Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD, affirmed the transformative impact of financial technology on the banking sector, revolutionising how services are structured and delivered to customers.
Hadi highlighted that 94 percent of the bank’s financial transactions occur outside branches, driving continuous exploration of Web 3.0 technologies to enrich digital experiences for customers.
Speaking on the upcoming Dubai FinTech Summit, where Emirates NBD serves as the primary banking services partner, Hadi emphasised its significance in exploring emerging FinTech trends that drive financial progress in the region. He noted the global FinTech market's value, projected to reach US$ 556.58 billion by 2030 according to Vantage Market Research.
Highlighting the UAE's prominence in FinTech investment, Hadi pointed out a 92 percent surge in 2023, cementing the country's position among the top 10 global hubs for FinTech funding, as reported by "Innovate Finance." This growth, amidst a global slowdown in FinTech funding, underscores the UAE's resilience and attractiveness to investors.
Highlighting FinTech's role in ensuring the sector's relevance to consumers, particularly in serving historically underserved segments like small and medium enterprises, Hadi underscored the importance of innovation and flexibility in providing tailored solutions. He also noted the promising potential of open banking services, projected to reach revenues of US$ 123.7 billion by 2031, driven by APIs that facilitate secure access to financial data.
Regarding Emirates NBD's contribution to the Dubai Economic Agenda D33, aiming to position Dubai among the top four global financial hubs by 2033, Hadi underscored the Dubai FinTech Summit's role in fostering cross-border collaboration and innovation. He highlighted the summit's platform for exploring emerging FinTech trends critical to transforming the global FinTech sector and advancing Dubai's financial ambitions.
News Source: Emirates News Agency
