On Tuesday 22 March, the ABCC hosted a mini forum on a topic that will feature on the agenda at the Arab British Economic Summit (ABES 2022), which saw the event act as a preview to what could be under discussion in the session on the theme at the September summit.
Formally opened by ABCC Secretary General & CEO, Mr Bandar Reda and chaired by Mr Abdeslam El-Idrissi, ABCC Deputy CEO & Secretary General, the panel of experts shared their perspectives on opportunities in trade and Fintech.
The event aimed to explore the potential of the growth in Fintech and its implications for the existing banking system in the MENA region and around the world. The financial system of the future will look very different from the one that exists today and will be driven by greater take up of digital technology reducing the need for bank branches and cash.
The panel of expert speakers were Mr Andrew Elia, Managing Director, Arishi, Mr David Hansom, from Clyde & Co and Mr Nasser Saleh, the Founder of MadfooatCom.
MadfooatCom is a pioneer of financial technology services in Jordan and a Platinum member of the ABCC. Arishi is a digital technology specialist based in London with offices in Dubai from 2020 and is a Platinum member of the ABCC.
The speakers discussed the growth of technology and its impact on the improved efficiency and scale of financial services, the diverse applications of digital and AI as well as issues of risk, ensuring security of data and transactions. One important point raised was the potential of Fintech to facilitate the delivery of banking services to many more citizens who were as yet “unbanked” and by so doing bring more customers into the market and reduce the frequency of cash transactions.