Connect with us

Technology

DFS Dialogue: FinTechs and banks joining forces in welcome trend

Published

on

Spread the love

Collaboration and not collision of interests is the emerging pathway for FinTech companies and banks to build a better economic system in the UAE and the world. This is the message coming out of Dubai International Financial Centre where 10 head honchos came together for the second of Dubai FinTech Summit (DFS) Dialogues, a precursor series to the main event on May 8 and 9.

Mohammad AlBlooshi

The 10 speakers deliberated the challenges which face the financial sector, and how the industry can de-risk while building sustainable institutions. Host Mohammad AlBlooshi, Head of DIFC Innovation Hub and FinTech Hive, said: “As an industry predicated on confidence and trust, we are currently seeing the banking sector experience a time of disruption. Given global headwinds, we have an opportunity to build more resilient institutions through collaboration between banks and FinTechs.”

According to recent research by Report Ocean, the global FinTech lending market was valued at approximately US$ 573 billion in 2021. It’s expected to grow at a healthy cumulative growth rate of more than 27.4% over the forecast period of 2022-2029.

Banks v FinTechs is history

The FinTech sector, widely recognised as a major competitor to banks, is expected to double in size from $135.9bn in 2021 to $266.9bn in 2027, according to a 2022 report by DIFC FinTech Hive. Additionally, with approximately 50 per cent of the MENA region currently unbanked or underbanked, FinTechs have been playing a crucial role in promoting inclusive economic growth in the region.

Ten head honchos from banks and FinTechs came together to discuss disruption in the industry. Trescon Global

However, a unanimous takeaway from all banks at the DFS Dialogue captured how both entities are in fact symbiotic. Sanjay Sethi, Senior Managing Director, Head of Global Transaction Banking at First Abu Dhabi Bank, said, “this is an age of collaboration and co-creation where leading financial institutions and pioneering FinTechs can embark on a journey of innovative discovery together. This is especially true when we look at opportunities to expand into new geographies, improve product capabilities, grow revenues, or scale or optimise our business faster and more efficiently. Alongside this, FinTech solutions in transaction banking are growing in agility every day.”

Earlier this year, the UAE Central Bank announced the implementation of its Digital Dirham currency strategy, which promises to be a critical step in the country’s payments industry. “As such, the synergy between banks and FinTechs proves to be unavoidable as the industry inches towards a cashless economy,” added AlBlooshi.

Enhancing trust

A report by Economist Impact and supported by Google has predicted that the financial services and banking industry will emerge as the primary spender for AI technology in the MENA. The industry will make up nearly 25 per cent of all AI investments in the region, with banking tech alone expected to contribute 13.6 per cent to the region’s gross domestic product by 2030.

Mehdi Tazi, Chief Operating Officer, Lean Technologies, stated, “I believe customers still trust banks more than FinTechs – they are larger more established institutions. However, something FinTechs do very well is streamlining processes when helping onboard customers into these larger banks. As a result, we are seeing a marriage between FinTech and banking that enhances the customer’s journey, ultimately building trust.”

 

 

The onset of Web 3.0 ushers in a transformative moment for financial services, capital markets and banking, shifting customer expectations and revolutionising the sector. The total transaction value of embedded finance is estimated to reach $7 trillion in 2026, as per Rakesh Reddy, CEO, Cloud4u, “This is particularly useful for Platform as a Service (PaaS) providers who will strongly benefit from this growth, undeniably becoming a key industry disruptor.”

Nilay Singh, Chief Executive Officer, State Bank of India, DIFC, pointed out, “We cannot ignore AI. It has to be adopted but cleverly and effectively, and this is where we need to understand what to outsource and when to collaborate.”

With a unified goal to enhance inclusive banking solutions for the region, traditional financial establishments are optimistic in growing partnerships with FinTech companies to bridge gaps and stay ahead of the curve strategically.

More such conversation starters will be on show at the Dubai FinTech Summit, to be held at Madinat Jumeirah on May 8-9. Visitors can purchase tickets with early bird prices available until 15 April 2023.

HEADLINE READERS GET DISCOUNTED TICKETS: As media partners, Headline UAE can get you 10% off on the big ticket to the most high-profile event in town. All you have to do is hit a like on the Instagram post to this story on our page and DM us. We will send you a code to use in the booking, so hurry!   

News

ChatGPT down globally: Users in UAE affected by widespread outage

Published

on

Spread the love

The popular artificial intelligence chatbot, ChatGPT, is currently experiencing widespread issues, leaving millions of users unable to access the service across the globe, including the UAE.

As of Tuesday afternoon, attempts to use the platform were met with frustrating error messages such as “Error in message stream” or “too many concurrent requests.”

The global outage has caused significant frustration among students, professionals, and businesses who rely on the popular service for their daily needs.

OpenAI, the company behind ChatGPT, has acknowledged the problem. On its official status page, OpenAI stated that the platform is “currently experiencing issues” and that “some users are experiencing elevated error rates and latency across the listed services.” The company confirmed they are actively investigating the disruption.

The outage isn’t limited to just the main ChatGPT chatbot. OpenAI’s video generation model, Sora, and its various APIs (Application Programming Interfaces) are also affected. Reports indicate the problem is widespread, impacting users on different devices and operating systems.

This disruption comes as OpenAI has reported significant growth in its user base. The company announced earlier that its weekly active users jumped by 33 per cent to 400 million in February, up from December last year. Additionally, its enterprise customer base for ChatGPT has recently doubled, reaching 3 million paying business users, as more companies integrate AI tools for productivity.

Users are advised to check OpenAI’s official status page for the latest updates on when services are expected to be fully restored.

Continue Reading

Events

Zayed Sustainability Prize Forum takes center stage at BEYOND Expo 2025

Published

on

Spread the love

The UAE took center stage at BEYOND Expo 2025 in Macao as the Zayed Sustainability Prize Forum emerged as one of the event’s most compelling highlights. Co-hosted by the Zayed Sustainability Prize—the UAE’s flagship sustainability initiative—and the Sino-International Entrepreneurs Federation (SIEF), the Forum underscored the country’s growing global influence in driving climate-forward cooperation and innovation.

Held from May 21 to May 24, the Forum was themed “Accelerating Impact: China’s Innovation for Global Sustainability” and brought together a powerful coalition of global leaders, entrepreneurs, and innovators. Through keynotes, TEDx-style talks, fireside chats, and panel discussions, participants explored how capital, technology, and community leadership can scale real-world solutions to global challenges.

Echoing the Zayed Sustainability Prize’s social media message, the sessions emphasized collaboration, youth-led climate action, and inclusive growth—core principles that define the UAE’s sustainability vision. From advancing solutions in health, food, energy, water, education, and climate action, the Forum demonstrated how strategic investment and global partnerships—hallmarks of the UAE’s approach—can accelerate meaningful change.

Speaking at the event, H.E. Sheikh Saoud Al Mualla, Consul-General of the UAE in Hong Kong, underscored the depth and diversity of UAE-China cooperation. “UAE-China collaboration extends well beyond trade, encompassing key sectors such as energy, logistics, financial services, agriculture, tourism, and even space exploration. Notably, both nations share a strong and growing partnership in sustainable development. From pioneering solar power projects to innovative wind energy demonstrations, Chinese support has played a vital role in the UAE’s impressive journey toward a clean energy future,” he stated.

Dr. Gang Lu, Co-Founder of BEYOND Expo said, “The partnership with the Zayed Foundation Association embodies the spirit of collaboration and humanitarian impact that BEYOND Expo strives to foster. Together, we are not only driving innovation but also empowering communities to create a sustainable future. This alliance highlights how technology and philanthropy can unite to address global challenges and inspire positive change.”

Since its inception in 2008, the Zayed Sustainability Prize has honored 128 winners, positively impacting over 400 million lives across six categories. Its impactful presence at BEYOND Expo reinforced the vital link between technology and sustainability, while strengthening UAE-China collaboration at a critical global moment.

BEYOND Expo 2025: A Platform for Global Change :

Celebrating its fifth anniversary, BEYOND Expo 2025 drew over 25,000 visitors, 800+ pioneering companies, and 800+ investors to The Venetian® Macao’s Cotai Expo, all aligned under the banner: “Empowering Asia, Bridging the World.”

A headline Opening Ceremony on May 21 featured Asia’s leading tech innovators including Dr. Jian Wang, President, Zhejiang Lab & Founder, Alibaba Cloud, Carl Pei, CEO & Co-founder, Nothing, Dr. Burt Guo, CEO, Aerofugia, Zhaopeng Chen, CEO, Agile Robots SE Jingkang Liu, Founder, Insta360.

The Expo also launched the BEYOND Founders Club, a dynamic new network of 30 elite entrepreneurs dedicated to sustainable innovation in Asia.

Continue Reading

Crime

UAE: Up to Dh2 million for social media violations under new media rules

Published

on

Spread the love

Individuals promoting content or advertising on social media in the UAE will soon need to follow stricter rules under a new comprehensive regulatory system introduced by the UAE Media Council.

The new framework, announced this week, is designed to build public trust, protect viewers, especially children and adolescents, and raise the quality of online media content. It also outlines heavy penalties for violations, with fines reaching up to Dh1 million for first-time offences and up to Dh2 million for repeat breaches. In serious cases, violators could face temporary or permanent shutdowns, along with permit revocations.

“The new system transforms the way the media sector is regulated and developed,” said Mohammed Saeed Al Shehhi, Secretary-General of the UAE Media Council. 

“It combines updated legislation, comprehensive services, and forward-looking policies to support sustainable growth.”

Fee exemptions and local support

To encourage creativity and responsible content creation, the council announced a three-year exemption from permit fees for individuals and influencers who promote content online. This is part of a broader move to support Emirati talent and creative industries, with similar exemptions offered to local media services, producers, and writers whose work promotes national identity.

The initiative builds on last year’s Media Regulation Law and its Executive Regulation, and aims to stimulate growth in the sector while maintaining strong ethical and professional standards.

New age-rating and licensing systems

A key feature of the new regulations includes a media age-rating system, ensuring that content shared online is appropriate for different age groups, especially young viewers.

The council is also developing a new licensing policy for digital news platforms, with a focus on enhancing credibility and journalistic standards. The goal is to create a balanced legal environment that supports responsible reporting while safeguarding freedom of expression.

The updated system also outlines resolutions related to media service fees, violations, and administrative penalties, offering clearer guidelines for all stakeholders in the media landscape.

Continue Reading

Popular

© Copyright 2025 HEADLINE. All rights reserved

https://headline.ae/