Khaleej Times hosted the Banking, Innovation and Technology (BIT) event, and it was a hotbed of discussions focusing on blockchain, advances in banking technology, and cross-border remittances. The CEO of Khaleej Times, Ravi Tharoor, stressed the need for seamless real time transactions to meet the demands of digitalisation in banking services, enhancing efficiency, accessibility and security, to keep up with customer expectations.

With more than 60 per cent of the population in the region under 30 and highly tech-savvy, there is a big emphasis on industry experts’ contributions to address the most pressing needs whilst exploring the latest technology for customer needs.

The event also featured the Indian ambassador to the UAE, Sunjay Sudhir. He highlighted India’s success in the fintech market, spearheaded by innovations like the Unified Payment Interface (UPI), that revolutionized the digital payments system and the upcoming launch of India’s own card payment network, the Rupay card, in the UAE.

The day witnessed experts sharing topics of interest like ‘Building a Fintech,’ from prominent personalities such as Lloyed Lobo, co-founder and president of fintech platform Boast.AI, who stressed unconventional lessons he learned while building his $200m-dollar company, including the importance of taking risks, community building, and taking care of both customers and employees.

The BIT event drew attention to the evolving needs and the role of technology in the banking and financial domain, and it’s clear that digital transformation is shaping the future of every sector.