin, Managing Director of Bahrain Economic Development Board. He was speaking at Finnovex ME 2019, a one-day conference on financial innovation and excellence, held in Dubai.
FinTech holds the strongest potential to impact the ME economy with the potential of open banking to transform the services available to consumers in the short to medium-term. Were also laying the foundations for the development of cryptocurrency in the Middle East. Thats another technology that has the potential to take off and progress far beyond what weve seen to date, he added.
As technology continues to transform every sector and market, those who dont innovate are left behind. But creating the conditions for innovation is a little trickier, but is possible. Its more conducive to the culture of entrepreneurialism that were fostering here as we create an environment for the next generation of digitally-minded companies to take root and flourish. The data economy in the region is expected to create 10,000 jobs for data scientists over five years, said Mr. Galpin.
The Finnovex ME 2019 featured key banking and finance industry thought-leaders from across the region, focusing on the future of financial services to be reshaped by the disruptive technological innovations in structuring, provision and consumption. The summit highlighted challenges and opportunities in the financial services sector in the region, bringing together government authorities, representatives from central banks and local as well as global financial institutions from the region.
Finnovex ME 2019 also recognized the best practices, organisations and individuals in the banking and Financial Services sectors for showcasing excellence in adopting the industrial transformation.
