FT Summit focuses on importance of technology in banking sector

The exclusive event of the Top 100 Arab Banks will shed light on the role of technology to enhance competitiveness of the Arab Financial and Banking sector in light of the new customers' expectation, new regulations and increased competition.

H.E. Younes Haji Al Khoury, undersecretary of the Ministry of Finance, commented on the occasion of the forthcoming 4th FT Summit: " In an era of Information & Knowledge - based economy, technology is no more a mere complementary but a vital element to existence and success".

He added that the wealth growth is no more dependent solely on the nation's natural resources, but also on the ability of each country to manage data, software, communication and telecommunications networks.

H.E. asserted the importance of technology in enhancing the successful already achieved by Middle East Financial sector as a result of socio-economic development and increased liquidity. He stressed the importance of IT in economies enjoying huge liquidities, rapid investment and open markets.

Al Khoury believes that in such economies, technology is the key element in safeguarding against dangerous frauds in financial sector, which mark this era due to money laundering and other e-crimes, in addition to its role in boosting the economic growth.

On his part, Mr Khaled Eid, Managing Director of the Dubai-based World Development Forum, Organizers of the Summit, said that the finance technology market has witnessed a remarkable growth in last years due to increased demand from the regional banking and financial institutions to meet international standards.

He added that MENA and South Asia regions' financial technology market was estimated at $6bn last year according to researches (of which $1.8bn are invested by the Arab banking sector), with growth of 15% per annum due to increased expenditure by leading regional banks on upgrading core banking systems and IT infrastructure.

Eid pointed out that the changing landscape of competition has set new market rules, ( Technology & Innovation ) are on the top of those rules.

"This will be the theme of the FT summit this year - Business Innovation through Technology," Eid said.

He indicated the contribution of some leading Arab banks to share their expertise in using technology as a competitive advantage at FT Summit, including Al Ahli Bank, Riyadh Bank (Saudi), Kuwait National Bank (Kuwait), Khaliji Commercial Bank (Bahrain) and Dubai International Financial Center (UAE).

Other Gulf banks from Qatar, Oman, Egypt and Jordan will also participate in panel discussions. Some of the world's largest IT vendors are sponsoring the FT Summit, namely Oracle, Xerox, BT, Avaya, Future Technology, Informatica, Imtac, Smart Stream & Bankers Almanac.

Delegations from 10 Arab countries representing largest banks and financial institutions in Saudi Arabia, Kuwait, Bahrain, Qatar, Oman, Jordan, Libya, Yemen and the UAE, the hosting country have confirmed their participation.