Muscat – Bankers from across the region who gathered at the Future Tech Event for a banking and fintech summit projected fintech as the future of banking, expecting maximum payment transactions to be initiated in the near future. future by non-bank players.
The summit held on the second day of the Future Tech Event on Tuesday looked at the evolution of fintech companies as well as emerging trends in the banking industry.
It opened with a presentation by Ahmed al Qutaiti, Technical and Innovation Specialist at the Central Bank of Oman, who spoke about “the impact of big data analytics in Oman’s banking sector”.
Qutaiti highlighted some fintech initiatives in Oman.
“We are now working with FinTech Innovation Hub and FinTech Regulatory Sandbox, this is where we welcome fintech startups and bring them to life.”
Qutaiti underlined the importance of having big data saying that “data information is new oil”. In the same breath, he also discussed the challenges of sustaining Big Data in banking.
“The adoption of big data analytics in the Omani banking sector poses four main challenges: data management, compliance, risk, security and data privacy.”
Ghadir al-Ansari, head of the financial technology unit at the Central Bank of Kuwait, presented his bank’s sandbox regulatory framework. She said, “The Central Bank of Kuwait’s Regulatory Sandbox is a safe space to experiment with innovative fintech-related products and services without incurring the expense of obtaining official licenses.
Ghadir outlined the goals and scope of Regulatory Sandbox and its future. The regulatory sandbox is a framework set up by a financial sector regulator to enable small-scale live testing of innovations by private companies in a controlled environment under the supervision of the regulator.
The future of banking
While beginning his speech on the bank and its future, Abdullah al Jufaili, AGM, Digital Banking at Bank Muscat, said, “Banking started probably a long time ago before the term banking was around.”
In his presentation, Jufaili explained: “We are now in an era where we are using and talking about new terminologies – Internet of Things, Internet of Everything, Internet of Things, Artificial Intelligence, Open Banking, use of digital currencies, while the Mobile cooking is the most used channel these days.
Jufaili presented some trends and predictions based on recent research by financial experts. The research he presented was divided into four categories: Competition and Consolidation; modern technologies; payments and digital transformation.
“In less than a decade, large technology or fintech companies will be in the top ten list of financial institutions. By 2030, more than half of all payment transactions will be initiated by non-bank players.
The organizer of the event, Melwin D’cunha, managing director of White Paper Summits, affirmed that it is for the first time in Oman that different companies from the region and global markets catering specifically to the banking sector and fintech presented their products.
“We tried to bring the banking community together to learn about new products and discuss new trends like crowdfunding and virtual assets.”
(Photos and text by Syed Fasiuddin)