Blockchain, cutting-edge banking technology, and cross-border remittances took center stage at the Banking, Innovation and Technology (BIT) event organized by Khaleej Times on Wednesday.
During the event, Ravi Tharoor, CEO of Khaleej Times, emphasized that banks must keep up with increasing consumer expectations amid the digitalization of banking services. Tharoor highlighted the need for seamless real-time transactions as an essential component of digitalization, which enhances efficiency, accessibility, and security, thus addressing the evolving needs of a connected world.
With industry experts gathered at the two-day event, the forum addressed the pressing needs of the banking industry and explored the latest technology available to cater to customer needs.
The importance of advances in the banking industry in the region was underscored, given that 60% of the population is under the age of 30 and highly tech-savvy. In the UAE, over 50% of residents already use digital wallets. Indian ambassador to the UAE, Sunjay Sudhir, recognized the impact of digital transformation, sharing India’s experience as a rapidly growing fintech market and a proponent of financial inclusion.
Sudhir highlighted India’s Unified Payment Interface (UPI) as a revolutionary fintech innovation, citing its effectiveness and widespread acceptance that was particularly beneficial during the Covid-19 pandemic. He also discussed the upcoming launch of the Rupay card in the UAE and the signing of a Memorandum of Understanding (MoU) between India and the UAE.
The day also featured discussions on various topics, including insights from Lloyed Lobo, co-founder and president of the fintech platform, Boast.AI. Lobo shared valuable lessons learned while building his company, emphasizing the importance of taking risks, creating a supportive community, and prioritizing customer and employee well-being to build a successful company.
The event was undoubtedly a significant platform for industry leaders and experts to exchange knowledge and insights on the latest trends and innovations in the banking and fintech sectors.
I have over 10 years of experience in the field of cryptocurrency and blockchain technology. I have attended numerous conferences and events around the world, and my work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and Yahoo Finance.