Experts discuss future of fintech at SIF 2023

Financial innovation and technology trends in the global financial services sector were in the spotlight during an exciting panel session at the sixth edition of the Sharjah Investment Forum (SIF).

Moderated by Goncalo Traquina, Head of Management Consulting in Financial Services, KPMG, panellists Eric Yang, CEO of MaskEX, Mirna Selman, Founder and CEO of Fintech Galaxy, and Navin Gupta, Managing Director of MENA and South Asia at Ripple, shared their insights at a session titled ‘The Future of Fintech’.

Eric Yang acknowledged the impact of fintech on the traditional banking system, citing its use of advanced technology to deliver more efficient service and meet customer demands. He highlighted the advantages of fintech, such as mobility, accessibility, and convenience, as the reason for its growing popularity and continued relevance.

Mirna Selman stressed the importance of customer satisfaction, and how fintech companies cater to this with their fast, convenient, and multi-channel services. She also shared her thoughts on how fintech also reaches populations who may not have access to traditional banking.

Navin Gupta emphasised the need for cooperation between banks and fintech services. Despite fintech’s threat to traditional banking with its modern technology and personalised products, Gupta stressed that banking institutions still play a crucial role.

The SIF panellists also discussed the need for a harmonious relationship between fintech and traditional financial institutions. They stressed that both sectors are intertwined and depend on each other, with banks providing essential services to fintech and fintech helping banks adapt to changing technology trends, including attracting new customers and offering personalised products and services.

Workshop on FDI: The World Association of Investment Promotion Agencies (WIPA) and OCO Global hosted a workshop on Foreign Direct Investment (FDI) readiness and resilience during the sixth edition of the Sharjah Investment Forum (SIF), bringing together international experts in investment promotion to discuss the integration of innovative approaches in attracting and sustaining investments.

The seminar focused on crucial steps that countries and investment agencies can adopt to further attract and sustain investments, as well as the important role of Investment Promotion Agencies (IPAs) in attracting and facilitating investment during the last decade, especially during the pandemic, for both the public and private sectors.

Speakers at the session included Mohammed Yaqoup, Assistant Director General of Kuwait Direct Investment Promotion Authority, Youfi Grant, Regional Director of Sub-Saharan Africa at WAIPA and Ghana Investment Promotion Center, Rokhaya Kebe, CMO of Senegal Investment Promotion Agency.

Moderated by Joe Hepworth, Director of Middle East OCO, Global, the guests discussed the need to adopt innovative solutions, including technology and digitalisation, to create an environment for influencing and sustainable investment. They stressed the importance of collaboration over competition to develop local business environments and enhance cooperation opportunities to attract investors, support growth, and ensure sustainability in vital sectors.

Following the seminar, Ricky Shah, OCO Global Middle East Head of Consulting, hosted the FDI Capacity and Readiness Training - Integrating Innovative Approaches in Investment Promotion workshop. The workshop addressed the shift toward a strategic confederation of investment promotion and the role of technology and innovation in attracting API (application programming interfaces) and strategic investment themes for the next decade. The workshop also discussed the challenges facing the economy in terms of climate change, food sustainability, and geopolitical tensions.

The workshop discussed the factors that support investing in strategic sectors, such as a country’s readiness in terms of investment-supporting laws and regulations and supporting middle-sized projects, as well as the transition to a green economy and a carbon-free future. The session was a significant step towards promoting investment opportunities and strategic investment approaches for the next decade and underscored the importance of innovative solutions in attracting and sustaining investments.

After two days of showcasing Sharjah’s potential to more than 1,500 participants, SIF 2023 came to a close on Thursday. The annual event served as a platform for investors, entrepreneurs, and business leaders to exchange ideas, network, and explore opportunities for growth and investment.