Latest news with #FinancialInfrastructureTransformation
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Powering a cashless economy through fintech revolution
In a world rapidly shifting toward digitisation, the UAE has emerged as a regional — and global — trailblazer in the race to build a cashless economy. With an ambitious vision anchored in innovation, the country is redefining the future of finance, commerce, and customer experience. Leading this transformation is Dubai's strategic push to eliminate cash dependency, paving the way for a smarter, faster, and more secure financial ecosystem. At the heart of this evolution is the Dubai Cashless Strategy, a bold initiative launched by Digital Dubai with the goal of ensuring that 90% of all transactions are digital by 2026. This move aligns with Dubai's wider ambition to become one of the top digital cities in the world. By accelerating digital payments and financial innovation, the strategy is expected to inject more than Dh8 billion ($2.17 billion) into the economy annually. AI and machine learning technologies are being integrated into payment systems to enable real-time fraud detection, personalized financial services, and smarter decision-making across financial touchpoints. A Progressive Yet Balanced Ecosystem 'The UAE's digital payment ecosystem in 2025 is both highly progressive and uniquely balanced,' says Hennie Du Plessis, Senior Vice President – Financial Institutions, Middle East & Africa at IDEMIA. Citing findings from IDEMIA Secure Transactions' 2024 global survey on consumer payment trends, he notes that over 50% of UAE residents now regularly opt for cashless transactions. Interestingly, 67% still carry two or more physical cards — an insight that underscores the duality of consumer behaviour in the region. 'This tells us that while the digital infrastructure is accelerating rapidly, consumer trust in physical cards remains deeply rooted,' Du Plessis explains. 'The dual preference reflects a mature ecosystem that seamlessly integrates both digital innovation and physical reliability.' This coexistence of digital and traditional payment methods signals a nuanced and sophisticated market, where consumers are empowered with choice and confidence, and businesses are equipped to meet evolving expectations. At the heart of this transformation lies robust government policy. The UAE's leadership has played an instrumental role in driving the nation towards a cashless economy through strategic frameworks and future-focused initiatives. 'Government policy has been a driving force,' affirms Du Plessis. 'Programmes like the UAE Central Bank's Financial Infrastructure Transformation (FIT) strategy and broader smart government initiatives are setting a foundation for secure, real-time digital transactions.' The FIT programme, in particular, is designed to enhance interoperability, boost financial inclusion, and create an environment conducive to fintech innovation. These efforts ensure that regulatory frameworks evolve in tandem with technological advancements, allowing both consumers and financial institutions to adopt digital solutions with confidence. Key Milestones According to Du Plessis, the nation has already achieved several significant milestones that reflect its digital maturity. 'Key milestones include the rise in contactless payments, mainstream adoption of digital wallets, and the launch of innovative smart cards with state-of-the-art designs — like metal and illuminated cards — and functionalities such as biometric payment options,' he says. Biometric technology, in particular, is emerging as a key enabler of secure, frictionless payments. ' Biometric payments readiness is especially high, with 98% of UAE consumers open to using at least one biometric method to pay, and 69% expressing specific interest in fingerprint-based transactions,' Du Plessis adds. Looking ahead, the next wave of innovation will focus on enhancing payment accessibility and experience. Du Plessis outlines the future roadmap: 'The next steps lie in expanding wearable payment technologies and blockchain-based platforms, while ensuring inclusive access across all age and income segments.' As the market matures, specific innovations within the digital payment space are gaining strong traction. QR code payments and Buy Now, Pay Later (BNPL) services are witnessing rapid adoption, especially in dynamic sectors like e-commerce, food & beverage, and urban mobility. 'The UAE consumers are increasingly opting for frictionless checkouts and contactless retail experiences,' Du Plessis observes. 'This is being enabled through wallet integration, tokenisation, and one-click transactions offered by solutions like Tap To Pay.' An Ecosystem Built on Collaboration Unlike fragmented global markets where banks and fintechs often operate in silos, the UAE has created an environment of strategic cooperation. According to Du Plessis, this synergy is driving the nation's fintech revolution. 'In contrast to more fragmented markets, the UAE's ecosystem is uniquely collaborative,' says Du Plessis. 'Fintechs here benefit from regulatory sandboxes, investor access, and a supportive public sector.' This collaborative environment is compelling traditional banks to modernise and innovate at pace. 'Traditional banks are responding by launching digital-first services, while neobanks and tech players are pushing the boundaries of seamless UX,' he adds. The result is a dynamic, healthy competition where innovation is accelerated — but not at the expense of consumer trust. Security as the Cornerstone of Innovation As digital payments become the norm, security has emerged as the foundation upon which user trust is built. In the UAE, where 84% of residents identify online fraud as a primary concern, financial institutions are doubling down on safeguarding every transaction. 'Security is front and center in every payment conversation,' Du Plessis notes. 'Technologies such as chip-level encryption, tokenization, and biometric authentication are now widely adopted to safeguard transactions end to end.' These advanced security layers not only protect against present-day cyber threats but also ensure that user-facing innovation — like seamless mobile payments or biometric card transactions — is meaningful and reliable. The industry's next major frontier in security lies in anticipating and mitigating the threat of quantum computing. As the potential for cryptographic vulnerabilities grows, financial institutions must adopt next-generation security standards to stay ahead. 'With quantum computing advancing, the threat of cryptographic vulnerabilities is no longer theoretical,' Du Plessis warns. 'This is driving a global shift toward post-quantum cryptographic standards and the deployment of next-generation secure chipsets embedded in cards, devices, and payment terminals.' These emerging technologies are designed to resist future quantum attacks and preserve the integrity of financial transactions well into the future. The UAE, with its progressive policies and appetite for innovation, is in a strong position to lead this transformation. 'We expect post-quantum-ready encryption to become a defining benchmark for compliance, trust, and operational resilience — not only for financial institutions, but across the broader payments and digital identity ecosystem. The future of secure payments will depend on the industry's ability to stay ahead of emerging threats by investing in resilient technologies that ensure transactions remain safe, trusted, and future-ready,' Du Plessis adds. While the UAE is clearly embracing digital payments at an unprecedented scale, the future may not completely eliminate cash. Instead, it will shift to a smart-payment-first economy where cash is relegated to niche or legacy use cases. 'The UAE is clearly on a trajectory toward a predominantly cashless economy, but not necessarily a cash-free one,' says Du Plessis. 'Cash might be reserved for specific use cases, while most transactions will be driven by digital channels — powered by smart cards, wearables, mobile wallets, and embedded payment technologies.' Interestingly, despite the rise of digital wallets and contactless solutions, physical payment cards are expected to maintain — and even increase their relevance. 'Physical payment cards will still play a central role, particularly among premium segments where tangibility and brand experience continue to matter,' Du Plessis adds. Shaping the Future of Financial Intelligence The role of AI and machine learning in banking and payments will evolve from operational support to strategic enablers of hyper-personalisation and proactive security. According to Du Plessis, these technologies will 'drive hyper-personalized banking, fraud detection, and predictive risk analysis.' Consumers can expect AI to not only offer tailored financial products based on real-time behaviors and preferences but also act as a frontline defense against increasingly sophisticated fraud threats. 'Blockchain will streamline everything from real-time cross-border payments to digital identity verification,' Du Plessis explains. Tokenised assets are gaining traction as consumers and businesses look for faster, more transparent ways to manage and transfer value. IDEMIA, for instance, is leading the charge with secure hardware wallets like which empower users to manage crypto assets with enhanced security and user control. As the UAE looks ahead, the convergence of AI, blockchain, and advanced payment infrastructure is setting the stage for a resilient financial ecosystem built on intelligence, speed, and trust. 'These technologies will define a new era of secure, intelligent financial infrastructure in the UAE,' Du Plessis affirms.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Cybersecurity serves as the backbone of the fintech landscape
Cybersecurity serves as the backbone of the fintech landscape, enabling secure transactions, protecting consumer interests, and ensuring compliance with regulations. As the sector continues to evolve, the integration of cutting-edge cybersecurity strategies will be crucial in sustaining growth and maintaining trust in digital financial services, according to experts. Industry executives and cybersecurity specialists said cybersecurity plays a pivotal role in safeguarding the burgeoning fintech sector, which encompasses a range of technologies transforming financial services, from mobile banking to blockchain and cryptocurrency applications. 'As fintech companies innovate and expand, they become attractive targets for cybercriminals seeking to exploit vulnerabilities for financial gain. Hence, robust cybersecurity measures are essential to prevent disruptions that can result from data breaches, fraud, or system outages,' say the experts. Cyber Resilience Subhalakshmi Ganapathy, Chief IT Security Evangelist at ManageEngine, said cybersecurity is not just a compliance requirement, but the foundation of financial stability in the UAE's rapidly evolving fintech landscape. 'With digital banking and cryptocurrency adoption surging, the attack surface is expanding, making robust security frameworks essential to preventing financial disruptions,' Ganapathy told BTR. Referring to Statista data, she said the UAE's cryptocurrency market is expected to reach 3.78 million users by 2025, with a penetration rate of 39.13%. 'Regulatory initiatives like the Financial Infrastructure Transformation (FIT) programme and Dubai's Virtual Assets Regulatory Authority (Vara) demonstrate the country's commitment to cyber resilience,' she said. However, she said financial institutions must go beyond regulations, proactively addressing threats such as ransomware, supply chain vulnerabilities, and crypto-specific risks. 'Given the UAE's global financial influence, a single cyber incident could have widespread repercussions. I believe public-private partnerships that integrate regulation with technological innovation are key to ensuring cybersecurity remains a business enabler, not an afterthought,' Ganapathy said. Backbone of Trust Ezzeldin Hussein, Regional Senior Director, Solution Engineering, META, SentinelOne, said cybersecurity is the backbone of trust in the UAE's rapidly growing fintech ecosystem, especially with the rise of digital banking and cryptocurrencies. 'As cyber threats become more sophisticated, financial institutions must proactively defend against fraud, data breaches, and ransomware attacks that could disrupt services and erode consumer confidence,' Hussein told BTR. 'Robust security frameworks, including AI-driven threat detection, zero-trust architecture, and blockchain security enhancements, are essential in mitigating risks. Regulatory compliance, such as adherence to UAE Central Bank guidelines and global security standards, also plays a crucial role in ensuring resilience,' he said. Beyond technology, he said continuous cybersecurity awareness among users and financial professionals is vital. 'Attackers often exploit human vulnerabilities, making education and vigilance just as important as technical defenses. Strong cybersecurity measures don't just prevent financial disruptions, but also enable innovation and long-term growth in the UAE's fintech sector by ensuring a secure and resilient digital financial landscape,' Hussein said. Data Protection, Regulatory Compliance Analysts and IT experts opine that cybersecurity facilitates stability in fintech by protecting sensitive financial data. 'Fintech firms handle personal and transactional data, which if compromised, can lead to identity theft, financial losses, and a loss of consumer trust. Implementing encryption, secure authentication protocols, and regular security audits helps protect against unauthorised access and ensures that customer data remains confidential and intact,' says an expert. In addition to protecting data, he said cybersecurity also aids in compliance with regulatory frameworks that govern financial transactions. 'With regulations like the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS), fintech companies must adhere to strict security guidelines. A strong cybersecurity posture not only helps avoid costly fines but also demonstrates a commitment to consumer protection and ethical business practices.' Furthermore, proactive cybersecurity strategies, including incident response planning and continuous monitoring, are vital in swiftly addressing potential threats and vulnerabilities. 'By investing in cybersecurity technologies and fostering a culture of security awareness among employees, fintech companies can significantly reduce the risk of cyberattacks and subsequent financial disruption,' according to an IT specialist.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Rise of fintech: Redefining cross-border payments as digital platforms surge
In today's hyper-connected world, the ability to move money instantly, securely, and cost-effectively across borders is no longer a luxury — it's a necessity. Once known for traditional remittance corridors, the UAE's cross-border payments landscape has transformed into one of the most agile, innovative, and future-ready ecosystems globally. Over the past few years, propelled by a tech-savvy population, visionary national initiatives, and a vibrant fintech sector, the way people and businesses move money across borders has fundamentally evolved. 'The UAE's cross-border payments landscape has undergone a remarkable transformation in recent years,' said Adeeb Ahamed, Managing Director of LuLu Financial Holdings, in an interview. 'There's been an undeniable pivot toward digital channels, driven by a tech-savvy customer base and increasing trust in fintech innovation.' This shift mirrors the country's broader digitisation agenda. Landmark programmes such as We the UAE 2031 and the Central Bank of the UAE's Financial Infrastructure Transformation (FIT) Programme have cultivated an environment where digital transformation isn't merely aspirational — it's expected. Today, customers don't just send money; they transfer value, whether in fiat currencies, digital tokens, or emerging asset classes. Yet, human-centric services still have their place, with leading players like LuLu Exchange offering an omni-channel model that balances convenience with personal trust. Similarly, Ali Al Najjar, COO of Al Ansari Exchange, points to the dynamism and rapid evolution of the sector. 'The UAE has embraced advanced payment technologies, including real-time payment systems, digital wallets, and blockchain technology, which have streamlined cross-border transactions, making them faster and more secure,' he said. The regulatory environment, too, has been instrumental. Progressive policies supporting anti-money laundering (AML) standards, sanctions compliance, and financial infrastructure development have strengthened the UAE's reputation as a global financial hub. As part of its broader push toward a cashless economy — with Dubai aiming to become one of the world's top five cashless cities by 2033 — the adoption of mobile payments and real-time transaction capabilities has been a game-changer for consumers and businesses alike. Public-private partnerships have further accelerated progress. Collaborations between regulators, banks, fintechs, and global financial institutions have driven the creation of cutting-edge payment systems that combine speed with security. Adding to this momentum, the introduction of the Unified Payments Interface (UPI) and RuPay card services in the UAE marks another landmark development, particularly in strengthening the UAE-India financial corridor. 'The UAE-India corridor alone accounts for approximately one-third of the country's outbound remittances,' said Al Najjar. 'Indian expatriates are embracing the familiarity and efficiency of these platforms, while merchants are benefiting from faster settlements and cost-effective transaction options. These innovations build on the 2022 UAE-India framework for local currency settlement (INR-AED), which aims to reduce transaction costs and promote bilateral trade. We expect UPI and RuPay to further strengthen the financial bridge between both nations.' Otto Williams, Regional Head and General Manager of PayPal Middle East and Africa, notes: 'The UAE has transformed into one of the most agile cross-border payment hubs in the world. Driven by regulatory support, a robust fintech ecosystem, and consumer demand, cross-border payments in the UAE are increasingly seamless, instant, and secure,' he said. He added that the advent of real-time infrastructure, open banking frameworks, and interoperable digital wallets has drastically reduced friction and cost, positioning the UAE as a key enabler of global commerce — bridging East and West with a spirit of innovation and inclusion. Building a Future-Ready Financial Ecosystem In 2024, the UAE's foreign trade reached a record Dh5.23 trillion — an extraordinary milestone that highlights its increasing significance on the world stage. At the same time, the UAE has consistently ranked among the top three remittance-sending countries globally, connecting millions of expatriates with their families through trusted financial channels. Cross-border trade payments are pivotal to the UAE's economic momentum. As Ahamed notes: 'We consider the development of efficient payment rails as a critical part of the national financial infrastructure. Making it seamless and accessible is necessary for small businesses to thrive.' This focus has fueled the emergence of innovative, frictionless payment solutions designed to meet the complex needs of global enterprises and individual customers alike. Recognising the crucial role of financial innovation, the Central Bank of the UAE has created a highly supportive regulatory environment. The country has become a living laboratory for next-generation financial technologies, including real-time payment rails, blockchain-based transfers, and biometric verification—all aimed at redefining the future of cross-border money movement. 'The UAE's open and progressive regulatory framework has set the stage for transformation,' says Williams. 'Initiatives like the Dubai Digital Economy Strategy, and innovation zones such as DIFC's Ignyte and FinTech Hive, have fostered a thriving commercial sandbox. The government's approach enables innovators like PayPal to bring cutting-edge solutions to market faster.' Championing the UAE's cashless economy vision, Empay has emerged as a key player, aligning perfectly with the nation's digital economy aspirations. Launched in 2020, Empay aggregates lifestyle, government, and non-government payments into a single seamless platform. 'Empay simplifies financial management by allowing users to handle all their transactions without leaving the ecosystem,' says Gigi George Koshy, Deputy CEO and Chief Product Officer of Empay. 'This supports the national goal of digital transformation and inclusive financial access. Within the Empay ecosystem, users can send money instantly through peer-to-peer transfers. For cross-border needs, Empay has partnered with trusted exchange houses, making international remittances secure, quick, and accessible — especially important in a country with a large expatriate population.' Reducing Friction in International Money Transfers Ahamed emphasises that 'the future of finance lies in collaboration.' He explains that in a landscape as complex and fast-evolving as cross-border payments, no single player can address all the challenges on their own. Partnerships between startups and established financial institutions are helping to merge the speed and innovation of fintech startups with the trust, scale, and regulatory compliance of industry giants. One prime example of this collaborative model is LuLu Exchange's Remittance-as-a-Service (RaaS) product. This service offers a plug-and-play infrastructure for cross-border payments, enabling fintechs across the region to integrate quickly into a seamless payment system. According to Ahamed, this partnership model not only accelerates innovation but also makes the process smoother for customers. By eliminating barriers and reducing delays, fintech collaborations empower companies to scale faster, expand into new markets, and deliver a seamless user experience for remittances. Williams highlights the significance of partnerships in creating frictionless cross-border payments. PayPal's recent collaboration with TerraPay, a global payment platform, exemplifies how fintech companies are working together to connect banks, mobile wallets, and PayPal accounts across the Middle East and Africa. This partnership eliminates many of the delays and intermediaries typically involved in traditional international money transfers, offering customers a more transparent and secure payment experience. Further innovating the wallet space, Williams adds, 'On the wallet front, we're working to make peer-to-peer cross-border wallet transfers as easy as sending a message.' By simplifying the process and removing unnecessary steps, these collaborations are paving the way for a more efficient and user-friendly experience. This is especially important for underserved communities, who are gaining access to global digital commerce for the first time — breaking down barriers to financial inclusion. Driving Financial Inclusion Cross-border payments are increasingly recognised as a key driver of financial inclusion, particularly in regions with large migrant populations. 'Cross-border payments are instrumental in driving financial inclusion — particularly in regions with large migrant populations. In the UAE, we've successfully leveraged innovation to make remittances faster, safer, and more affordable for millions,' according to Ahamed. He credits the Central Bank of the UAE (CBUAE) for its future-focused regulation, which has laid the groundwork for a robust, technology-driven remittance ecosystem. This innovation-first approach is advancing financial inclusion at scale, in line with the UN Sustainable Development Goal of keeping global remittance costs below 5%. 'The UAE has consistently maintained remittance fees within this threshold — a significant achievement made possible through collaborative initiatives such as the Foreign Exchange and Remittance Group (FERG), which unites industry leaders to champion inclusive, customer-focused financial solutions,' Ahamed adds. Echoing similar sentiments, Al Najjar highlights that innovation has become a powerful enabler of financial inclusion in the UAE's rapidly evolving financial landscape. 'With the UAE progressing toward a fully cashless society and mobile wallet usage growing rapidly, we are seeing a broader segment of the population — including underbanked and lower-income communities — gaining access to digital financial tools,' he says. According to the latest survey, 82% of UAE SMEs now use apps and digital tools for cross-border payments, marking a 27% increase since 2021. This surge in digital adoption underlines how technology is democratising financial access across the country. 'At Al Ansari Exchange, we are committed to supporting this momentum through user-friendly digital platforms that extend reach and accessibility,' Al Najjar emphasises. Williams also notes the broader impact of financial inclusion, adding: 'Financial inclusion isn't just a goal, it's a catalyst for long-term economic resilience. Through our partnerships and platforms, we're bringing millions of SMEs and individuals into the global digital economy. Our our joint efforts with ecosystems like Ignyte are designed to empower startups with access to payment tools that were once only available to large enterprises. Cross-border innovations help reduce reliance on cash, improve transparency, and enable access to broader markets, paving the way for more equitable growth, especially for underserved countries.' The Age of Intelligence As global trade and remittances continue to evolve, emerging technologies such as AI and open banking are set to redefine how money moves across borders. 'We are witnessing a transition into the age of intelligence — where AI is reshaping every industry, and cross-border payments are no exception,' says Ahamed. At LuLu Financial Holdings, AI is already being deployed in critical areas such as fraud detection, regulatory compliance, and reconciliation, significantly enhancing operational efficiency and security. Ahamed points out that intelligent automation is also making a major impact on customer service, enabling faster, more personalised support at scale. Similarly, Williams highlights the early adoption of AI in streamlining compliance processes, preventing fraud, and even crafting personalised shopping experiences for users. 'These technologies, when integrated thoughtfully, promise a new era of programmable, personalised, and predictive financial services that scale across borders,' he says. Open banking is another revolutionary force shaping the future. Ahamed notes that LuLu Financial Holdings has been an early adopter, fully embracing the shift towards embedded finance. 'Open banking gives us a clearer view of customer needs, enabling us to build a diverse and responsive suite of financial products,' he says. Taking a major step forward, LuLu Financial Holdings will launch Digit9's World API next month at the Dubai Fintech Summit — a powerful tool designed to unify and simplify access to global payment networks. Ahamed believes it has the potential to profoundly reshape the cross-border money movement, making it faster, more secure, and more inclusive than ever before. Williams echoes the sentiment, emphasising that open banking is becoming 'the connective tissue' linking local banks, digital wallets, and global payment providers like PayPal. This connectivity is essential for creating a truly interoperable financial ecosystem.
Zawya
05-05-2025
- Business
- Zawya
FSS showcases AI-driven payment innovations at Simply Payments 2025 Dubai, as UAE accelerates towards an intelligent financial future
DUBAI, United Arab Emirates-- (BUSINESS WIRE/AETOSWire)-- At a time when the UAE's financial services industry is undergoing unprecedented transformation, Financial Software and Systems (FSS), a global leader in payments technology, hosted the Dubai edition of its flagship event Simply Payments 2025 series, convening top minds in Fintech, Government Payments, and Artificial Intelligence. Held under the theme 'Reimagining Payments in the AI Era,' the event underscored the urgent need for banks and financial institutions to embrace AI not just as a technology tool, but as a strategic enabler of operational agility, consumer relevance, and sustainable growth. The event came at a critical juncture for UAE. With the Central Bank of the UAE's Financial Infrastructure Transformation (FIT) Programme already pushing for the rollout of instant payments, and the National Artificial Intelligence Strategy 2031 placing the UAE among global AI leaders, FSS positioned itself as a key catalyst enabling local and regional players to navigate the new digital paradigm. A Trusted Global Enabler, Now Deepening Its MENA Focus FSS, which powers mission-critical payments across 26+ countries, is increasing focus on the MENA region, with Dubai emerging as a hub for strategic fintech partnerships. 'For over 15 years, we have supported the payments modernization journey of governments and private sector institutions. Today, the UAE is a beacon for innovation, and FSS is proud to help realize its vision of an AI-led, inclusive digital economy,' said Sandeep David Crasta, Head of Sales – Retail Payments, MENA at FSS, during the welcome address. FSS's platform offerings—spanning real-time payment processing, AI-based fraud management, and open API integration—are purpose-built to meet the evolving demands of the Gulf's financial ecosystem. AI as a Driver of Economic and Operational Efficiency In a keynote titled The Role of AI in Reshaping Financial Economics, Imad Ahmed Abdalwahab, MD – Government Payment Solutions at Magnati, emphasized AI's concrete benefits: A 30–40% increase in transaction acceptance rates due to intelligent decision-making systems. Real-time fraud prevention powered by machine learning and behavioural analytics. AI-driven personalization that enhances user engagement across digital banking channels. 'We are no longer talking about potential. AI is already transforming how payments are processed, secured, and experienced by end-users. And in the UAE, where infrastructure and policy are in sync, the benefits are immediate,' said Abdalwahab. He credited FSS as a 'critical partner' in deploying backend systems that are faster, simpler, and more responsive—especially for government-related payments, where trust and efficiency are paramount. V Balasubramanian, CEO of FSS, offered a nuanced take on AI's potential and responsibilities. 'AI is not just algorithms—it's about building ethical systems that empower human decision-making. The regulatory frameworks in the UAE, which focus on exploring the ability, governance, and consumer protection, are setting global standards. We at FSS are proud to align with them.' Balasubramanian also noted that dual intelligence—leveraging both human insight and machine learning—is key to creating differentiated outcomes in a crowded market. Panel Discussion: Reimagining Payments in the Artificial Intelligence Era The high-powered panel discussion brought together prominent voices from the fintech and banking sectors, including Haishan Wu, Mohamed Chakib Ouabi, Devendra Kumar, Malaz Mubaid, and Sandeep Crasta. Panellists also highlighted that strategic investments in AI are becoming key differentiators for banks, especially as the pressure to modernize intensifies in an increasingly competitive financial landscape. FSS's offerings are deeply compatible with emerging trends in the region. Last year, FSS had launched the FSS BLAZE platform in the UAE, which has since then been more than warmly received by banks and telecom companies alike. Many of them have since adopted BLAZE, and together, with FSS, have begun to reimagine how modern payments can work in a faster, smoother and more seamless manner. About Financial Software and Systems (FSS) Financial Software and Systems (FSS) is a global leader in payments technology and transaction processing, offering a comprehensive suite of products and solutions that redefine the payment experience. With a presence in over 25 countries, FSS powers seamless transactions and enhances customer experiences for banks, financial institutions, and fintechs worldwide. The company's offerings include card issuance, merchant acquiring, real-time payments, and reconciliation, secure 3D authentication, and active device monitoring. FSS's innovative platforms, such as FSS BLAZE™ and FSS BLAZE™ Studio, enable rapid deployment of payment products and low-code application development, fostering digital transformation in the payments ecosystem.
Business Wire
05-05-2025
- Business
- Business Wire
FSS Showcases AI-Driven Payment Innovations at Simply Payments 2025 Dubai, as UAE Accelerates Towards an Intelligent Financial Future
DUBAI, United Arab Emirates--(BUSINESS WIRE)--At a time when the UAE's financial services industry is undergoing unprecedented transformation, Financial Software and Systems (FSS), a global leader in payments technology, hosted the Dubai edition of its flagship event Simply Payments 2025 series, convening top minds in Fintech, Government Payments, and Artificial Intelligence. Held under the theme 'Reimagining Payments in the AI Era,' the event underscored the urgent need for banks and financial institutions to embrace AI not just as a technology tool, but as a strategic enabler of operational agility, consumer relevance, and sustainable growth. The event came at a critical juncture for UAE. With the Central Bank of the UAE's Financial Infrastructure Transformation (FIT) Programme already pushing for the rollout of instant payments, and the National Artificial Intelligence Strategy 2031 placing the UAE among global AI leaders, FSS positioned itself as a key catalyst enabling local and regional players to navigate the new digital paradigm. A Trusted Global Enabler, Now Deepening Its MENA Focus FSS, which powers mission-critical payments across 26+ countries, is increasing focus on the MENA region, with Dubai emerging as a hub for strategic fintech partnerships. 'For over 15 years, we have supported the payments modernization journey of governments and private sector institutions. Today, the UAE is a beacon for innovation, and FSS is proud to help realize its vision of an AI-led, inclusive digital economy,' said Sandeep David Crasta, Head of Sales – Retail Payments, MENA at FSS, during the welcome address. FSS's platform offerings—spanning real-time payment processing, AI-based fraud management, and open API integration—are purpose-built to meet the evolving demands of the Gulf's financial ecosystem. AI as a Driver of Economic and Operational Efficiency In a keynote titled The Role of AI in Reshaping Financial Economics, Imad Ahmed Abdalwahab, MD – Government Payment Solutions at Magnati, emphasized AI's concrete benefits: A 30–40% increase in transaction acceptance rates due to intelligent decision-making systems. Real-time fraud prevention powered by machine learning and behavioural analytics. AI-driven personalization that enhances user engagement across digital banking channels. 'We are no longer talking about potential. AI is already transforming how payments are processed, secured, and experienced by end-users. And in the UAE, where infrastructure and policy are in sync, the benefits are immediate,' said Abdalwahab. He credited FSS as a 'critical partner' in deploying backend systems that are faster, simpler, and more responsive—especially for government-related payments, where trust and efficiency are paramount. V Balasubramanian, CEO of FSS, offered a nuanced take on AI's potential and responsibilities. 'AI is not just algorithms—it's about building ethical systems that empower human decision-making. The regulatory frameworks in the UAE, which focus on exploring the ability, governance, and consumer protection, are setting global standards. We at FSS are proud to align with them.' Balasubramanian also noted that dual intelligence—leveraging both human insight and machine learning—is key to creating differentiated outcomes in a crowded market. Panel Discussion: Reimagining Payments in the Artificial Intelligence Era The high-powered panel discussion brought together prominent voices from the fintech and banking sectors, including Haishan Wu, Mohamed Chakib Ouabi, Devendra Kumar, Malaz Mubaid, and Sandeep Crasta. Panellists also highlighted that strategic investments in AI are becoming key differentiators for banks, especially as the pressure to modernize intensifies in an increasingly competitive financial landscape. FSS's offerings are deeply compatible with emerging trends in the region. Last year, FSS had launched the FSS BLAZE platform in the UAE, which has since then been more than warmly received by banks and telecom companies alike. Many of them have since adopted BLAZE, and together, with FSS, have begun to reimagine how modern payments can work in a faster, smoother and more seamless manner. Financial Software and Systems (FSS) is a global leader in payments technology and transaction processing, offering a comprehensive suite of products and solutions that redefine the payment experience. With a presence in over 25 countries, FSS powers seamless transactions and enhances customer experiences for banks, financial institutions, and fintechs worldwide. The company's offerings include card issuance, merchant acquiring, real-time payments, and reconciliation, secure 3D authentication, and active device monitoring. FSS's innovative platforms, such as FSS BLAZE™ and FSS BLAZE™ Studio, enable rapid deployment of payment products and low-code application development, fostering digital transformation in the payments ecosystem.
