The financial technology industry will emerge stronger from the post-coronavirus period as more people turn to digital payments as they work remotely and practice social distancing, according to the Dubai Future Foundation.
“This sector will successfully overcome the crisis … thanks to its efficiency, reliability and clear ability to influence the global economic system,” the report said. It did not provide any forecasts for growth or details on the size of the market.
FinTech companies, which focus on lowering transfer fees and reducing transfer times, are gaining substantial funding on a global scale, though. According to KPMG's Pulse of FinTech survey, FinTech companies were involved in 2,693 deals last year worth $135.7 billion (Dh498.4bn), which was 3.7 per cent below the $141bn record set a year earlier. The industry in the Middle East and North Africa region is set to attract $2.5bn by 2022, according to a study by Mena Research Partners.
More than 92 per cent of people in the UAE use smartphones, presenting a substantial opportunity for FinTech companies – particularly those in the mobile payments sector, which is set to grow in the UAE at a rate of 30 per cent year-on-year, according to McKinsey.
DFF noted that the pandemic could be an “opportunity” for companies to accelerate the digitisation of financial services, while the public sector can explore the use of digital currencies.
As many people cannot physically visit banks due to the precautionary measures taken to tackle contagion, improving their access to digital services will be “critical”.
Banks and other financial intermediaries should augment their digital platforms and reduce the costs associated with online banking, said DFF, adding, “Such costs should be streamlined or entirely removed where possible”.
Digital currencies could help with this, as the central banks of Saudi Arabia and the UAE – the Arab region's two largest economies – already have a pilot programme to develop a shared digital currency for cross-border bank transactions, launched last year.
The speed at which digital currencies can be transferred, through digital ledger technology, would allow governments to provide liquidity to vulnerable groups much faster than using traditional methods, it said.
“Traditional money requires the use of intermediaries such as banks to transmit payments, thus preventing the unbanked from accessing financial services,” said the report.
“On the other hand, FinTech provides alternative ways of making transactions that are faster and cheaper … and in some cases, more inclusive.”
Also on Sunday, payments company Mastercard signed an agreement with Hub71, the tech ecosystem being developed in Abu Dhabi Global Market Square as part of the emirate's Hub71 initiative.
The partnership will identify suitable Hub71 companies for Mastercard's global Start Path start-up engagement programme, which currently contains more than 200 companies who gain access to Mastercard's expertise, technologies and global channels.
"We will develop a unique mentorship programme for Hub71’s FinTech startups that helps them tap into both regional and global market opportunities, as well as technical and industry insights," said Ibrahim Ajami, chief executive of Hub71 and head of ventures at Mubadala Investment Company.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The biog
Family: Parents and four sisters
Education: Bachelor’s degree in business management and marketing at American University of Sharjah
A self-confessed foodie, she enjoys trying out new cuisines, her current favourite is the poke superfood bowls
Likes reading: autobiographies and fiction
Favourite holiday destination: Italy
Posts information about challenges, events, runs in other emirates on the group's Instagram account @Anagowrunning
Has created a database of Emirati and GCC sportspeople on Instagram @abeermk, highlight: Athletes
Apart from training, also talks to women about nutrition, healthy lifestyle, diabetes, cholesterol, blood pressure
Five%20calorie-packed%20Ramadan%20drinks
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Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
UAE currency: the story behind the money in your pockets
Oppenheimer
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Bio
Born in Dubai in 1994
Her father is a retired Emirati police officer and her mother is originally from Kuwait
She Graduated from the American University of Sharjah in 2015 and is currently working on her Masters in Communication from the University of Sharjah.
Her favourite film is Pacific Rim, directed by Guillermo del Toro
List of officials:
Referees: Chris Broad, David Boon, Jeff Crowe, Andy Pycroft, Ranjan Madugalle and Richie Richardson.
Umpires: Aleem Dar, Kumara Dharmasena, Marais Erasmus, Chris Gaffaney, Ian Gould, Richard Illingworth, Richard Kettleborough, Nigel Llong, Bruce Oxenford, Ruchira Palliyaguruge, Sundaram Ravi, Paul Reiffel, Rod Tucker, Michael Gough, Joel Wilson and Paul Wilson.
Zayed Sustainability Prize
KEY HIGHLIGHTS
Healthcare spending to double to $2.2 trillion rupees
Launched a 641billion-rupee federal health scheme
Allotted 200 billion rupees for the recapitalisation of state-run banks
Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets
The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UAE currency: the story behind the money in your pockets
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
COMPANY%20PROFILE
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Company%20Profile
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THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Lowest Test scores
26 - New Zealand v England at Auckland, March 1955
30 - South Africa v England at Port Elizabeth, Feb 1896
30 - South Africa v England at Birmingham, June 1924
35 - South Africa v England at Cape Town, April 1899
36 - South Africa v Australia at Melbourne, Feb. 1932
36 - Australia v England at Birmingham, May 1902
36 - India v Australia at Adelaide, Dec. 2020
38 - Ireland v England at Lord's, July 2019
42 - New Zealand v Australia in Wellington, March 1946
42 - Australia v England in Sydney, Feb. 1888
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now