Experts discuss the future of fintech at SIF 2023

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Financial innovation and technology trends in the global financial services sector were in the spotlight during an exciting panel session at the sixth edition of the Sharjah Investment Forum (SIF).

Moderated by Goncalo Traquina, Head of Management Consulting in Financial Services, KPMG, panelists Eric Yang, CEO of MaskEX, Mirna Selman, Founder and CEO of Fintech Galaxy, and Navin Gupta, CEO of MENA and South Asia at Ripple, shared his insights in a session titled ‘The Future of Fintech’.

Eric Yang recognized the impact of fintech on the traditional banking system, citing the use of advanced technology to deliver more efficient service and meet customer demands. He highlighted the benefits of fintech, such as mobility, accessibility and convenience, as the reason for its growing popularity and continued relevance.

Mirna Selman emphasized the importance of customer satisfaction, and how fintech companies cater to this with their fast, practical and multi-channel services. She also shared her thoughts on how fintech also reaches populations that may not have access to traditional banking.

Navin Gupta emphasized the need for cooperation between banks and fintech services. Despite fintech’s threat to traditional banking with its modern technology and personalized products, Gupta emphasized that banking institutions still play a crucial role.

The SIF panelists also discussed the need for a harmonious relationship between fintech and traditional financial institutions. They emphasized that both sectors are intertwined and interdependent, with banks providing essential services to fintech and fintech helping banks adapt to changing technology trends, including attracting new customers and offering personalized products and services.

Workshop on FDI: The World Association of Investment Promotion Agencies (WIPA) and OCO Global hosted a workshop on foreign direct investment (FDI) readiness and resilience during the sixth edition of the Sharjah Investment Forum (SIF), which brought together international investment promotion experts to discuss the integration of innovative approaches to attract and sustain investment.

The seminar focused on key steps that countries and investment agencies can take to further attract and sustain investment, as well as the important role of investment promotion agencies (IPAs) in attracting and facilitating investment over the past decade, especially during the pandemic , for both the public and private sector.

Speakers at the session include Mohammed Yaqoup, Assistant Director General of Kuwait Direct Investment Promotion Authority, Youfi Grant, Regional Director for Sub-Saharan Africa at WAIPA and Ghana Investment Promotion Center, Rokhaya Kebe, CMO of Senegal Investment Promotion Agency.

Moderated by Joe Hepworth, Director of Middle East OCO, Global, guests discussed the need to adopt innovative solutions, including technology and digitization, to create an environment for impact and sustainable investment. They emphasized the importance of cooperation over competition to develop local business environments and improve collaborative opportunities to attract investors, support growth and ensure sustainability in vital sectors.

Following the seminar, Ricky Shah, OCO Global Middle East Head of Consulting, hosted the FDI Capacity and Readiness Training – Integrating Innovative Approaches in Investment Promotion workshop. The workshop addressed the shift towards a strategic alliance of investment promotion and the role of technology and innovation in attracting API (application programming interface) and strategic investment themes for the next decade. The workshop also discussed the challenges facing the economy in terms of climate change, sustainable food and geopolitical tensions.

The workshop discussed the factors that support investment in strategic sectors, such as a country’s preparedness in terms of investment-supporting laws and regulations and supporting medium-sized projects, as well as the transition to a green economy and a carbon-free future. The session was an important step towards promoting investment opportunities and strategic investment approaches for the next decade and emphasized the importance of innovative solutions to attract and sustain investment.

After two days of showcasing Sharjah’s potential to more than 1,500 attendees, SIF 2023 concluded on Thursday. The annual event served as a platform for investors, entrepreneurs and business leaders to exchange ideas, network and explore opportunities for growth and investment.