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Fintech is a modern technology that means financial transactions are integrated with technology to facilitate traditional financial transactions. Every application that uses information technology to develop financial services is included in the Fintech system. The global “fintech” market is considered one of the fastest growing markets, especially in the banking, real estate, asset management, insurance and finance sectors, among others. This is what the UAE realized early on, making it an important center for the development of this technology.
A number of experts believe that Fintech has a significant impact on the financial markets in the UAE, and pointed out that the country is one of the most important players in the region and the world in the field of Fintech. Experts expected the country to be an important center for Fintech technology in the future, with its advanced infrastructure. The experts explained that “Fintech” has made the financial markets more open, as information is no longer limited to large investors and influential people within companies, and the “Fintech” technology has facilitated the opening of individual investor accounts and the speed of the trading process and revival of the markets.
Wadah Al-Taha, a financial expert and a member of the National Advisory Board of the British Investment and Security Institute in the Emirates, says: “Fintech” is a new thinking and economic field with qualitative technology that is important for all business applications, as “Fintech” technology saves time and is characterized by great accuracy in transactions, especially in the field of real estate. It also saves time during travel and therefore the possibility of doing financial transactions and reliable trading.
He added: The infrastructure in the UAE is very qualified to deal with Fintech technology, and this is a prerequisite for the success of the technology, thus attracting foreign capital and investment, and can also attract national talents and cadres to to work in this field. .
He pointed out that the gradual growth of this sector leads to somehow contribute to the growth of the financial sector in the UAE, and this is an important matter. He mentioned that Fintech contributes to the strengthening of the digital economy in the UAE, and this is an important goal of the state.
He expected that the UAE would be one of the most important players in the region and the world in the field of Fintech, and the UAE would be an important center not only for applications but for the development of new applications, as resulting from the integration of conditions and the great success opportunities available for the success of these projects.
Mohamed Ali Yassin, an expert on the local financial markets, confirmed that the “Fintech” technology has a significant impact on the financial markets in the UAE. He explained that in an earlier period, those who wanted to invest in the Emirati financial markets had to go to the market, and there he would start looking at the papers and open an account, before completing the procedures, then it is sent to the “broker” or brokers, and you needed supporting documents, passports and other required matters. And all these procedures took weeks to complete, and the communication process was difficult, and the service was not at the required level. Today, with the technology of “Fintech” and its application in the UAE financial markets, it is possible to apply for a digital investor version and can be obtained within hours.
He added: In the sign-up process, applications are quickly submitted to brokerage firms and there is no need to attend in person, so the technology has facilitated the process of opening accounts for individual investors as well as for institutions, and also ease and double. the speed of the trading process if the markets were active and in good condition. He pointed out that the “Fintech” technology greatly facilitates the process of trading and makes it fast, and this is necessary because in the financial markets we are not only talking about the local investor, but there is also a foreign investor which may be outside. the country on vacation, for example, and he can continue trading from abroad, and he can communicate And interact with his investments without the need to come directly to the market or even within the country.
He emphasized that Fintech plays a very positive role in the development of financial systems and the facilitation of transactions at the level of all sectors, whether banks, insurance companies or real estate, and has greatly contributed to direct communication between the customer and institutions, without the need to be in person and directly. He added that the importance of “Fintech” technology appeared clearly during the “Covid 19” pandemic, when movements were few and people stayed at home for long periods, and despite that, financial transactions were not affected.
He emphasized that “Fintech” technology has become essential and is no longer a matter of luxury or entertainment, and that all financial institutions today are interested in introducing “Fintech” technology in the way they work, and the working method is not only in communication. , selling products or in banking, starting with account opening, financial transfer and obtaining loans. And others, and you can even make a subscription to buy a property, all thanks to the “Fintech” technology, and note that the development process continues and “Fintech” technology will enter sectors that we did not think it would not take place.
Ziad Al-Qaymari, an economist and financial analyst, believes that financial technology is growing rapidly and attracting huge investments that exceeded $136 billion during 2021, and that there will be no presence of traditional financial services in the near future. He explained that the main impact of Fintech technology in the field of capital markets is that it has been able to abolish monopoly in the markets and make them more open, since information is no longer the monopoly of big investors and influential people inside companies are not.
He explained that in the past it was difficult to obtain the necessary data for the markets, which affected and limited the ability of investors to make decisions, but today, thanks to financial technology and Fintech technology, the information needed to make an investment decision. has become easily accessible to all investors.
He pointed out that in earlier periods, investors in the financial markets had to work with companies to provide them with news and financial information related to the capital markets and listed companies and their financial statements and financial analysis of those companies. Today it is everything. is available to all investors in easy and less complicated ways than the previous traditional services. Financial analysis of companies is easier with financial technology. Years ago, analysts and investors had to spend many months analyzing the financial data of market companies before making a scientific investment decision, but with the introduction of Fintech, the task has become easier, faster and more accurate.
He added that brokerage firms benefited from financial technology and “Fintech” technology as they provided investors with trading tools that made the buying and selling process easier by advising, analyzing and diversifying trading strategies using algorithms and automated trading.
He emphasized that modern financial technology and Fintech technology contributed to the development of the infrastructure of the capital markets, so that access to the market became safer and more transparent, and also helped to create more effective and intelligent trading platforms, and able was to traditional processes, whether in trading, clearance and settlement, and it also increased the efficiency of In strengthening the systems of control and regulation, he said: We will not exclude some of the risks that financial technology for the markets can result from human intervention.
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