Fintech

Shaping the future of finance: Dubai Fintech Summit 2024

Published

7 months ago

16 June, 2024

FinCrypto Staff

Shaping the future of finance: Dubai Fintech Summit 2024

The opinions expressed by Entrepreneur contributors are their own.

You are reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

THE Dubai Fintech Summit 2024Held from 6 to 7 May 2024 at Madinat Jumeirah, it was held as a landmark gathering of pioneers, innovators and visionaries of global finance.

The second edition of the event, organized by the Dubai International Financial Center (DIFC), was organized under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the United Arab Emirates United.

Attracting more than 8,000 participants from 118 countries, the Summit served as a melting pot of ideas, perspectives and collaborations between various stakeholders globally. fintech sector. Over 125 discussions took place over the course of the two-day event, delving into multiple areas of fintech innovation, from regulatory frameworks and investment trends to sustainable finance and the future of banking.

The Summit’s success comes from its ability to create valuable connections and spark actionable insights. From day one, participants were encouraged to have open discussions, question traditional ideas, and work together to solve the financial industry’s biggest challenges. Indeed, the summit was also an important testament to the aspirations outlined in Dubai Economic Agenda D33, which outlines the Emirate’s mission to become a global fintech hub by 2033.

Dignitaries at the Dubai Fintech Summit 2024. Source: Dubai Fintech Summit 2024

This was the sentiment highlighted by Arif Amiri, CEO of DIFC Authority, during his keynote speech at the event where he noted that fintech is set to deliver an additional 5% of global financial services revenues this year alone. He further stated that by 2030 fintech could determine well over 25% of bank valuations. “Fintech is not just reshaping individual financial habits; it is disrupting traditional financial institutions,” Amiri added. “Surprisingly, global fintech revenues have increased six-fold in recent years. Once-niche cryptocurrencies have gained mainstream acceptance, pushing their market capitalization past an astonishing $3 trillion.”

The true value of the Summit therefore lay in its impact, as it served as a springboard for major announcements and collaborations intended to reshape the financial sector. “The Dubai Fintech Summit is not just a meeting, it is a platform for transformative discussions and collective action,” noted HE Essa Kazim, Governor of the DIFC.

The event also saw several strategic partnerships and expansion plans take shape. Over 50 memoranda of understanding (MoU) were signed during the event, underlining the collective commitment to foster innovation and collaboration across borders. Notable announcements include the expansion plans of Revolut, a London-based global neobank and financial technology company, as well as the reopening of the Dubai offices of State Street Global Advisors, the investment management arm of State Street Corporation and the fourth largest asset manager in the world, with nearly $4.14 trillion in assets under management as of December 31, 2021.

But beyond the numbers and announcements, the Dubai Fintech Summit served as a confluence point for introspection and inspiration. Fireside conversations with industry experts such as HE Helal Saeed Al Marri, director general of Dubai’s Department of Economy and Tourism, and Yie-Hsin Hung, president and CEO of State Street Global Advisors, delved into key leadership principles, resilience and risk-taking, offering valuable lessons for entrepreneurs and leaders navigating the turbulent waters of fintech innovation. Leadership, resilience and risk-taking therefore emerged as recurring themes throughout the Summit, with seasoned veterans sharing their insights and experiences with aspiring entrepreneurs and emerging leaders.

Source: Dubai Fintech Summit 2024

To gauge a better understanding of what it takes to be an effective leader in the fintech industry, Middle East TV Entrepreneur also held in-depth conversations with several speakers during the event. One such industry leader we met was Alex Manson, CEO of Standard Chartered Ventures, the British multinational bank’s platform for driving innovation, investing in disruptive financial technologies and exploring alternative business models. When asked for his advice for entrepreneurial leaders in the fintech industry, Manson responded: “You have to tackle problems worth solving – financial success is the result of that. Stay close to your customers and stick to your method. Entrepreneurship is a difficult thing.” environmental and resilience is key.”

Meanwhile, Neeraj Makin, head of strategy, analytics and venture capital at Emirates NBD, the government-owned bank of Dubai, one of the largest banking groups in the Middle East in terms of assets, highlighted the importance of exceptional capabilities listening and risk taking. ing for leadership. “I think one of the most important aspects of being a good leader is having exceptional listening skills, as well as the ability to lead and take risks,” she noted. “A leader must listen to new ideas, embrace new challenges, and move the team and the company forward.”

Likewise, Amnah Ajmal, Executive Vice President, Market Development, Eastern Europe, Middle East and Africa, Mastercard, emphasized the importance of courage, optimism and empathy in leadership. “I think a leader without courage is like a car without keys: where will he take you?” Ajmal said. “As a leader, you also have to be optimistic in difficult times and empathetic. These, for me, are the foundations of leadership.”

These are just a few examples of the insights shared during the 2024 edition of the Dubai Fintech Summit, and all signs indicate that they will set the tone for the next edition of the Dubai Fintech Summit, which takes place from 7 to 8 May 2025. Meanwhile , for more interviews Middle East TV Entrepreneur conducted at the Dubai Fintech Summit 2024, go to our YouTube page.

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We are the editorial team of FinCrypto, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on FinCrypto, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Fintech

Lloyds and Nationwide invest in Scottish fintech AI Aveni

Published

6 months ago

29 July, 2024

FinCrypto Staff

Lloyds and Nationwide invest in Scottish AI fintech Aveni

Lloyds Banking Group and Nationwide have joined an £11m Series A funding round in Scottish artificial intelligence fintech Aveni.

The investment is led by Puma Private Equity with additional participation from Par Equity.

Aveni creates AI products specifically designed to streamline workflows in the financial services industry by analyzing documents and meetings across a range of operational functions, with a focus on financial advisory services and consumer compliance.

The cash injection will help fund the development of a new product, FinLLM, a large-scale language model created specifically for the financial sector in partnership with Lloyds and Nationwide.

Joseph Twigg, CEO of Aveni, explains: “The financial services industry doesn’t need AI models that can quote Shakespeare, it needs AI models that offer transparency, trust and, most importantly, fairness. The way to achieve this is to develop small, highly tuned language models, trained on financial services data, vetted by financial services experts for specific financial services use cases.

“FinLLM’s goal is to set a new standard for the controlled, responsible and ethical adoption of generative AI, outperforming all other generic models in our selected financial services use cases.”

Robin Scher, head of fintech investment at Lloyds Banking Group, says the development programme offers a “massive opportunity” for the financial services industry by streamlining operations and improving customer experience.

“We look forward to supporting Aveni’s growth as we invest in their vision of developing FinLLM together with partners. Our collaboration aims to establish Aveni as a forerunner in AI adoption in the industry, while maintaining a focus on responsible use and customer centricity,” he said.

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Fintech

Fairexpay: Risk consultancy White Matter Advisory acquires 90% stake in fintech Fairexpay

Published

6 months ago

29 July, 2024

FinCrypto Staff

Treasury Risk Consulting Firm White Matter Alert On Monday he announced the acquisition of a 90% stake in the fintech startup Fair payment for an undisclosed amount. The acquisition will help White Matter Advisory expand its portfolio in the area of cross-border remittance and fundraising services, a statement said. White Matter Advisory, which operates under the name SaveDesk (White Matter Advisory India Pvt Ltd), is engaged in the treasury risk advisory business. It oversees funds under management (FUM) totaling $8 billion, offering advisory services to a wide range of clients.

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White Matter Advisory, based in Bangalore, helps companies navigate the complexities of treasury and risk management.

Fairexpay, authorised by the Reserve Bank of India (RBI) under Cohort 2 of the Liberalised Remittance Scheme (LRS) Regulatory Sandbox, boasts features such as best-in-class exchange rates, 24-hour processing times and full security compliance.

“With this acquisition, White Matter Advisory will leverage Fairexpay’s advanced technology platform and regulatory approvals to enhance its services to its clients,” the release reads.

The integration of Fairexpay’s capabilities should provide White Matter Advisory with a competitive advantage in the cross-border remittance and fundraising market, he added.

The release also states that by integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.

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Fintech

Rakuten Delays FinTech Business Reorganization to 2025

Published

6 months ago

29 July, 2024

FinCrypto Staff

Rakuten (Japan:4755) has released an update.

Rakuten Group, Inc. and Rakuten Bank, Ltd. announced a delay in the reorganization of Rakuten’s FinTech Business, moving the target date from October 2024 to January 2025. The delay is to allow for a more comprehensive review, taking into account regulatory, shareholder interests and the group’s optimal structure for growth. There are no anticipated changes to Rakuten Bank’s reorganization objectives, structure or listing status outside of the revised timeline.

For more insights on JP:4755 stock, check out TipRanks Stock Analysis Page.

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Fintech

White Matter Advisory Acquires 90% Stake in Fintech Startup Fairexpay

Published

6 months ago

29 July, 2024

FinCrypto Staff

White Matter Advisory Acquires 90% Stake in Fintech Startup Fairexpay

You are reading Entrepreneur India, an international franchise of Entrepreneur Media.

White Matter Advisory, which operates under the name SaveDesk in India, has announced that it is acquiring a 90% stake in fintech startup Fairexpay for an undisclosed amount.

This strategic move aims to strengthen White Matter Advisory’s portfolio in cross-border remittance and fundraising services.

By integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.

White Matter Advisory, known for its treasury risk advisory services, manages funds under management (FUM) totaling USD 8 billion.

Founded by Bhaskar Saravana, Saurabh Jain, Kranthi Reddy and Piuesh Daga, White Matter Advisory helps companies effectively manage the complexities of treasury and risk management.

The SaveDesk platform offering includes a SaaS-based FX market data platform with real-time feeds for over 100 currencies, bank cost optimization services, customized treasury risk management solutions, and compliance guidance for the Foreign Exchange Management Act (FEMA) and other trade regulations.

Fairexpay is a global aggregation platform offering competitive currency exchange rates from numerous exchange partners worldwide. Catering to both private and corporate customers, Fairexpay provides seamless money transfer solutions for education, travel and immigration, as well as simplifying cross-border payments via API and white-label solutions for businesses. Key features include competitive currency exchange rates, 24-hour processing times, extensive currency coverage of over 30 currencies in more than 200 countries, and secure, RBI-compliant transactions.

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