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.”
— Euro Journal – English News (@eurojournalENG) April 11, 2023
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.
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Global market intelligence firm Grand View Research (GVR) is ramping up its presence across the Middle East, signalling how Gulf economies are increasingly relying on data-driven foresight to shape diversification strategies, policy design, and investment decisions.
The California-based firm, which has published nearly 20,000 market intelligence studies worldwide, confirmed a significant surge in regional demand this year. According to company data, more than 300 reports now focus on GCC markets, spanning sectors such as energy, healthcare IT, advanced manufacturing, and financial services. The number of GVR’s Middle East client engagements has climbed to over 100 in 2025, supported by a team of 450 analysts and consultants worldwide.
“The scale of decision-making in this region has changed,” said Swayam Dash, Managing Director at Grand View Research. “Businesses are no longer satisfied with descriptive reports. They want predictive models that can guide capital allocation, diversification, and future readiness. The Middle East is operating at global speed now.”
GVR’s recent projects in the region have included renewable energy market sizing, pharmaceutical pipeline mapping, and sustainability benchmarking through its proprietary Astra ESG platform, developed to align with regulatory disclosure frameworks introduced by UAE and Saudi authorities.
The expansion coincides with a period of sustained non-oil growth across the Gulf. According to the UAE Central Bank’s March 2025 review, the country’s non-oil trade surpassed Dh2 trillion in the first nine months of 2024, equivalent to 135 per cent of GDP. The GCC’s economic growth is projected to accelerate to 3.2 per cent in 2025 and 4.5 per cent in 2026, driven largely by technology, logistics, and sustainable infrastructure, sectors where data analytics and market intelligence play a critical role.
“In markets like Dubai and Riyadh, business decisions are increasingly evidence-based,” Dash said. “Data is now a strategic asset, and those who use it effectively will set the pace for the next phase of Gulf growth.”
The company’s newly announced Dubai office marks a deeper commitment to serving regional clients, helping them identify cross-border opportunities in Asia and Europe. Dash described the Middle East as “one of the fastest-maturing intelligence markets globally, a place where ambition, speed, and data finally meet.”
Analysts say GVR’s regional push mirrors a broader shift among consulting and research firms to localise expertise and deliver sharper, faster insights for Gulf clients. “The next competitive advantage in the region,” Dash noted, “won’t be capital or infrastructure, it will be clarity.”
As Gitex Global 2025 opens in Dubai on Monday, October 13, Parkin has activated its Major Events Parking tariff (Code X) to manage heavy traffic around the Dubai World Trade Centre (DWTC).
The decision aims to ensure a smoother experience for visitors attending the world’s largest tech and startup showcase, which runs until October 17.
Parking around DWTC will cost Dh25 per hour during the event.
Parkin has urged visitors to use public transport and plan trips through the RTA’s Shail app. Commuters should ensure their nol cards have enough balance, at least Dh15 for Silver class and Dh30 for Gold class, for a round trip.
This year’s Gitex, spread across DWTC and Dubai Harbour, features more than 6,500 exhibitors and 1,800 startups from over 180 countries, spotlighting how AI, quantum computing, and sustainable tech are reshaping global industries.
Gitex Global 2025 runs from October 13 to 17 in Dubai.
The UAE Government has teamed up with Google to offer university students a free one-year subscription to Google Gemini Pro, a state-of-the-art AI tool designed to make learning smarter, faster, and more fun.
This initiative isn’t just about tech; it’s about empowering students and families with tools that make studying, researching, and exploring ideas easier. Whether it’s summarising lecture notes, creating interactive quizzes, generating mini podcasts, or even turning text and images into short videos, Google Gemini Pro opens up a world of possibilities.
Learning Made Smarter Omar Sultan Al Olama, Minister of State for Artificial Intelligence, said the UAE is committed to giving students the skills and knowledge they need to succeed in a rapidly changing world. “We are equipping our youth and society with AI tools that boost creativity, efficiency, and innovation,” he said.
Anthony Nakache, Google’s Managing Director for MENA, added that searches for AI and study topics in the UAE have jumped by 110% in the last two months, showing a growing excitement among students and teachers to explore new ways of learning.
Fun Features for Students
Gemini 2.5 Pro: Tackle research, brainstorm ideas, or create projects with an advanced AI assistant.
Deep Research: Quickly gather information from hundreds of sources to make studying easier.
NotebookLM: Organise thoughts, notes, and lectures, now with audio and video overviews.
Veo 3: Turn text or pictures into engaging short videos with sound—perfect for projects or presentations.
2TB Storage: Keep all your notes, photos, and schoolwork in one safe place.
How Families Can Support Students Parents and siblings can encourage students to take advantage of this tool to boost study habits, organise projects, and explore creativity safely and productively. It’s an opportunity for families to get involved in learning together, using AI as a helpful assistant rather than a replacement for effort.
How to Join Students aged 18 and above can register for 12 months of free access using their personal email until 9 December 2025. For more details, visit www.gemini.google/students.
With Google Gemini Pro, the UAE is not only preparing students for a high-tech future but also creating exciting ways for families to engage in learning, creativity, and discovery together.