Dubai (WAM)
Today, the Dubai International Financial Center, in cooperation with Refinitiv, a subsidiary of the London Stock Exchange Group, issued a report entitled “Horizons for Innovation in Financial Services” that reveals the most important innovation trends in the financial services sector during the next five years.
The report indicated that following the initial wave of innovation that erupted during the pandemic, the global financial services sector is still witnessing major transformations, as the high demand for convenient and personalized financial services, which are specifically designed to suit the evolving preferences and expectations of consumers and clients, has contributed to an increased level of competition and thus. Continuous change, as new players, including fintech companies and major technology companies, demand to strengthen their presence in a dynamic and ever-changing market.
The report pointed out that benefiting from automation technologies in the fields of artificial intelligence, blockchain, and cloud computing also witnessed the emergence of business models and product innovations that led to reducing operating costs and simplifying inefficient processes.
Investments in FinTech, which are expected to grow at a CAGR of 17.2% to reach US$949 billion from 2022 to 2030, are accelerating the pace of innovation in FinTech globally and in Dubai, providing access to emerging markets. High growth in the Middle East, North Africa, Western Europe, Asia, and Africa.
The report revealed four main trends that will contribute to shaping the sector over the next five years, by enhancing the potential of open finance, increasing the decentralization of finance, establishing digital assets as an asset class capable of survival and continuity, and adopting environmental practices, social responsibility and corporate governance within banking operations. .
Moreover, the report noted the importance of adopting innovative approaches within existing financial institutions to facilitate rapid development and improve future competitiveness by adopting enabling frameworks such as project studio incubators.
Arif Amiri, CEO of the Dubai International Financial Center Authority, said: Investments in the field of financial technology are expected to grow at a compound annual growth rate of 17.2% to reach $949 billion between 2022 and 2030, which will accelerate the ongoing pace of innovation in the field of financial technology across the world. At the global level and in Dubai, there is no doubt that this provides tremendous opportunities for expansion and innovation in addition to access to rapidly growing emerging markets in addition to the world-class financial, regulatory and innovative system in the Dubai International Financial Center. Here at the center, we are witnessing a superior and effective level of cooperation between all… Of financial institutions and emerging companies, which will contribute to shaping the future of the financial sector in line with our strategy for 2030 and the years that follow.
In turn, Nadim Najjar, Managing Director of the Central and Eastern Europe, Middle East and Africa Region at the London Stock Exchange Group, said: Innovation in the financial sector has become more important than ever due to the rapid and continuous pace of change that the sector is witnessing, which pushes all players to find new ways. To do business.
He added: Financial technology has formed a cornerstone of financial innovation in recent years, as it has provided a wide range of innovative technologies that allow finding and creating new business models, applications, processes or products.
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