FinTech in the Middle East to evolve by 2020
FIS hosted FinTech 2020 in Dubai where it explored how financial technology will transform banking
In the Middle East, financial technology or also known as FinTech will transforming the local financial services industry by 2020, according to FIS.
FIS, a company specialising in financial services technology, hosted FinTech 2020 in Dubai, where it explored trends driving the growth of this service.
The event saw FIS conduct a real-time poll, where more than 70 participants working in financial services, banking, asset management, private equity and other related industries took part. The poll was to see how attendees' plans compare to global and regional results; 35% of respondents said they would mostly look to increase investment into disruptive technologies by 2020.
Other investment targets include market expansion, customer experience, regulatory compliance and talent management. Separately, participants pointed to advancements in mobile and wearable technologies and multi-asset trading technology as the most compelling to their businesses.
Wissam Khoury, managing director of FIS Middle East & Africa, said: "With the GCC countries FinTech industry growing at an exponential rate over the next few years, we need to be ready to make the most of all opportunities that will present themselves.
"Our clients are crying out for more sophisticated and efficient technology solutions to innovate and adapt to change. This is especially true of the Middle East, which has seen its financial services landscape change beyond all recognition in less than two decades. We believe that between now and 2020 we will see a radical increase in reliance on cutting edge FinTech in the region, which is why we think hosting this event has been an excellent forum to bring industry leaders together."
FIS acquired SunGard, one of the world's largest privately held software and services companies, in 2015 for $9.5bn. The deal included SunGard's Middle East and Africa operations.