Banks to invest in financial technologies
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) this 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.