ADIB hosts roundtable on enhancing fintech’s role in society

Abu Dhabi Islamic Bank, ADIB, brought together leading industry experts for a roundtable discussion on the increasing importance of fintech as a means of financial inclusion and empowerment.

The event was held as part of the bank’s involvement in the Ethical Finance Innovation Challenge and Awards, EFICA, an initiative which aims to recognise people and organisations that use financial initiatives to support society.

Held in collaboration with the Dubai Islamic Economy Development Centre and Thomson Reuters, the roundtable provided a platform for dialogue on key topics including fintech’s role as a source of positive change, the importance of creating a robust fintech ecosystem, and the role that Islamic banks can play in advancing the fintech revolution.

In his opening remarks, Khamis Buharoon, Acting CEO and Vice Chairman at ADIB, said, "Since we launched EFICA four years ago, we have seen first-hand, through the hundreds of inspired projects that we have supported through the awards, that fintech is increasingly playing a positive role in society. As an Islamic bank, we are rooted in the ideals of partnership and sharing of risk and return and we know that there are like-minded people across the industry, in conventional and Shariah-compliant institutions, in long-established banks, and in fintech start-ups. The dialogue and collaboration at this EFICA roundtable will further support the advancement of fintech as a force for good in society."

Abdulla Al Awar, CEO, Dubai Islamic Economy Development Centre, in his keynote speech, said, "There is no doubt that fintech has, and will continue to diversify financial services and increase their accessibility to the public. As a result, fintech will empower financial institutions through growing the number of customers and enabling greater access to new markets, even while reducing services and management costs. However, to truly optimise fintech in driving production and eventually progress, we need to rationalise and humanise technology. This will allow it to achieve its mission of enhancing the quality of life, supporting development, and eradicating unemployment and poverty."

During the session, three panel discussions were held to explore the ways in which the financial sector can prepare for the expansion of fintech in the region. Speakers discussed how fintech can make traditional banking more efficient and accessible and tackled the significant business risks of incumbent players. They further reviewed the government initiatives aimed at promoting fintech as a key part of the technology ecosystem and the different ways Islamic banks can capitalise and benefit from the fintech revolution.

Over 67 percent of transactions were carried out on ADIB’s digital platforms in H1 2017, including an average of 1.7 million mobile transactions every month. As part of its digital innovation strategy, the bank has also recently revamped its Internet and mobile banking platforms to enable customers to conduct their mobile and online banking in a simpler and more intuitive manner across all devices.