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Dubai: Banks in the Middle East are expected to spend about $1 trillion on technology and outsourced services during the next ten years and about 100 banks in the region will invest more than $3.5 billion in core banking solutions during the next five years, technology facilitators and industry sources said on Tuesday.
"We expect the banking sector and financial services in the region to invest about $1 trillion on outsourced business solutions to enhance their efficiencies during the next ten years," said Hesham Amiri, Director of Sales, Dubai Outsource Zone speaking ahead of MEFX, the first Middle East International Banking, Financial Technology and Services Exhibition and Conference.
The event will bring together professionals from financial technology companies and technology solutions providers in a wide range of sectors including banking and brokerage, Islamic finance, wealth management, asset management and capital markets.
Over 70 companies from 20 countries will showcase advancements in products, technologies and services in the financial industry.
"As the regional financial industry continues its unprecedented growth, we are delighted to create an annual event to facilitate the networking of the region's market leaders and emerging players with global suppliers in financial technologies and services.
"We expect huge investments in technology by banking and financial services. In core banking solutions alone the regional banks are expected to spend more than $3.5 billion during the next five years," said Helal Saeed Al Merri, Director General of DWTC.
"MEFX provides a great opportunity for industry professionals to share ideas and best practices that will foster further growth in the industry. DIFC is supporting MEFX as part of its objective of promoting financial business events that showcase new products, technologies and initiatives that can drive industry development," said Abdullah Al Awar, Managing Director of the DIFC Authority.
IT security will be one of the key areas of focus at the inaugural edition of MEFX. Spending in IT security in the GCC has increased 38 per cent this year.
Showcase
Usability solutions will be one of the other key technologies showcased at the event. Human Factors International, a global leader in software usability will present a case study with RAKBank at the Technology Forum on June 3.
On the sidelines of the exhibition, MEFX will host two other events - a business summit named 'Future Proofing Your Bank', and the MEFX Technology Forum, both of which provide banking professionals with insights that can help them raise their competitive edge.
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