Sophos powers AI-driven cybersecurity in the UAE
Gerard Allison, Senior Vice-President of Sales for EMEA at Sophos, discusses the impact of AI-driven security solutions and how businesses can enhance digital resilience. Allison also highlights Sophos' role in tackling ransomware, securing critical sectors, and leveraging Managed Detection and Response (MDR) to safeguard organisations against evolving cyber threats.
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Khaleej Times
an hour ago
- Khaleej Times
World moves toward a digital-first financial landscape
The fintech revolution is significantly transforming the financial landscape, providing innovative solutions that enhance accessibility, efficiency, and user experience, but it still requires strict regulations to protect consumer data and financial assets, experts say. Leading executives, analysts and experts said technologies such as mobile banking, blockchain, and artificial intelligence (AI) are enabling seamless transactions and personalised financial services, catering to a diverse range of consumers, including the unbanked population especially in the developing countries. They are of the view that fintech companies are disrupting traditional banking models, offering faster loan approvals, lower fees, and enhanced transparency. However, this rapid growth comes with challenges, primarily concerning security, privacy, and regulatory compliance. 'As fintech expands, the potential for fraud and cyber threats increases, necessitating stringent security measures to protect consumer data and financial assets. Furthermore, the lack of comprehensive regulatory frameworks can lead to inconsistencies and risks in the market,' they said. To ensure sustainable growth and consumer protection, fintech must evolve alongside regulatory developments and policymakers need to adopt adaptive regulations that foster innovation while addressing risks, according to an expert. 'Collaborative efforts between fintech firms, traditional banks, and regulators can create a balanced ecosystem that encourages growth while safeguarding against potential pitfalls. In this way, the fintech sector can continue to revolutionize finance, ensuring that technological advancements align with societal expectations and regulatory standards,' he said. Disrupting Finance Industry Nicholas Wright, Head of Institutional Sales, Saxo Bank, said fintech is all about disrupting the finance industry, and its influence is felt across various sectors, including banking, insurance, and telecommunications, as finance is at the core of every industry. The Middle East, particularly the UAE, is striving to establish itself as a global hub for fintech in the coming years. 'Traditionally, cities like London, New York, and Hong Kong have dominated the financial sector due to their well-established banking systems and infrastructure, which now require modernisation. The presence of these extensive financial ecosystems makes them a natural fit for fintech startups, which often emerge to address inefficiencies or gaps in existing systems,' Wright told BTR. 'What sets the UAE apart is its government's proactive approach to fostering a supportive environment for fintech. The country has established regulatory sandboxes, allowing startups to test their ideas without the usual barriers. This initiative makes the UAE an attractive destination for new fintech companies, particularly as its financial sector continues to expand, offering ample opportunities for partnerships,' he said. A prime example of this transformation is e&, formerly known as etisalat. The company has evolved into a fintech powerhouse, offering a range of services through its platform, from payments to investment opportunities. This shift aligns perfectly with the notion that telecom companies, with their vast customer bases, can collaborate with fintech firms to enhance their offerings and add value to their users' lives. The UAE's future vision includes becoming a leading digital hub by embracing digital currencies, banking, and payment systems. By offering incentives and support for innovation, the country is actively attracting cutting-edge companies away from traditional financial centres. Meanwhile, Saudi Arabia established the King Fahad Financial Centre and also aims to attract more fintech companies to the country. These transitions mark a shift from conventional banking methods to a future driven by digital currencies and blockchain technology. Additionally, fintech is evolving into the realm of 'super apps' — comprehensive platforms that function like supermarkets for financial services. These apps enable users to manage multiple financial activities in one place, from booking flights to handling investments and accessing wealth management services. E& money exemplifies this trend by striving to offer a full suite of financial services through its platform. 'The UAE is betting on the idea that technology and fintech will redefine financial centres, potentially reducing the reliance on traditional hubs like London and New York as the world moves toward a digital-first financial landscape. It's an exciting transformation that could fundamentally reshape how we think about money and financial services,' Wright said. Challenges, Regulatory Issues Arun Leslie John, Chief Market Analyst at Century Financial, said the rapid growth of fintech globally has developed numerous obstacles and regulatory issues for fintech applications. 'Venture capital is still one of the biggest hurdles for fintech startups. Investors are sceptical about startups' sustainability in the long term and pose questions regarding the problem the product solves, market size, and probability of success. Convincing the investors takes careful financial planning, long-term perspective, and proof of the idea with figures or user surveys,' John told BTR. Meanwhile, finding the right investor to discover and acquire is also key to a startup's success. Startup business conferences and startup accelerators offer avenues to connect with potential investors. Differentiation from competitors involves a complete pitch deck presentation covering company overview, problem-solving, market opportunities, business models, and financial projections. In addition, competition with established financial and technological giants like PayPal and Amazon is a hard challenge for fintech startups. In order to be successful, startups could consider niches of the market where titans are not so powerful or have fateful problems of digital finance development. In B2C or B2B industries, startups should introduce new solutions in order to be the market leader. Furthermore, regulatory regimes are constantly evolving, and the evolution can facilitate or hinder the growth of FinTech solutions. For instance, regulations like PSD3 in the EU and Consumer Duty regulations in the UK are attempting to enhance consumer protections. 'But there are issues as well. The Buy Now, Pay Later sector is coming under the lens as well, with countries like Australia now requiring formal credit checks for operators. Regulations have always driven innovation, though, as one can see from the UK's open banking platform,' John said. He said the international cross-border payments market is also experiencing dramatic changes, and inefficiencies in the conventional financial system are paving the way for disruption. Fintech players are stepping in and offering simplified transactions, and instruments like stablecoins are offering real-time settlement and reduced charges. 'The question is whether governments will embrace these innovations or focus on protecting traditional banks. With online trade, supply chains, and remote work, efficient international transactions will be vital. Companies that will be in a position to anticipate and adapt to regulatory shifts are likely to succeed in this new world,' he said. Regulations Need to Navigate Wright of Saxo bank said fintech entrepreneurs often come from tech backgrounds, such as software or web development, where regulation is not a major concern. However, when they step into fintech, they quickly realise they are entering a highly regulated space. 'In fact, nearly 80% of entrepreneurs underestimate the complexities of the regulatory landscape they will need to navigate — an issue that is experienced globally. The UAE government is actively working to ease this transition for new fintech companies. Initiatives like the regulatory sandboxes at ADGM and DIFC allow businesses to test their ideas in a controlled environment, helping them refine their models while addressing compliance requirements,' he said. 'For fintech firms to operate effectively, they must obtain a certain level of regulatory approval. Banks are generally reluctant to partner with unlicensed fintech companies, yet regulators often require a working product before granting a licence. This creates a frustrating cycle where companies need a licence to grow but also need a proven concept to secure that licence,' he added. Scaling fintech businesses in the GCC presents additional challenges, particularly due to the region's relatively small populations. While Saudi Arabia offers a larger market, other countries must navigate regulatory differences that impact growth. 'Each nation has its own set of rules, with most requiring that customer data remain within national borders. This poses a challenge for fintech firms, which typically rely on cloud-based services for operational efficiency.' He said the requirement to store customer data on local servers means that many fintech startups cannot leverage cloud hosting — often the most cost-effective and scalable option. 'Instead, they are forced to establish physical infrastructure, which increases costs and slows expansion. While fintech is designed to minimise physical constraints, these regulations push firms toward more traditional operational models.' The path to success in fintech is far more complex than many entrepreneurs initially anticipate. To thrive, they must strike a balance between technological innovation, regulatory compliance, and market adaptability. Transformation to Stay Wright said fintech is at a pivotal moment where nearly every financial process and transaction can be digitised and enhanced. This transformation is ongoing and here to stay. 'Established banks like Emirates NBD, First Abu Dhabi Bank and Saxo Bank, etc., will likely continue to thrive by expanding their digital capabilities and adapting to the evolving financial landscape. As a result, the future will likely see a blend of traditional banking institutions alongside innovative digital solutions,' he said. At the same time, he said significant consolidation is expected within the fintech space. 'While fintech companies excel in technology, they need customers to sustain their business. Post-Covid, the surge in digital banking demand led fintech firms to prioritize customer acquisition over profitability, resulting in inflated valuations based on user numbers rather than actual earnings.' However, with rising interest rates and tighter financial conditions, the landscape is shifting. Raising funds remains possible but is now more challenging, and fintech firms must compete aggressively to attract both customers and investors. Consolidation seems inevitable — fintech companies will increasingly merge or acquire one another to achieve scale and sustainability. 'Looking ahead, we may see two key trends: traditional banks incorporating and collaborating with fintech firms or large fintech players expanding by acquiring smaller firms. These emerging fintech giants could eventually compete directly with traditional banks,' he said. Additionally, fintech has the potential to revolutionise financial inclusion, particularly in Africa and Asia, where large unbanked populations still lack access to financial services. By leveraging technology, fintech can bridge these gaps and democratise banking access. 'This momentum isn't slowing down, especially with the Middle East emerging as a major fintech hub. The rise of fintech in the UAE and beyond is positioning the region as a formidable competitor to established financial centers like London,' he said. Promising Outlook John of Century Financial said fintech is poised for growth in the next five years, driven by technological advancements and increasing digital adoption. 'The fintech market is valued at an estimated $356.79 billion in 2025 and is projected to grow at a compound aggregate growth rate (CAGR) of over 14% in the next five years, reaching $686.85 billion by 2030. North America currently leads the fintech market, while the Asia-Pacific region is expected to grow at the highest CAGR,' he said. He said one of the main drivers of this growth is embedded finance. It involves integrating financial services into non-financial platforms like social media and ride-hailing apps. 'PayPal, Stripe and Square are leading this segment, offering loans and payment options to users right within their daily routine. The Buy Now, Pay Later trend is also rising, changing how people access credit.' Meanwhile, artificial intelligence and machine learning are transforming wealth management, risk assessment, and fraud detection, making financial services more efficient and personalised. John said the fintech landscape is also evolving with the emergence of decentralised finance (DeFi) and central bank digital currencies (CBDCs). 'Innovations in DeFi, like advanced lending protocols and blockchain-based insurance platforms, are pushing for a more transparent financial system. Central banks worldwide are exploring CBDCs to improve financial inclusion, streamline transactions, and reduce the complexities of cross-border payments,' he said. 'As fintech continues to grow and innovate, it's reshaping the global financial landscape. In the future, we can expect financial services to become even more integrated into our daily lives, making transactions smoother, more data-driven, and more sustainable. 'With companies pushing the boundaries of innovation across payments, lending, wealth management, and blockchain solutions, fintech's influence on the future of finance will only grow stronger,' John concluded.
Zawya
2 hours ago
- Zawya
Saudi RGA deploys largest AI-powered road inspection fleet
Saudi Roads General Authority (RGA) has launched the largest and most advanced AI-powered road inspection fleet in the world for the Hajj season. This fleet consists of 18 high-tech units utilising five state-of-the-art technologies, all aimed at improving road safety, enhancing quality, and ensuring an exceptional experience for pilgrims. It includes specialised equipment for scanning surface damage, measuring the International Roughness Index (IRI), assessing pavement layer thickness, evaluating structural deflection, and testing skid resistance. As the national regulator of Saudi Arabia's road sector, RGA said it aims to elevate the quality of roads in the kingdom to rank sixth globally by 2030 and reduce road fatalities to fewer than five per 100,000 people. Saudi Arabia currently boasts the world's leading intercity road connectivity, with a total network exceeding 73,000km. On the new fleet, RGA said its key highlights include seven surface damage scanners equipped with high-resolution cameras, laser units, GPS, and data storage systems for precise analysis and immediate maintenance decisions, especially critical on routes to the key sites. Four IRI units evaluate road smoothness and driving comfort using laser sensors. Another three use multi-frequency radar to check pavement layer thickness, while another three measure road deflection under traffic loads using advanced sensor systems. A single skid resistance unit simulates rainy conditions to test friction levels and ensure safety in adverse weather. The fleet is completed by a mobile digital imaging scanner that inspects unpaved elements such as road signs and safety barriers, assisting in identifying potential risks and optimising maintenance planning. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Khaleej Times
16 hours ago
- Khaleej Times
Apple under pressure to shine after stumbling on AI efforts
Pressure is on Apple to show it hasn't lost its magic despite broken promises to ramp up iPhones with generative artificial intelligence (GenAI) as rivals race ahead with the technology. Apple will showcase plans for its coveted devices and the software powering them at its annual Worldwide Developers Conference (WWDC) kicking off on Monday in Silicon Valley. The event comes a year after the tech titan said a suite of AI features it dubbed "Apple Intelligence" was heading for iPhones, including an improvement of its much criticised Siri voice assistant. "Apple advertised a lot of features as if they were going to be available, and it just didn't happen," noted Emarketer senior analyst Gadjo Sevilla. Instead, Apple delayed the rollout of the Siri upgrade, with hopes that it will be available in time for the next iPhone release, expected in the fall. "I don't think there is going to be that much of a celebratory tone at WWDC," the analyst told AFP. "It could be more of a way for Apple to recover some credibility by showing where they're headed." Industry insiders will be watching to see whether Apple addresses the AI stumble or focuses on less splashy announcements, including a rumored overhaul of its operating systems for its line of devices. "The bottom line is Apple seemed to underestimate the AI shift, then over-promised features, and is now racing to catch up," Gene Munster and Brian Baker of Deepwater Asset Management wrote in a WWDC preview note. Rumors also include talk that Apple may add GenAI partnerships with Google or Perplexity to an OpenAI alliance announced a year ago. 'Double black eye' Infusing its lineup with AI is only one of Apple's challenges. Developers, who build apps and tools to run on the company's products, may be keen for Apple to loosen its tight control of access to iPhones. "There's still a lot of strife between Apple and developers," Sevilla said. "Taking 30 percent commissions from them and then failing to deliver on promises for new functionality—that's a double black eye." A lawsuit by Fortnite maker Epic Games ended with Apple being ordered to allow outside payment systems to be used at the US App Store, but developers may want more, according to the analyst. "Apple does need to give an olive branch to the developer community, which has been long-suffering," Sevilla said. "They can't seem to thrive within the restrictive guardrails that Apple has been putting up for decades now." As AI is incorporated into Apple software, the company may need to give developers more ability to sync apps to the platform, according to Creative Strategies analyst Carolina Milanesi. "Maybe with AI it's the first time that Apple needs to rethink the open versus closed ecosystem," Milanesi said. Apple on defensive Adding to the WWDC buildup is that the legendary designer behind the iPhone, Jony Ive, has joined with ChatGPT maker OpenAI to create a potential rival device for engaging with AI. "It puts Apple on the defensive because the key designer for your most popular product is saying there is something better than the iPhone," Sevilla said. While WWDC has typically been a software-focused event, Apple might unveil new hardware to show it is still innovating, the analyst speculated. And while unlikely to come up at WWDC, Apple has to deal with tariffs imposed by US President Donald Trump in his trade war with China, a key market for sales growth as well as the place where most iPhones are made. Trump has also threatened to hit Apple with tariffs if iPhone production wasn't moved to the US, which analysts say is impossible given the costs and capabilities. "The whole idea of having an American-made iPhone is a pipe dream; you'd have to rewrite the rules of global economics," said Sevilla. One of the things Apple has going for it is that its fans are known for their loyalty and likely to remain faithful regardless of how much time it takes the company to get its AI act together, Milanesi said. "Do people want a smarter Siri? Yeah," Milanesi said. "But if you are in Apple, you're in Apple and you'll continue to buy their stuff."
