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DFS Dialogue: FinTechs and banks joining forces in welcome trend

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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!   

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UAE tightens social media advertising rules with new Mu’lin permit

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The UAE Media Council has launched Mu’lin, a new permit now required for individuals conducting advertising activities on social media platforms, whether for financial gain or otherwise.

The move is part of a broader strategy to modernise media regulations, enhance content quality, and establish the UAE as a leading hub for digital content creation and advertising.

According to the council, the Mu’lin permit aims to create a more transparent and professional digital media environment by defining clear guidelines for advertising practices, while protecting the rights of audiences, advertisers, and content creators alike.

“Mu’lin is a pivotal step in strengthening the regulatory framework for online advertising,” said Mohammed Saeed Al Shehhi, Secretary-General of the UAE Media Council. “It reinforces our vision of building a responsible and dynamic media model aligned with digital transformation and international best practices.”

Regulating the creator economy

The new permit is intended to empower content creators, boost investor confidence, and attract global talent by providing a flexible yet clear regulatory framework. It also supports the UAE’s broader ambitions to build a sustainable, innovation-driven media economy.

Al Shehhi highlighted that the initiative will contribute to increasing trust in digital content, particularly in advertising, which is a fast-growing segment of the UAE’s creative economy.

Supporting quality and compliance

Maitha Majid Al Suwaidi, Executive Director of the Strategy and Media Policy Sector at the UAE Media Council, noted that the Mu’lin permit is also designed to improve the overall quality of advertisements on social platforms, enabling responsible content creation while setting standards for professionalism.

The announcement follows the council’s issuance of over 2,500 media licences in the first half of 2025, reflecting the strong growth of the media and content creation sector in the UAE.

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Dubai launches world’s first human–machine collaboration classification system

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Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of the Board of Trustees at Dubai Future Foundation, has approved the launch of a groundbreaking global initiative. This classification system clearly distinguishes the role of humans and machines in creating creative, scientific, academic, and intellectual content.

A Transparent Approach to the Future of Content Creation

In a statement, Sheikh Hamdan said: “Distinguishing between human creativity and artificial intelligence has become a real challenge in light of today’s rapid technological advances. This calls for a new approach to recognise the growing role of intelligent machines. That’s why we launched the world’s first Human–Machine Collaboration Icons, a classification system that brings transparency to how research documents, publications, and content are created.”

He urged researchers, publishers, writers, designers, and content creators worldwide to adopt this system responsibly and in a manner that benefits society.

As part of the initiative, all Dubai Government entities have been instructed to implement the classification system in their research and knowledge-driven activities.

About the Human–Machine Collaboration (HMC) Classification

Developed by the Dubai Future Foundation, the HMC classification system introduces a new standard for content transparency. It allows users to visually identify the extent of human vs. machine contribution in the creation of any piece of work, from research reports and academic papers to design and digital media.

The classification applies across multiple sectors, including research, publishing, content creation, and design, all of which are increasingly influenced by automation and AI.

The Five Main HMC Icons

The system features five core icons to represent levels of human–machine collaboration:

  • All Human – Fully created by a human, no machine involvement
  • Human-led – Created by a human with machine assistance for accuracy or improvement
  • Machine Assisted – Collaborative creation between human and machine
  • Machine-led – Machine-driven content with human verification
  • All Machine – Fully generated by machines, without human input

In addition, nine functional icons highlight specific stages where collaboration took place, including ideation, data collection, analysis, interpretation, writing, visuals, and translation.

While the icons don’t quantify the exact level of machine contribution, they offer a transparent, standardised way to disclose collaboration, empowering creators and consumers alike.

A Global Call to Action

The HMC classification is designed to be adaptable across industries and compatible with all types of media, including text, image, and video content.

To learn more about how to use the HMC icons and download the full system, visit: www.dubaifuture.ae/hmc

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How Millennials and Gen Z are powering UAE’s mobile shopping boom

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Millennials and Gen Z are leading a retail revolution in the UAE, turning their smartphones into their go-to shopping destination. According to the newly released 2025 Global Digital Shopping Index – UAE edition, the country’s youngest consumers are driving the UAE to the top of the global mobile shopping leaderboard.

The report, commissioned by Visa Acceptance Solutions and conducted by PYMNTS Intelligence, surveyed 1,679 consumers and 329 merchants across the UAE. The findings reveal a dramatic rise in mobile-first shopping habits, with Millennials and Gen Z leading the charge.

Mobile is the New Mall

A whopping 67% of UAE consumers used their phones as part of their most recent retail purchase, a 23% increase since 2022. But it’s the younger generations setting the pace:

  • 73% of Millennials shopped using their phones during their last purchase
  • Gen Z isn’t far behind, proving that mobile shopping is second nature to digital natives

These generations are not just buying, they’re reshaping the entire shopping experience, demanding speed, security, and flexibility at every step.

Tech-Savvy, Security-First Shoppers

Younger UAE shoppers are also embracing biometric authentication, like fingerprint or facial recognition, more than ever. 32% of UAE consumers used biometrics in their latest online retail transaction, nearly double the global average of 17%.

What Young Shoppers Value

Millennials and Gen Z in the UAE expect more than just fast checkouts. Their top demands include:

  • Rewards programmes (75%)
  • Free shipping (73%)
  • Price matching (70%)
  • Cross-channel flexibility (53%)—blending in-store, mobile, and desktop shopping

They’re also more likely to shop online for home delivery, with 38% of UAE consumers choosing this convenience in their most recent purchase.

Setting a Global Standard

The UAE now has the highest rate of mobile-based online shopping globally (37%), outpacing Singapore, the UK, and Brazil. Industry experts attribute this to a strong digital ecosystem backed by collaborative efforts between the UAE government, retailers, and fintech partners.

“Millennials and Gen Z are shaping this future—and we’re proud to support it through innovations like Click to Pay,” said Salima Gutieva, Visa’s Vice President and Country Manager for the UAE.

Future of Retail: In Their Hands

The takeaway? Mobile-first isn’t coming, it’s already here, thanks to the tech-savvy preferences of the UAE’s younger generations. Whether it’s a tap, swipe, or biometric scan, Millennials and Gen Z are making mobile shopping the new normal in the Emirates.

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