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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!   

Crime

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

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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.

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Business

BEYOND Expo 2025 kicks off in Macau with over 800 tech companies, investors and global innovators

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Asia’s biggest technology gathering, BEYOND Expo 2025, opened its doors on Wednesday, May 21, at The Venetian Macau’s Cotai Expo, marking its fifth anniversary with the theme “Empowering Asia, Bridging the World.” Running from May 22 to 24, the event brings together over 800 companies, 25,000 visitors, and more than 800 investors from around the world.

Covering everything from AI and HealthTech to Clean Energy, Robotics, FinTech, and SportsTech, the expo offers a glimpse into the future of innovation and how it’s shaping Asia’s global tech footprint.

The  expo also offers unique opportunities for UAE, Saudi Arabia, and other GCC countries to explore cutting-edge solutions in AI, HealthTech, Clean Energy, FinTech, and Robotics, all aligning closely with national visions like “We the UAE 2031” and Saudi Vision 2030.

The opening day drew a crowd of top tech minds who took part in a high-profile panel titled “What’s Next?” Speakers included Alibaba Cloud founder Dr. Jian Wang, Carl Pei, CEO of smartphone brand Nothing, Dr. Burt Guo of Sichuan Aerofugia, Zhaopeng Chen of Agile Robots, and Jingkang Liu, founder of Insta360.

The event also marked the launch of the BEYOND Founders Club (BFC), a new community that aims to connect Asia’s rising tech entrepreneurs and help shape the future of innovation. BEYOND Expo Co-Founder Dr. Lu Gang said the expo was created in 2021 to highlight Asia’s tech progress on a global stage. “We are thrilled to celebrate our fifth year with our largest lineup yet,” he said.

Co-Founder Jason Ho added, “Launching the Founders Club is a powerful step. We believe technology should serve humanity, and this community will help guide the next generation of tech leaders.”

Alongside the expo, a packed schedule of over 300 speakers will lead summits and forums on major trends and topics. These include the Global Investment Summit, AI Summit, Wealth Summit, Fashion Tech Forum, Gen-Z Founder Forum, and SHETECH Summit, among others.

Investment plays a major role at BEYOND Expo, with live funding events like Fund at First Pitch, where 150 companies are competing in front of more than 100 investors for the chance to secure funding. The Wealth Summit, held in partnership with the Asian Family Legacy Foundation and Greenwich Economic Forum, highlights the growing role of family offices and regional investors in shaping the global innovation ecosystem.

For innovators and investors across the Gulf region, BEYOND Expo presents a valuable opportunity to connect with global tech leaders and explore partnerships, as Gulf countries continue to diversify their economies through investments in AI, clean tech, and smart industries, events like BEYOND offer access to cutting-edge trends, emerging markets, and cross-border collaboration with Asia’s fastest-growing tech hubs.

Held at The Venetian Macau’s Cotai Expo, one of Asia’s largest MICE (meetings, incentives, conferences and exhibitions) venues, the event is supported by Sands Resorts Macau, known for its luxury hotels, shopping, dining and entertainment experiences.

For more information, visit: www.beyondexpo.com

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News

What to do if WhatsApp stops working on your phone after May 5

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Users holding on to older smartphones will soon have to say goodbye to WhatsApp. Starting May 5, 2025, the messaging app will stop working on several outdated devices due to updated operating system requirements, Meta has confirmed.

The move is part of WhatsApp’s regular security and performance updates to keep the platform functional with newer mobile technology. While the number of users impacted may be relatively small, those still using a smartphone released over a decade ago could be affected.

Which iPhones Are Losing WhatsApp Support?

iPhones that do not support iOS 15.1 or higher will no longer run WhatsApp. This includes:

  • iPhone 5s
  • iPhone 6
  • iPhone 6 Plus

Although some iPhones can update to newer iOS versions, the above models are capped at iOS 12.5.7 and therefore will lose compatibility.

WhatsApp Dropped Support for These Android Phones in January 2025

WhatsApp previously ended support for Android KitKat (version 4.4) and earlier on January 1, 2025. Users with the following older Android phones can no longer use WhatsApp unless they upgrade to a newer device:

Samsung:

  • Galaxy S3
  • Galaxy Note 2
  • Galaxy Ace 3
  • Galaxy S4 Mini

Motorola:

  • Moto G (1st Gen)
  • Razr HD
  • Moto E (2014)

HTC:

  • One X
  • One X+
  • Desire 500
  • Desire 601

LG:

  • Optimus G
  • Nexus 4
  • G2 Mini
  • L90

Sony:

  • Xperia Z
  • Xperia SP
  • Xperia T
  • Xperia V

How to Check Your Phone’s OS Version

iPhone users:
Go to Settings > General > About and check your iOS version.

Android users:
Go to Settings > About Phone > Android Version.

If your device runs on an unsupported version but is eligible for an update, installing the latest software may restore compatibility. However, some phones no longer receive official updates, and attempting unofficial methods could void warranties or render the device unusable.

What You Can Do

If your device is on the list and no longer updatable, you’ll need to switch to a newer model to continue using WhatsApp or WhatsApp Business. Meta recommends regularly updating both your device and the app to maintain security and performance.

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