Wissam Khoury, FIS

Wissam Khoury, FIS

FIS, a company providing software and IT services, has recently hosted FinTech 2020, an event which delved on the different trends driving the growth of financial services technology (FinTech) in the Middle East.

The event looked at how the different IT developments are empowering the local financial services industry as a whole. It also saw FIS preview its latest research into how FinTech in the Middle East will evolve between now and 2020.

In a blog post discussing the event, Wissam Khoury, Managing Director, Middle East and Africa, FIS, said, “We all have to keep a close eye on what is happening with new technologies and new players in the market. It’s true that disruptive technology may first be commercialized in emerging or insignificant markets, and – yes – it will start with low financial performance. But what’s key is that once kicked off, disruptive technologies and models grow exponentially and displace mainstream businesses very quickly.”

During the course of the event, FIS also ran a real-time poll to see how attendees’ plans compare to the global and regional results. More than 70 participants working in financial services, banking, asset management, private equity and other related industries took part in the survey.

Nearly 35 percent of respondents said that they aim to increase their investments on disruptive technologies and companies by 2020 and nearly 10 percent more than the next most popular choice on market expansion.

Attendees were also asked to identify the advancements that they believe are most compelling to their business. There were two clear leaders, both of which garnered more than one-third of votes: mobile and wearable technologies and multi-asset trading technology.

FinTech 2020 also featured speakers in the likes of Dr. Nasser H. Saidi, Chief Economist and governance reform advocate. It also saw a panel discussion which included industry experts such as Dr Jarmo Kotilaine, Chief Economist, Bahrain Economic Development Board. The event, held at Palazzo Versace, also offered the opportunity for attendees to network with some of FIS’s 20,000+ global clients.