FinovateMiddleEast Sneak Peek: Efigence

A look at the companies demoing live at FinovateMiddleEast on 26 and 27 of February in Dubai, U.A.E. Pick up your tickets today and save your spot.

Efigence, a company specializing in implementing innovative technologies and designing UX for banks, presents a new features from the EF14 Digital Banking Platform: EF14 Analytics.

Features

  • Real-time analysis both on public and secure sites
  • Conversion of insights into recommendations with sales automation
  • On-premise solution ensures that the bank remains the sole owner of data gathered

Why it’s great
Take control with EF14 Analytics, your one-stop tool to manage all customer data securely and effectively and transform it into real-time recommendations.

Presenters

Andrzej Szewczyk, Vice President and Managing Director 
Szewczyk combines technology knowledge with experience in business management, creating innovative solutions for banks and other financial market players. He has been in the internet industry since 1999.
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Marek Lesiak, President and CTO 
A fintech evangelist specializing in innovative product development, Lesiak has almost 20 years of experience in designing web solutions.
LinkedIn

 

Fintech News from the Middle East and North Africa (MENA)


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As Finovate prepares for its first conference in the Middle East, here’s a round up of recent fintech news and need-to-knows from the MENA region. Learn more about how to join us in Dubai in February for FinovateMiddleEast.

  • NCR overhauls self-service network for Oman’s BankDhofar.
  • U.A.E.-based Noor Bank launches redesigned credit and debit cards inspired by modern art and Islamic heritage, as well as a new rewards program.
  • First Abu Dhabi Bank gets green light to begin “arranging and advising activities” in the Saudi Arabian securities market.

Thought Leadership – Growth, Wealth, Modernization Drive Fintech Innovation in the MENA region.

  • Is there a future for cryptocurrencies in Turkey? The country’s Deputy Prime Minister Mehmet Simsek weighs in.
  • Al Rajhi Bank Jordan signs cooperation agreement with Middle East Payment Services
  • Emirates NBD adds Evans Munyuki as Chief Digital Officer and Miguel Rio Tinto as Chief Information Officer to help drive digital transformation.

Thought Leadership – Top Barriers to Fintech Growth in the Middle East – What will it take to bring the benefits of fintech innovation to the people of MENA? Randstad takes a look at some of the key factors, from regulations to technical talent.

  • Forbes Middle East publishes its roster of the top 20 fintech startups in the Middle East.
  • U.A.E tops Arab markets when it comes to Islamic fintech.
  • Abu Dhabi Islamic Bank (ADIB) wins Best Overall Bank in Customer Experience in the U.A.E. at 2017 Retail Banking Customer Experience Benchmarking Index awards for the 7th consecutive year.

The Spirit of Innovation: Fintech is Booming in UAE

As populations in the MENA (Middle East and North Africa) region grow at increasing rates, developing a financial infrastructure capable of serving those who live in the Middle East and North Africa – from the underbanked to the ultra high net worth individual – is a massive challenge. We speak to HE Younis Haji Al Khoori, Undersecretary of MoF about how the UAE Ministry of Finance’s (MoF) innovation strategy reflects its support to the National Innovation Strategy of the UAE and what this means for the fintech environment in the MENA of the future.

Finovate: What are the main features of the Ministry of Finance’s (MoF) innovation strategy over the next 12 months?

HE Younis Haji Al Khoori: The UAE Ministry of Finance’s (MoF) innovation strategy reflects its support to the National Innovation Strategy of the UAE, which acts as an umbrella for the UAE Government’s efforts in innovation.

Through this strategy, MoF aspires to showcase its innovation projects that are in support of the innovation ecosystem in the UAE. This is currently being achieved through the introduction of high-calibre projects like the Mohammed bin Rashid Innovation Fund, which is aimed at supporting innovators by granting them access to affordable financing solutions.

In addition, MoF’s innovation strategy focuses on fostering a culture of innovation within the Ministry, and offers its employees comprehensive skills-building and training programmes that are specific to innovation, and empowers them to apply related tools and business practices professionally.

Finovate: How do you define innovation?

HE Younis Haji Al Khoori: Innovation is a broad term with numerous applications. From my perspective it relates to businesses improving competitiveness by developing new and creative processes, products and services to meet and overcome the challenges they face.

The UAE Government aspires to become one of the world’s most innovative countries by 2021. For that, the Ministry of Finance has adopted innovation as a methodology integral to the way every one of our divisions operates and to how every service we deliver works. This spirit has also driven the launch of various initiatives, programs and incubators that support the spread of innovation-culture throughout the country and support its future growth.

Finovate: What’s on the agenda to increase innovation within government and finance?

HE Younis Haji Al Khoori: The UAE Ministry of Finance has announced a 2 billion dirham fund, The Mohammed Bin Rashid Innovation Fund. This fund offers affordable financing solutions to innovators at different levels of their development through a government backed guarantee. MoF is collaborating with Emirates Development Bank to operate the fund and partners within the banking sector to provide the required financing to innovators.

Recently, the Ministry has announced the Fund’s very first success story where an applicant achieved a complete disbursement in virtue of his highlighting an interesting aspect of social innovation in his business.

The fund also offers the opportunity for international value to be brought into applicant businesses through the network of high profile SME owners from around the world working as members of the fund Advisory and Decision Committee. The Ministry is also currently working on broadening the scope of our contribution to the innovation ecosystem through a number of initiatives that will be announced soon.

Finovate: How are emerging technologies going to disrupt the financial services sector?

HE Younis Haji Al Khoori: The advent of fintech, especially with regards to Blockchain and Cryptocurrency spells significant change for the financial services sector which will need to evolve to keep up with the rapid changes we are living through. It is speculated that there will be more changes in the industry over the next decade than there have been in the past 100 years, however I believe the core principles which have seen the financial services sector continue to perform through other periods of change will continue to serve us well through periods of significant upheaval. Embracing a culture of innovation, as well as continuing to acquire smart and informed talent will ensure the sector is prepared regardless of the technological advances that occur elsewhere.

Finovate: How do you see the fintech sector developing in the UAE and beyond?

HE Younis Haji Al Khoori: 2017 has seen fintech enter the popular consciousness in a big way, the meteoric rise of Bitcoin and other emergent digital currency, developments in mobile payment technology, and the introduction of Blockchain have ignited the public interest and pushed the sector’s growth. It is easy to say that the fintech revolution is transforming the financial services sector, and will continue to do so by forming a globally connected world.

The UAE can consolidate its position at the leading edge of this new frontier by attracting the most promising enterprises to develop in our cities, continuing to develop cutting edge business infrastructure and providing accessible and generous funding through funds and incubators. We aspire to become a leading light in the accelerating fintech sector.

FinovateMiddleEast Sneak Peek: Wealth Migrate

A look at the companies demoing live at FinovateMiddleEast on 26 and 27 of February in Dubai, U.A.E. Pick up your tickets today and save your spot.

Wealth Migrate is a KPMG award-winning, global online investment marketplace that offers global investors direct access to commercial real estate investments from only $1 in premier global markets.

Features

  • Investors in developing nations can invest in a stable currency with real assets with real yield
  • Transactions recorded using the blockchain to eliminate fraud issues
  • Partners with best-in-class operators

Why it’s great
Most of the developing world does not have access to direct investments that would help them with currency swings which can wipe out wealth. Fraud is a challenge and it is hard to find trusted partners.

Presenters

Scott Picken, Founder and CEO of Wealth Migrate
Picken is a serial global entrepreneur and investor who is passionate about helping people create global wealth. He is an authority on fintech, crowdfunding, collaborative social investing, and the intersection with real estate.
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Jaco Maritz, Chief Information Officer
Maritz leads the technology team, bringing decades of experience in financial services IT management. He is additionally a seasoned global real estate investor.
LinkedIn

FinovateMiddleEast Sneak Peek: Dorsum

A look at the companies demoing live at FinovateMiddleEast on 26 and 27 of February in Dubai, U.A.E. Pick up your tickets today and save your spot.

Dorsum is an innovative investment software provider. This time, Dorsum will present its enhanced botboarding platform which helps banks in the customer onboarding process.

Features

  • Banking customer acquisition and account opening with a chatbot
  • Using workflows and IBM Watson-powered natural language processing
  • Real-time analytics and customization on a live infographic dashboard

Why it’s great
Botboarding shows how the usage of AI-based chatbots can boost customer acquisition rates and open new ways for account opening.

Presenters

Thomas Buemsen, Managing Director – Middle East 
Buemsen has over 20 years’ experience in banking, working across a number of different fields – mainly in investment banking, wealth management, and retail banking.
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Agnes Bati, International Project Assistant 
Bati has profound knowledge of the entire software delivery lifecycle by performing a variety of analytical and project supporting tasks.
LinkedIn

FinovateMiddleEast Sneak Peek: CapitaWorld ME

A look at the companies demoing live at FinovateMiddleEast on 26 and 27 of February in Dubai, U.A.E. Pick up your tickets today and save your spot.

CapitaWorld is an AI-enabled digital, smart, and automated lending platform that provides a complete digital experience to fund seekers, providers, and intermediaries.

Features

  • Digitized lending ecosystem
  • Machine learning algorithms and artificial intelligence
  • Platform provides reduced TAT and real-time lending experience

Why it’s great
U.A.E.’s first artificial intelligence-enabled lending platform for fund seekers, providers, and intermediaries. Getting a loan is now just a click away.

Presenters

Jinand Shah, Promoter and Global CEO 
Jinand Shah has more than 12 years of experience in investment banking. He is founder and promoter of CapitaWorld, which is being constructed as one of the finest AI-based fintech platforms.
LinkedIn

 

Rajiv Shah, Middle East CEO 
Rajiv Shah has more than 21 years experience in professional consultancy and is now Middle East CEO of CapitaWorld ME, an AI-enabled lending platform incorporated and incubated at ADGM.
LinkedIn

 

Fintech News from the Middle East and North Africa (MENA)

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As Finovate prepares for its first conference in the Middle East, here’s a round up of recent fintech news and need-to-knows from the MENA region. Learn more about how to join us in Dubai in February for FinovateMiddleEast.

  • Cryptocurrency exchange BitOasis to add Ripple to its platform.
  • Gulf Business interviews Dubai Chamber president and CEO Hamad Buamim on the importance of developing a culture of innovation.
  • Saudi Arabia’s mada payment system chooses FIME to develop bespoke cloud-based testing platform and certification process.

MENA Fintech Fact UAE startups received 70% of all investment amounts in 2017, with Saudi Arabia seeing the biggest pick up in investments, a gain of 4%. The two most active VC firms in 2017 were 500 Startups and Middle East Venture Partners.

  • Dubai-based IBC Group-owned Acumen Advertising to now accept payment in digital currency.
  • Tehran Stock Exchange to reduce settlement cycle to T+2 from three business days.
  • Bahrain Fintech Bay (BFB) and Fintech Consortium (FTC) team up with U.S.-based fintech RobustWealth to provide robo advisory services.

Thought Leadership – Challenges, Successes and Opportunities of Financial Inclusion in MENA – A Webinar on Fintech in the Middle East with Hans Henrik Christensen (CEO, Dubai Silicon Oasis Authority) and Devie Mohan (CEO, Burnmark). Thursday, February 8.

  • Egyptian Center for Public Opinion Research (Baseera) reports value of financial transactions via Fawry electronic payment network in Egypt grew to EGP 25 billion ($1.4 billion USD) in 2017.
  • Luxury retailer Al Tayer Insignia announces acceptance of mobile payment platform, Alipay, at select outlets.
  • Forbes presents its list of the Top 100 Startups in the Arab World for 2017.

FinovateMiddleEast Sneak Peek: ebankIT

A look at the companies demoing live at FinovateMiddleEast on 26 and 27 of February in Dubai, U.A.E. Pick up your tickets today and save your spot.

ebankIT platform is the hub that enables banks to provide customer journeys with empathic experiences. The next banking revolution will demand this.

Features

  • Flexible omnichannel digital banking platform, business middleware, class-leading apps
  • Fully empathic customer interactions
  • API gateway to embrace fintechs and third parties

Presenters

Diana Winstanley, Business Developer 
Winstanley coordinated several projects on business analysis and international business development, with experience showcasing the latest technology innovation to financial institutions throughout the globe.
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Vitor Barros, Pre-Sales Director 
Project Director for R&D department of ebankIT, Barros has managed and implemented several projects over the years, ranging from middleware to mobile platforms and development of innovative applications.
LinkedIn

FinovateMiddleEast Sneak Peek: ZagTrader

A look at the companies demoing live at FinovateMiddleEast on 26 and 27 of February in Dubai, U.A.E. Pick up your tickets today and save your spot.

ZagTrader is a leading financial technology company specializing in serving the global financial services industry and licensing its proprietary technology solutions, market data, and hosting services.

Features

  • Electronic connectivity to crypto exchanges globally
  • Access to more than 200 exchanges worldwide
  • Robo-advisory and structured product capabilities

Why it’s great
ZagTrader provides the ability to handle multi-asset class instruments such as stocks, commodities, futures, FX, as well as digital crypto assets such as Bitcoin, Ripple, and Ethereum ETC within the same platform.

Presenters

Shihab Khalil, CEO 
With in-depth experience in fintech and capital markets, Khalil is driving ZagTrader towards becoming a global fintech company serving the banks, brokers, asset management, and capital markets.
LinkedIn

FinovateMiddleEast Sneak Peek: Munnypot

A look at the companies demoing live at FinovateMiddleEast on 26 and 27 of February in Dubai, U.A.E. Pick up your tickets today and save your spot.

Munnypot is an award-winning, easy-to-use, fully-automated, B2C and B2B online investment advice service. It provides low cost, goal-based, jargon-free advice.

Features

  • Regulated investment advice
  • Investment decisions made for the customer based on goals and appetite for risk.
  • Monitoring of investment performance in relation to the goal with actionable advice.

Why it’s great
Munnypot is engaging, easy-to-use, and builds customer confidence. All the complex decisions are taken away, making investment advice accessible and convenient for anyone.

Presenter

Andrew Fay, CEO
Fay is a former IFA who went on to form Cavanagh Group and worked as Head of Wealth Management at Close Brothers prior to co-founding Munnypot.
LinkedIn