FINTECH SURGE TO UNVEIL HOW AI CAN BOOST ECONOMIC GROWTH BY 26%

Dubai – United Arab Emirates – 12 October 2023

Fintech Surge 2023, the global gathering for the entire fintech ecosystem, will showcase the transformative power of artificial intelligence (AI), and how it could boost financial services revenues by 34% and economic growth by 26%[1]. The event will unite regional and global players from across the fintech industry – from banks and financial institutions to regulators, start-ups, governments and investors – in Dubai later this month.

The fintech industry is expected to reach $949 billion by 2030[2], with this growth driven by the advancement of revolutionary technologies – namely artificial intelligence (AI), blockchain and contactless payments. Connecting the industry’s boldest and brightest voices, Fintech Surge will delve into these technologies and how they are shaping the future. It will include insightful sessions on the payments of tomorrow, a cashless economy, generative AI in financial enterprise, the future transformation of industries such as real estate and retail, the global regulatory environment and much more.

PwC estimates that AI will contribute $320 billion to the Middle East region and more than $15 trillion to the global economy by 2030[3]. Recognising the power of AI to address some of today’s most pressing challenges – such as fraud detection and supporting wider access to finance with loan approvals – 90% of fintech companies are already leveraging the technology. Fintech Surge will unveil leading examples of AI in action, hearing from industry leaders on opportunities and the critical role AI will play in digital advancement journeys.

Janet Adams, COO of SingularityNET, will lead a fireside chat on ‘Exploring the Synergy of Enterprise Blockchain, Climate Action, and AI’. Meanwhile, Prag Sharma, Global Head of Artificial Intelligence at Citi, will also be present at the conference, joining a masterminds’ panel on ‘Opportunities and Ethics of Syncing Generative AI and Open Banking Data Collaboration ꟷ From Hyper Personalisation to Financial Inclusion’. Ahead of this, he comments: “Generative AI offers capabilities in analysing data, especially unstructured data that were just not possible a year ago. It’s identifying, adapting and adopting these capabilities in a responsible manner that will unlock new opportunities for individuals and corporates alike.”

As headline sponsor for Fintech Surge, Mastercard will highlight how it is unlocking the power of data and analytics to enable additional capabilities for businesses including the fintech sector. For decades, the company has been enabling and protecting the payments ecosystems using the latest innovations and technologies. Recently, Mastercard unveiled the Centre for Advanced AI and Cyber Technology in Dubai with the aim of enhancing AI readiness in the region, developing AI-powered solutions to battle financial crime and securing the digital ecosystem.

Amnah Ajmal, Executive Vice President, Market Development, Eastern Europe, Middle East and Africa at Mastercard, comments: “As the world becomes more digital, artificial intelligence is rapidly evolving into one of the defining technologies of our time. Mastercard continues to drive AI adoption and digitalization within the fintech sector to sustain business growth, meet customer needs, and support nations on the road to a tech-fuelled tomorrow,” said Amnah Ajmal, Executive Vice President, Market Development, Eastern Europe, Middle East and Arica, Mastercard.

Mozn, a market leader in enterprise artificial-intelligence technologies, will also be showcasing its flagship product FOCAL, an AI-powered risk and compliance platform being adopted by financial institutions including Banks, Insurers and fintech’s across emerging markets.

Dr. Mohammed Alhussein, Founder and Chief Executive Officer at Mozn, comments: “We are committed to driving financial security and compliance through our AI technology. While the world is witnessing a digital transformation, cyber attackers and fraudsters are also gaining from this, so we are utilising artificial intelligence to build products and solutions that prevent fraud and help the industry fight against fraudsters. As a trusted partner in delivering impactful risk intelligence and fraud prevention solutions, Fintech Surge is an ideal platform to showcase our offering to new clients and answer the challenges of fraud prevention in emerging markets.”

With more than 100 exhibitors, 160 speakers and 1,000 investors expected to attend, Fintech Surge remains a leading platform for the global fintech ecosystem. For the 2023 edition, sponsors include industry-leading organisations Mastercard, Emirates NBD, Geidea Technology LLC, FINTX and Forus Invest, among others.

The international event will take place on 15-18 October at a brand new iconic location, the Middle East’s largest superyacht hub, Dubai Harbour. A GITEX Global production and co-located with Expand North Star, it will provide a platform to scale up the deeply interconnected fintech ecosystem.

Register interest at https://www.fintechsurge.com/

[1] GITNUX MARKETDATA REPORT 2023: AI Use In Financial Services Statistics And Trends in 2023

[2] Grand View Research: Fintech as a service market report

[3] PwC: The Potential Impact of AI in the Middle East