United Arab Bank (UAB) will participate in a first-of-its-kind nationwide Fintech Megathon, SCA Fintech Megathon 2021, launched by Emirates Securities & Commodities Authority (SCA) and the Ministry of Economy (MoE) to boost the UAE’s fintech industry’s development.
The massive innovation initiative, which is supporting Emirates Bank’s digital transformation journey, focuses on making Fintech an intrinsic part of the bank’s corporate culture and promote the development of the fintech industry in the UAE.
The program is sponsored by Fintech Galaxy’s FinX22 open innovation platform with the underlying topic of ‘Reimagining the Future of Inclusive Financial Services.’
“Collaborating with industry experts helps us promote the Fintech culture and build the reputation and capability of the UAE in spearheading solutions in our sector. Our challenge in the Megathon involves using Artificial Intelligence (AI) for Hyper-personalised Investment promotions. We hope our collaborations result in solutions that benefit the financial sector.”
The program will help innovators, financial institutions, regulators, and other ecosystem partners in the UAE collaborate, crowdsource and prototype fintech solutions.
The SCA Fintech Megathon 2021 will emphasize fintech solutions for financial services industry concerns. It will run in two sprints through February 2022, featuring hackathons, innovation challenges, workshops, and training prototypes to solve issues that are preventing the financial services industry from progressing.
Ms. Al Suwaidi Acting CEO of SCA remarked, “SCA’s initiatives are centered on establishing concepts and methodologies related to investing in technology and infrastructure, which serve network and information security, in addition to implementing a comprehensive digital strategy and using advanced technological solutions, particularly fintech and blockchain. SCA introduced another package of initiatives that will help our financial markets gain an advantage over their global counterparts.”
The UAB Innovation Challenge will be held in collaboration with Sharjah Entrepreneurship Center, Sheraa, and will focus on applying AI for hyper-personalized investment marketing.
Hyper-personalisation allows businesses to use omnichannel data to create individualized consumer experiences in real-time. One of UAB’s major focuses is the customer experience. Building a journey that reflects the needs of the bank’s customer base can be challenging.
Related: UAE-based ALEC Energy wins solar power contract for DEWA’s new HQ