Thursday 24, August 2017 by Jessica Combes

DFSA and Naseba to co-host second fintech summit

 

The Dubai Financial Services Authority (DFSA) will co-host the second Fintech Summit with Naseba, a business facilitation company, on 30 October in Dubai, UAE.

The summit will provide a platform for the region's banking, financial services and insurance (BFSI) decision makers to source and evaluate the latest developments in fintech.

The DFSA’s involvement in the summit reflects its efforts to develop an innovation-friendly ecosystem, in alignment with the UAE National Innovation Strategy set out by HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, to make the UAE a hub for innovation and technology.

On 1 August the DFSA launched a bespoke crowdfunding framework for loan and investment platforms, the first in the GCC. The framework has the ability to catalyse growth in the Fintech industry in the UAE and the region, by targeting the specific requirements of crowdfunding platforms. It follows the introduction of the DFSA’s innovation testing licence in May. The special class of financial services licence allows qualifying firms to develop and test innovative fintech concepts on a restricted basis from within the DIFC, without being subject to all the regulatory requirements that normally apply to regulated firms.

"Banks in the region have realised that they must adopt new technologies and innovative business models in order to adapt to the changing market; 86 per cent of the 200+ IT executives we surveyed have budgeted at least $1 million (AED 3.6 million) for Fintech adoption in the next year, with 13 per cent allocating between $10 million (AED 36 million) and $ 25 million (AED 91 million). With DFSA’s support, our platform will provide access to the Fintech innovations enterprises in the region require,” said Nicholas Watson, Naseba’s Managing Director.

The second Fintech Summit is in line with DFSA’s strategic focus on innovation and will provide a platform for the region's banking, financial services and insurance (BFSI) decision makers to source and evaluate the latest financial technologies.

"Financial institutions have to harness innovations in technology to improve efficiencies and better solutions and services to customers. The DFSA is pleased to partner with Naseba to offer an appropriate platform to facilitate discussions on latest initiatives in this fast-developing space,” said Bryan Stirewalt, DFSA's Managing Director of Supervision and a speaker at the summit.

The summit is being held under the theme ‘Transforming BFSI Enterprises’ and will feature keynote addresses from industry thought leaders, as well as pre-scheduled business meetings between FinTech solution providers and BFSI senior executives who are seeking to adopt FinTech to benefit their businesses. 

Other speakers at the summit are the UK Prime Minister's Ambassador for Fintech, Alastair Lukies, CBE; the COO of Abu Dhabi Islamic Bank, Sagheer Mufti; the SVP of Innovation and Fintech at Emirates NBD, Naimish Shah.

The second Fintech Summit is taking at the Park Hyatt Dubai on 30 October 2017 in Dubai. It will bring together over 120 IT stakeholders from BFSI enterprises from across the region for high-level, peer-to-peer industry networking and business facilitation.

  

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