Nameer Khan

The Middle East is on the brink of a digital banking transformation. It’s visible everywhere from the billions being invested in cloud infrastructure to become the next AI superpower, to the luminaries who flocked to this week’s Dubai FinTech Summit. Our colleagues from Lab49 attended the event and noted that in addition to a heavy emphasis on AI, there was a lot of focus on how the financial arena is being disrupted. A confluence of events is driving change. There is the diversification of economies beyond oil, the emergence of a growing number of funds and startups, as well as the appearance of foreign competition including neo banks such as Revolut and Alipay. Lab49 established a presence in the UAE a few years ago anticipating the need for large banks to reimagine their customer touchpoints, and in turn their underlying data and services infrastructure. The fintech summit attracted more than 8,000 people from 118 countries, including Charith Mendis, Head of Worldwide Banking Industry at AWS; Michael Demissie, Head of Applied AI and Practice at Bank of New York; Kfir Godrich, Chief Innovation Officer at Blackrock and Alfonso Castillo, President & CEO of Santander’s U.S. Private Bank. One notable speaker was Nik Storonsky, Founder & CEO of Revolut, a bank created in 2015 that has taken Europe by storm. It has attracted 35 million customers in 38 countries by offering digital-native and mobile-first banking services. Storansky said that Revolut is in the process of applying for a banking license in the region and expects to be operational in 2025. The expansion of digital services in the Middle East has led to an unprecedented increase in the number of people with access to financial services. It was that kind of promise that prompted Mashreq Neo to open the first digital bank in the region in 2017. Mashreq Neo offers a mobile-first banking experience, including transactional accounts, savings accounts, person-to-person payments, insurance, and investment products. For the established banks, a lot of the challenge comes down to offering new products and services, and distributing them in new ways for a changing business demographic while rapidly overcoming their legacy constraints.  Young tech-savvy entrepreneurs expect digital native experiences. Even mature businesses want easier and more efficient ways to manage tax payments, treasury operations, cross border payments, and employee compensation. They want the ability to make wire payments without paying exorbitant fees. Neo banks have grown fast worldwide, but many have struggled to reach profitability in the U.S., the world’s largest market. AI will also be a wildcard. Startups benefit from agility, but incumbents have reams of data and analytics that could help them better anticipate and service client needs. For the incumbent institutions there are risks, but also big opportunities.

٨٥

٦ تعليق

As you know, Itzaz Khalid's expertise lies in e-commerce and private labels, and it’s no exaggeration to say that he is currently the leading expert in private labels in the region. Take his consultancy if you truly want to grow in e-commerce and digital business. #karachibusinesstour #businesstour #pentasquadgroup #ik #itzazkhalid #meetupwithik #entrepreneur #plexpert #businessconsultant #businessmeetup #meetitzazkhalid #investmentplan #financialfreedom #business #invest #ownershipmark #financialgrowth #roi #karachi

٤

CFI Financial Group welcomes Ahmad Khatib as Chief Business Development Officer and Ziad Melhem as Chief Marketing Officer. Hisham Mansour, Co-founder and Managing Director of CFI Financial Group, said, "With their full dedication, they bring unique strengths that complement our senior management, positioning us to drive CFI toward even greater achievements, and reinforce our leadership and innovation in the trading industry.” Read the article with the link below to learn more about their plans for contributing to the growth of the financial group. #News #Appointments

٥٥

٦ تعليق

In Tahseen Consulting's #MENA+ #techpolicy insight, you'll read about talabat’s #IPO on the #UAE’s Dubai Financial Market raising $1.5B as Delivery Hero sets price range, #SaudiArabia’s الهيئة العامة للمنافسة | General Authority for Competition appointing a new CEO, #Egypt’s tax authority denying data breach rumors, #Pakistan’s #IT exports ▲ 39% MoM to $330M, the market cap of #MENA bourses hitting $4.3T, #Qatar hosting a GSMA event to accelerate 5G, #AI partnerships, #SoutheastAsia raising $3B from #IPOs YTD – the lowest since 2014, Apple proposing a $100M investment to lift #Indonesia’s #iPhone16 ban, and #India's #fooddelivery platforms experiencing a delivery driver crunch due to air quality. 🇦🇪 #UAE Astratech’s PayBy gets commercial gaming financial services license 🇸🇦 #KSA Misk City | مدينة مسك, Samsung Electronics sign #smartcity MoU 🇪🇬 #EGYPT Financial Regulatory Authority FRA launches #fintech sandbox 🇵🇰 #PAKISTAN Financial sector sees 114% ▲ in cyberattacks 🇧🇭 #BAHRAIN Beyon inaugurates the MENA’s 1st green mobile site 🌍 #GCC Growing #EU interdependence is increasing cooperation 🇹🇷 #TURKEY Journalists accuse Google of reduced traffic with algorithm change 🇮🇩 #INDONESIA Planned #VAT ▲ sparks consumer, business backlash 🇹🇭 #THAILAND Anticipated #US tariffs may drive more investment 🇮🇳 #INDIA #CCI fines Meta over WhatsApp's privacy policy

٨

٢ تعليق

Earlier today, Daniel Sharaiha from Bank al Etihad delivered an insightful session on the power of human-centered design in CX. From leading with empathy in digital journeys to exploring the connection between happy employees and happy customers, the session offered valuable, actionable perspectives. A Gallup study found that organizations with highly engaged employees see 21% higher profitability and a 10% increase in customer satisfaction. This reinforces Daniel’s message about how employee well-being directly impacts the customer experience. It focused on understanding what people truly need and designing experiences that make a meaningful impact. Conversations like this challenge conventional thinking and push us toward a more people-focused approach to CX. #PronoveaCXMENA2024 #CustomerExperience #HumanCenteredDesign #CXInnovation https://lnkd.in/gm9Uq6rG

٣١٨

١٢ تعليق

In Tahseen Consulting's #MENA+ #techpolicy insight, you'll read about the #UAE’s Mubadala moving forward on a $3B bid for Fortress Investment Group, consumers becoming more cost conscious in #SaudiArabia, OPay considering a #digitalbank license in #Egypt, #Pakistan approving the privatization of 24 SOEs, #Bahrain’s Investcorp closing its 5th #tech fund at $570M, #Iraq rejecting more OPEC+ cuts, #Singapore's industrial robot #startups going global, the #Philippines and UAE continuing #FTA talks, and #India developing a unified portal for digital public goods. 🇦🇪 #UAE Mubadala Energy makes 2nd major #Indonesia gas discovery 🇸🇦 #KSA Communications, Space & Technology Commission (CST) report shows 40% surge in domain registrations 🇪🇬 #EGYPT Misr Digital Innovation (MDI) invests $53M in #neobank OneBank Egypt 🇵🇰 #PAKISTAN planning a new satellite mission after iCube - Qamar success 🇰🇼 #KUWAIT announces new cabinet 🌍 #MENA Tencent-backed Airwallex talking with #SWFs for regional foray 🇹🇷 #TURKEY #Crypto bill to be submitted to parliament 🇻🇳 #VIETNAM has 2nd highest crypto ownership globally, after UAE 🇲🇾 #MALAYSIA eyes overseas #VCs to boost #startup ecosystem 🇮🇳 #INDIA #Ecommerce ▲ at 18% CAGR until 2028-29, will hit $60B by EOY

٢

١ تعليق واحد

🌍💡 The 2024 MEA Fintech Report showcases a rapidly evolving landscape where innovation is driving economic development. With fintech hubs from the UAE and Saudi Arabia to Nigeria and Egypt, the region is transforming financial services, embracing real-time payments, super apps, and even exploring the metaverse. 🚀 Key highlights include: ⭕Real-Time Payment Systems: Instant payments like Saudi SARIE and Qatar's new system reshape transactions. ⭕Rise of Super Apps: Platforms integrating payments, banking, and lifestyle services enhance convenience and engagement. ⭕Digital Identity Systems: As in the UAE, efficient ID systems are pivotal for customer service and financial security. ⭕Sustainable Finance Focus: With COP28's emphasis on green initiatives, financial institutions are urged to transition to sustainability. ⭕AI and Regulation: AI is a game-changer, but establishing responsible frameworks is crucial. The MEA fintech scene remains a frontier for groundbreaking opportunities and challenges, setting the stage for future innovations that could redefine global financial practices. #Fintech #MiddleEast #Africa #EconomicDevelopment #Payments #Sustainability #AI #DigitalTransformation #SuperApps #Metaverse #TechInnovation #FinancialInclusion #FintechTrends #DigitalEconomy #EmergingMarkets #FinancialTechnology #SmartFinance #GlobalInnovation #TechEcosystem #VCInvestment #Startups #DigitalFinance #EconomicGrowth #RegTech #InsurTech #WealthTech #FintechCommunity #TechLeadership #Blockchain #FintechRevolution #ShariaFinance #GreenFinance #FutureOfFinance #FinancialServices #DigitalBanking #InnovationEconomy #SmartCities #VentureCapital #AIinFinance #Saudiarabia #UAE #Qatar #GCC

٩

Thanks for Alarabia business for hosting me to talk about the recent trends in Qatar banking sector and to reflect on the developments happening in liquidity, quality of assets and overall financial stability. https://lnkd.in/d6idrgf2 https://lnkd.in/d7fM2pVX

٩٣

١ تعليق واحد

In Tahseen Consulting's #MENA+ #techpolicy insight, you'll read about the #UAE launching a national #KYC platform under the Central Bank of The UAE, #SaudiArabia’s aramco digital considering a $1B investment in Mavenir, Catalyst Partners listing #Egypt's 1st #SPAC on the Egyptian Exchange - EGX, Zong launching #Pakistan's 1st locally-developed #LLM, #Qatar’s Qatar Development Bank investing in Wahed, #Riyadh Metro starting operations in Saudi Arabia, OPPO ▲ local suppliers to meet #Indonesia content requirements, the #Philippines licensing 4 #digitalbanks in 2025, and Amazon launching #qcommerce in #India. 🇦🇪 #UAE ALTÉRRA #climatefund commits $6.5B of $30B target 🇸🇦 #KSA Snap Inc. opens office, #JAX creator hub 🇪🇬 #EGYPT Telecoms to ▲ tariffs following National Telecommunications Regulatory Authority (NTRA) of Egypt approval 🇵🇰 #PAKISTAN WhatsApp, Instagram, other #socilamedia experiencing issues 🌍 #GCC #AbuDhabi, #Brazil pilot digital customs platform 🇲🇦 #MOROCCO #Chinese President to push #EV, rail investments 🇹🇷 #TURKEY Microsoft to expand presence, ▲ #AI, cloud, R&D cooperation 🇹🇷 #TURKEY attracted $4.7B in #VC since 2020, $700M YTD 🇸🇬 #SINGAPORE #QRpayments threaten NETS's four-decade head start 🇹🇭 #THAILAND Chinese #EV companies pivot to middle-income markets 🇮🇳 #INDIA to offer MNCs $5B in manufacturing incentives in China challenge

٧

١ تعليق واحد

When leaders embed customer-centricity into the core of their strategic vision, every decision and initiative aligns with delivering exceptional value to the customer. Ledi Lapaj, Director of Customer Experience Bank al Etihad, shared crucial insights on the customer-centricity of an organization. To learn about her tips on CX in the banking sector, check out the full episode here:- https://lnkd.in/d5EnkufH #customerexperience #cx #customercentricity #cxlesson #cxinsights

٩

Especially in the tech sector, Abu Dhabi is positioning itself as a leader in the GCC startup ecosystem. It has never been easier to turn ideas into successful businesses thanks to government initiatives such as interest-free loans. #uae #abudhabi #business #growth #startups #funding #government #strategy

٤

This growth should continue.

١

Eventful day at the MEA Finance Magazine Banking Tech Summit! Always great to gain perspectives from the experts on the future of banking. Engaging discussions around new ways of #Marketing, #OpenBanking, #SuperApps, #Hyperpersonalization, #Payments and the ever evolving benefits and possible limitations of #ArtificialIntelligence were thought-provoking. Here are some key simplified takeaways: - ROI should be a critical metric for financial institutions when adopting new technology. - AI has extremely beneficial use cases for taking over operational processes and bettering #CustomerJourneys. - Banks and Fintechs will reinvent themselves to keep up with customers' growing expectations. - While customers prefer seamless, hassle-free and 'invisible' service, the human touch will continue to be as important. - Cybersecurity, governance, and regulations will be important areas with the increasing adoption of AI. - Machines could end up taking financial decisions on customers' behalf. - Financial institutions would become intermediaries for all activities led by customers on their chosen channels and not the other way round. - Businesses need to guard against the limitations of AI - hallucination, high computational costs, staleness, restrictiveness, etc. With so much technology around, it's also imperative to understand deeply and control the excitement. The objective has to be crystal clear. Identify the right reasons and relevant use cases to ensure scalable and sustainable businesses.

٣٢

١ تعليق واحد

In Tahseen Consulting's #MENA+ #techpolicy insight, you'll read about the #UAE’s du Pay and Emirates NBD partnering on virtual #IBANs, #SaudiArabia and #Qatar boosting #fintech cooperation, #Egypt pushing to be relisted on the JPMorganChase #emergingmarket index, #Pakistan starting discussions on an #AI bill, the Central Bank of Bahrain-licensed #digitalassets exchange ATME launching, #Indonesia blocking Temu to protect MSMEs, #SoutheastAsian countries adopting #stablecoins to reduce #FATF scrutiny, and Apple considering making all #iPhones in #India. 🇦🇪 #UAE DNEG sets up $200M #AbuDhabi visual effects hub 🇸🇦 #KSA Public Investment Fund (PIF) cuts Amazon stake by 80%, rebalances 🇪🇬 #EGYPT Former FinMin #MohamedMaait leads #IMF regional director race 🇵🇰 #PAKISTAN to approve SpaceX #Starlink license 🌍 #GCC Network International, Orabank partner on #digitalpayments 🇧🇭 #BAHRAIN Tamara gets #BNPL license 🇹🇷 #TURKEY MG Motor AE in talks to produce #EVs, joining BYD, CHERY 🇸🇬 #SINGAPORE Grab to spend $3M/year on benefits to support Platform Workers Act 🇵🇭 #PHILIPPINES Consumer groups criticize new #digitalservices VAT 🇮🇳 #INDIA, #US sign battery mineral cooperation deal

٧

١ تعليق واحد

NymCard Partners with Dellsons Associates To Promote Fintech Innovation DUBAI: NymCard , a leading embedded finance solutions provider in MENAP, has signed a strategic partnership with Dellsons Associates (Pvt) Ltd, a renowned banking consultancy firm, to promote innovation in the fintech landscape and empower businesses across the Middle East and Pakistan. The strategic alliance will synergize NymCard's cutting-edge technology with Dellsons' regional expertise and industry connections in the financial and banking sectors. The partnership agreement was officially signed at the recent Dubai Fintech Summit. Tufail Ahmed Khan, CEO of Dellsons UAE, said:  "Pakistan and UAE are two emerging states that can boost regional economies on different fronts, including collaboration in two key areas—technology and finance. PR link in the comment #Fintech l #Dubai l #Pakistan l

٢٨

٢ تعليق

The Best Banks in the Middle East are showcasing resilience and innovation in navigating economic and geopolitical challenges. They are launching specialized products, partnering with fintech firms, and expanding regionally. Sustainability is a key focus, with a commitment to ESG principles. Arab Bank is leading in digital innovation, renewable energy financing, and education partnerships. Ahli United Bank is driving Islamic banking growth in Bahrain post-conversion. QIB is excelling in digital banking, with initiatives like SoftPOS and Marketplace driving increased user adoption and sales. These banks are committed to financial inclusion and supporting various demographics. #financialinnovation #middleeastbanking

٧

MUSCAT: Open banking is set to revolutionise Oman's financial technology (fintech) sector, according to Mohammed al Wahaibi, the CEO of Al Jabr Mena, a venture capital and private equity firm specialising in startup development and corporate innovation. In an exclusive interview with Oman Observer, Al Wahaibi discussed the profound impact open banking can have on the fintech ecosystem, the critical role of entrepreneurs, and the strategic initiatives fintech firms are undertaking to drive innovation and economic growth. Read more: https://lnkd.in/ej4JWDP7 al jabr mena @fsa_oman Central Bank of Oman Ministry of Finance - Oman Mohammed Al Wahaibi #OpenBanking #AlJarMena #FinancialTechnology #Fintech #VentureCapital #PrivateEquity #FintechEcosystem #StartUp ##Banking #Oman #OmanBiz

٤

The DIFC Innovation Hub is leading the way in creating an ecosystem which fuels growth, enhances in-country value, and advances entrepreneurial ambition through public sector and peer support. Thanks to the efforts of Risin Ventures there is no better place to host the Sustainova Startup Challenge which I am honoured to chair. It promises to be an exciting event with tech startup pitches, thoughtfully curated panel discussions, and exemplary keynotes. Please note: there has been a change in dates and the event is now going ahead on the 15th of October, 2024. Register yourself, save the date, and see you there! https://lnkd.in/exQt5cxs 🔗 Apply now and be part of the sustainability movement: For startups who would like to register: https://lnkd.in/e6Qggsrp For investors who would like to register: https://lnkd.in/e2fJNwMY Don't miss out on this chance to elevate your startup and connect with potential investors! #Sustainova #Startups #DIFCInnovationHub #Fintech #Climatetech #Regtech

٥٧

٢ تعليق

Commercial Bank International (CBI) has entered into a strategic partnership with areeba, becoming the first UAE-based lender to offer areeba's comprehensive card and payment solutions to fintechs across the country. This collaboration marks a great step forward in the UAE's rapidly evolving digital payments landscape. Through this partnership, CBI will leverage areeba's advanced payment platform to provide fintechs with scalable, secure and efficient solutions for launching and managing digital payment products. The initiative is designed to provide UAE-based fintechs with robust card management capabilities, accelerating the growth of the country's digital payments ecosystem. This development is in line with the growing fintech sector in the UAE, where assets under management (AUM) are expected to reach $5.70 billion by 2029. (Image by Areeba) #FinTech #DigitalPayments #Innovation #UAE #CardSolutions #Partnerships

٤١

١ تعليق واحد