Dubai PR Network, Online Press Release from Dubai and Middle East
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
Experts Recommend Financial Institutions to Anticipate Potential Challenges of Digital Economy at EIBFS Conference
 

Emirates Institute for Banking & Financial Studies hosts FinTech 2017, bringing together specialists from global academic and financial establishments

Dubai-UAE: 16 March, 2017:  The Emirates Institute for Banking and Financial Studies (EIBFS), a regional leader in banking and finance education and training, lately examined the role of technology in banking and financial services, latest fintech applications, and highlighted emerging global trends as well as the inherent opportunities and risks in the field.

The institute hosted the FinTech 2017 conference that welcomed more than 25 industry specialists from prominent local and global academic and financial establishments including Citibank, Beehive, North Wales Business School, and Khalifa University. Comprising six lectures, the one-day conference touched upon a variety of issues including the relationship between banks and fintech, the role of peer-to-peer (P2P) lending within the fintech sector, artificial intelligence, cybersecurity, and blockchain.

In addition, the conference also addressed the challenges posed by financial technology that has evolved in the shortest span of time and has a wide geographical reach – such as cyber security and threats to the financial privacy of individuals and institutions. The speakers unanimously reiterated the need to adapt modern technology across banking and financial operations, while strengthening security and privacy of transactions.

Addressing the purpose of the hosting a fintech workshop, Jamal Al Jassmi, General Manager of EIBFS, said: “The fast-paced development of the financial and banking sector in the UAE that is also one of the most dynamic sectors in the region, requires innovative fintech applications. The early adoption of such cutting-edge technologies will allow institutions in the region to remain relevant and competitive and provide advanced financial services to organizations and individuals. Fintech-compliant entities will also be better positioned to strengthen their operational and governance frameworks to guarantee their own security as well as the security of their customers.”

He added: “The digital economy that depends on fintech applications is the future economy. We must address emerging challenges due to this transformation, in order to put in place sound tools and methods that will enable us to achieve the highest level of technological advancements, even while limiting possible drawbacks.”

Attendees exchanged insights into new fintech applications for the retail industry, regulatory challenges, data security, the impact of the high number of competing fintech providers, as well as the collaboration between banks and non-financial institution fintech app developers.

Dr Kelvin Leong and Anna Sung, professors at the North Wales Business School at Wrexham Glyndwr University in the UK, delivered a joint presentation on the use of fintech in non-financial sectors. They cited examples such as the French web platform Finexkap that facilitates financing for SMEs, Starbucks Mobile Order & Pay app that allows customers on the go in the US to place orders and pay via their mobile phones, and the UK remittance app TransferWise.
They concluded that far from being restricted to financial institutions, fintech can serve as a common ground to bring together businesses in the financial and non-financial sectors to collaborate on providing more options and better services to the end user.

For his part, Vivek Vaidyanathan, Director of Treasury and Trade Solutions at Citibank, highlighted the need for financial institutions to use fintech as an opportunity for expansion.

Pointing out the broad definition of fintech, he reasoned how and why banks can and should move swiftly.

During his presentation, Dr Ernesto Damiani, Director of the Information Security Research Center at Khalifa University in Abu Dhabi, highlighted the correlation between big data and fintech. He noted that the increasing demand from banks and retailers for the prediction of certain incidences through close study of information patterns necessitated the integration of fintech into daily operations. Dr Damiani also examined the issue from the opposite perspective of the end users, who are calling for more filters in the type and amount of information shared about their behaviors.

Posted by : Dubai PR Network Editorial Team
Viewed 4398 times
PR Category : Banking & Investments
Posted on : Thursday, March 16, 2017  3:25:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Doha Bank named ‘Best Trade Finance Bank' in Qatar at Global...
Next Story : Mashreq launches the first Green Energy mobile ATM on wheels...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Chloé eyewear introduces the new "Nola" sunglasses collection [13066-Views]
Middle East and African beauty and personal care market to grow to US$34.5 billion by 2021... [13030-Views]
IKEA Introduces Limited Edition ‘Art Event 2017' Contemporary Drawing Collection [12517-Views]
TRESemme Hair Academy Launches in Arabia with Georges Mendelek and Alanoud Badr [9790-Views]
Global Innovations on its first day of success during the Arabian Travel Market 2017 [9699-Views]
Nautica Spring 2017 Collection [9376-Views]
Win up to 30 Kilos of Gold in 18 Days at Malabar Gold & Diamonds [8998-Views]
Alice + Olivia by Stacey Bendet takes over the W Café Doha [8595-Views]
Mövenpick Hotels & Resorts' Pakistan Presence Blooms as Firm Signs New Property in th... [8333-Views]
Tame Your Beard with The Art Of Shaving [8247-Views]
ArabianTravel Market: New partnerships and tailored services for Middle Eastern guests [8064-Views]
MASSIMO DUTTI SS17 inspires an essential piece for Massimo Dutti women [7832-Views]
ESCADA Amelia - Diamond timepiece [7485-Views]
Michael Kors Collection Transeason 2017 [6680-Views]
H.H. Sheikh Ahmed lays foundation stone of Silicon Mall at Dubai Silicon Oasis [6612-Views]
Denim Days with GUESS and F&F [6600-Views]
Godiva Ice Cream [6076-Views]
Taima Abdullah Al Omari Crowned Winner of Arab Reading Challenge in Kuwait [6002-Views]
8 Reasons Why you will never drink green tea again [5941-Views]
Dubai to welcome largest Arabian Travel Market yet [5917-Views]
Introducing the First Collection of Luxurious Oriental Scents from Juicy Couture [5795-Views]
Joyalukkas Opens a world of choice in Al Ahsa [5697-Views]
TAG Heuer announces its partnership with Dubai at Arabian Travel Market 2017 [5484-Views]
Jewel Corner Opens Kiosk In The Heart of Sharjah, At Mega Mall [5386-Views]
Doha Bank achieves 2.9% profit growth with impressive ratios [5368-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories