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Revealed: Future trends in fintech

Revealed: Future trends in fintech

As the economy moves further along in the digital space, the fintech ecosystem is growing with it, creating opportunities for tomorrow that might be unforeseen today. In an interview with Arabian Business, Hobeng Lim, director of Capital Markets Supervision at the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority outlines what he believes are

As the economy moves further along in the digital space, the fintech ecosystem is growing with it, creating opportunities for tomorrow that might be unforeseen today.

In an interview with Arabian Business, Hobeng Lim, director of Capital Markets Supervision at the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority outlines what he believes are the future trends in fintech.

Cryptocurrencies

The cryptocurrencies trend will continue as the digital currency is already becoming more mainstream.

This is because the crypto-industry is continuing to raise its regulatory and compliance standards so it is partially driven by governments and regulators.

Investors and customers want to deal with crypto-companies that are properly regulated. Many of these companies are drawn to ADGM precisely because we have a very robust crypto-framework which gives companies, investors and customers’ confidence.

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Of course, you do have some people in the crypto-space that are very anti-regulation, but I think they’re only one part of the conversation. You also have a lot of other people who want to see crypto becoming mainstream and want it to be regulated because it provides confidence in the market and security as well.

Payment space

I think there’ll be a continuing push to develop faster payment options, especially real-time payments and particularly in the cross-border space. I think the payment industry will continue to innovate and find new ways to do that, such as through artificial intelligence or even cryptocurrencies to find faster payment rails.

Open finance

The fintech industry will find more and more creative ways to develop innovative products using open application programming interfaces (API) or open finance. The latest manifestations of this are things like embedded finance and buy-now-pay-later.

Fintech will continue and try to integrate seamlessly to the user experience.

Hobeng Lim, director of Capital Markets Supervision at the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority.

Robotic process automation (RPA)

RPAs will be increasingly used in financial services to improve efficiency, ensure consistency, and reduce costly human errors.

RPA is basically using specialised software tools to automate these recurring, repetitive high volume tasks so I think going forward, you will see it used in areas like client on-boarding, KYC, data entry, report generation and handling customer complaints and inquiries.

Standalone fintech

Over time, we’re going to stop referring to fintech as some separate niche in financial services because it’s so integrated.

There’ll be no or very few financial services companies in the future that do not utilise some form of fintech.

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