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Since the acceleration of digitalisation during the pandemic, there have been major developments in the financial services industry in the Middle East and Africa (MEA) region. Financial institutions (FIs) have been utilising breakthrough technologies and solutions such as data analytics, cloud, machine learning (ML) and artificial intelligence (AI) to make faster decisions and reliable predictions to provide contextualised products that meet the customers’ needs. Banks are leveraging advanced blockchain technologies for real-time transactions while preventing cyber and fraud-related risks and overcoming challenges in a hyperconnected, digital supply chain ecosystem. The rise of fintech has accelerated the digital journey of traditional players and enabled them to stay ahead of the game. Banks address the needs of digital natives in the MEA region by pursuing an app-centric banking relationship with both small and medium-sized enterprises (SMEs) and consumer segments for enhanced user experience. In addition, embracing the digital capabilities that industry players provide is reshaping the future of the financial services industry, revolutionising e-payments, remittances, open banking, embedded finance and crypto-assets exchange. MEA regulators and governments are taking strong initiatives within their respective countries and across the region toward strengthening economic growth. Financial industry players develop their digital infrastructure to expand revenue streams, enforce regulations and improve operational efficiency, as well as adapt advancements in blockchain, decentralised finance (DeFi), and progression towards Web 3.0. The Asian Banker will be organising the Middle East and Africa Regional Awards Ceremony 2022 to celebrate the achievements and the best practices demonstrated by various FIs and their preparedness to compete and win in the post-COVID-19 digital world. As part of the ceremony, there will be a dialogue session in which senior industry executives will share their insights and views on the current themes that are reshaping the financial services industry.
