The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Dubai / Emirates Business
GITEX Technology Week 2016 will welcome an exceptional line up of finance and technology experts, including James Barrese, formally CTO of PayPal, and Andres Wolberg-Stok, Global Head of Emerging Platforms and Services from Citi to shed light on the state of FinTech (technology-enabled banking and finance).
FinTech solutions are transitioning from startup offices to the mainstream, and experts predict revenue of USD 2 trillion in digital payments globally by 2020. Companies such as PayPal, the now ubiquitous online payment portal, are becoming the norm for many financial product consumers. In response, mainstream banks are beginning to adopt mobile banking solutions to meet the demands of their clients.
“Banks, startups and non-banking players are disrupting the global banking and finance industry with mobile apps, immersive technology and non-traditional payments. Emerging markets like the Middle East have the drive for innovation and opportunity to build next-gen infrastructure, enabling them to become global leaders in the digital payments revolution while providing a lifeline for billions of under-banked people,†said James Barrese, PayPal’s former Chief Technology Officer and Senior Vice President of Payment Services.
Emerging markets represent 90 per cent of mobile growth, according to industry body GSMA, and these figures are set to grow.2 With the UAE’s on-going progress in becoming a hub for FinTech, the potential for GCC-home grown innovation is apparent. As many FinTech solutions begin as small businesses and startups the GITEX Startup Movement at GITEX Technology Week 2016 is set to provide support for up-and-coming FinTech entrepreneurs.
Currently, 2 billion people use at least one of 270 available mobile money services, and industry studies show the need for further easy-to-use digital payment solutions. Frequent mobile banking users are 40 per cent less likely to switch banks, and customers who primarily use bank branches are three times more likely to switch banks, according to a report by consultancy Bain & Company.