The UAE plays a key role in the growth of the FinTech sector in the region
Participants during a panel discussion at the Dubai FinTech Summit.
Sajjad Ahmad, Deputy manager Business editor
The two-day Dubai FinTech Summit highlighted emerging trends in the fintech sector. Industry experts discussed the opportunities and challenges and explored new strategies in various panel discussions. The two-day summit hosted by the DIFC was on 8-9 May with the theme ‘New Global Home to the Future of FinTech and Finance’ and featured 5,000 global industry leaders including global decision makers, C-suite executives, entrepreneurs, investors and delegates.
The summit has brought together over 100 exhibitors, 120 speakers and delegates representing over 50 countries. It was revealed during the event that the UAE is a big diver in innovation and latest technology due to its strategic location, world-class infrastructure and investor-friendly policies.
Philippe De Backer, Managing Partner and Global Practice Leader Financial Services at Arthur D. Little said: “The UAE has taken an extremely active approach to supporting the development of FinTech in the region and more broadly, both in terms of its ability to attract right talent and capabilities as well as matching resources and infrastructure.
There are many initiatives led by various institutions that are clearly delivering results and the success of the Dubai FinTech Summit is testimony to the vibrancy and leadership of the UAE in the sector.” He added, “Far beyond the usual initiatives that have proven their success in other parts of the world is leading the UAE by creating the right ecosystem necessary for FinTechs to flourish by bringing all the necessary stakeholders at local and international levels.
Equally important is the foresight shown by the UAE leadership to understand how to drive technology-enabled business models.” On the industry’s challenges, Philippe De Backer said, “Like any new and rapidly developing sector, the FinTech industry faces the dual challenge of technology. obsolescence and the relevance of the business model for targeted sectors.
We have seen in many markets, particularly in North America, a number of firms that are well supported financially, but where it is more technology looking for a business opportunity rather than trying to solve a business challenge and thus provide the right investment and the distribution opportunities.” In the UAE, the opportunity for FinTech is to leverage its unique ecosystem to be a springboard for the wider region and find the right partnerships more globally.
However, we have a large number of newly founded FinTechs and the challenge will be to ensure that they can be brought to maturity and all the signs are very encouraging.” Regarding ADL support for the Fintech sector, Philippe De Backer concluded, “Ever since its foundation. in 1886 Arthur D. Little has always been built on two fundamental capabilities which are technology and innovation.
Very much in line with this tradition, ADL helps FinTechs and other innovative technology-enabled businesses in a number of ways: consulting support as needed, helping FinTech throughout the lifecycle from inception to IPO and having individual partners active in the fintech community and as advisors to a variety of FinTechs .”
