Our challenges here relate largely to the barriers created by existing banking systems, which will take time to overcome, and regulatory challenges that regulators across the region are already working hard to rectify.
Entrepreneurs in the UAE highlight banking services, and in particular the obstacles to opening a bank account, as their number 1 challenge according to entrepreneurship advocacy white paper released by Dubai Chamber and Roland Berger in 2018.
Founders Katharine Budd and Ian Dillon launched NOW Money to provide expat workers who don't have access to banking and remittance services with direct access to a current account, debit card and remittance from their proprietary app and service center.
A plethora of trends have punctuated the fintech landscape, giving rise to a new era of investment, customer service, and digital innovation. The fintech revolution has turned conventional approaches to financial technology on their heads.
According to ICC Qatar, the workshop is primarily a recap into the past year, highlighting major issues and decisions in the banking sector during the period and will also take a look at the road ahead, given the dynamism in Qatar's economy.
The financial industry has been so limited by process and tradition that it has fallen behind in terms of innovation and digital development, leaving opportunities for less-established fintech startup businesses to seize opportunities in the marketplace.