Future of Islamic fintech discussed at major forum

MANAMA: Panellists during the Global Islamic Fintech Huddle were in agreement that fintech is an enabler (not disrupter as initially perceived) and is a tool that can remove friction from a customer’s journey using innovation and collaborations.

Held at the Wyndham Grand Bahrain Bay yesterday, the huddle was part of an Islamic Finance Innovation Day Forum held in strategic partnership with the Economic Development Board (EDB).

The second edition of the annual forum had Next Generation Finnovators as it theme, as it hosted more than 150 rising stars and industry experts from across the Islamic finance industry and rapidly developing fintech sector to explore the role and impact that young professionals can have in driving and capturing the opportunities presented by the rapid development of fintech by financial institutions and consumers of financial products and services around the world.

EDB executive director for financial services David Parker said during the huddle that the future for Islamic fintech is bright but its long term advancement depends on the effective development and empowerment of young industry talent to drive sustainable growth and progress.

“Young professionals born in the digital age undeniably have a different relationship and affinity to technology than a majority of their more seasoned peers.

“It is also ultimately their preferences and demand for digital services that is driving the transformation agenda of banks, so who better to lead change!”

The international gathering brought together industry influencers and fintech visionaries passionate about using technology to drive financial inclusion in a Sharia-compliant manner connecting all stakeholders of the Islamic fintech ecosystem – start-ups, investors, policymakers and intermediaries – to facilitate the exchange of ideas and create new collaborative business opportunities.

Source: http://www.gdnonline.com/Details/442938

 

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