Knowledge Summit 2023 covers vital role of major financial institutions in shaping future of economy and finance
Dubai, UAE, November 23, 2023 – On the second day of the Knowledge Summit 2023, a panel discussion titled ‘Finance titans: Global leaders in economics and finance’ covered the symbiotic relationship between financial technology and knowledge cities and the role of knowledge cities in nurturing leaders in economics and finance, among other topics.
The session featured Sara Modalal Al Qahtani, Partner and Head of Middle East, Mercury Capital Advisors; Andrew Mortimer, Managing Director and Chief Operating Officer, MEA region, Barclays Plc; and François Regnier, Country Head, BNP Paribas UAEE, as speakers. It was moderated by Anthony Fakhoury, Project and Research Analyst, Knowledge Project, UNDP.
Andrew Mortimer discussed the beneficial impact of the 5th Industrial Revolution on the financial sector, highlighting the use of robotics, mobile banking services, and data analysis tools, all of which save time and effort and enable better detection of fraudulent activities and embezzlement by bank employees.
Mortimer emphasized how essential it is for banks and financial institutions to adopt various sustainability standards before providing financing to different companies, along with the necessity of supporting start-ups and embracing environmentally friendly initiatives and programs.
He also highlighted various promising developments in the Arab region’s banking services sector, commending the coordination and cooperation demonstrated by the Gulf Cooperation Council (GCC) countries and their central banks in facilitating financial transfers among each other. Additionally, he praised the efforts of the United Nations and its promising initiatives in the field of sustainability.
For his part, François Regnier explained the connection between the concepts of technological growth and sustainability. He clarified that banks must harness technology and use AI to enhance information security, improve the customer experience, increase value, boost returns, and reduce costs by providing comprehensive information that enables thoughtful and informed decision-making. Additionally, AI can be used to make the employment process within banks more efficient.
François also highlighted the necessity for the creation and implementation of financial regulations focusing on sustainability standards and practices in banking finance. He underscored encouraging investments in sustainable energy projects that reduce carbon emissions and prioritize environmental considerations.
Sara Al Qahtani mentioned that the human element is the primary focus of investors’ interest in knowledge cities and sustainability. Sara called on financial institutions to provide greater funding for companies and organizations that adopt sustainability standards and stressed the need to channel investments into sectors and areas related to sustainability, particularly those closely tied to basic human needs, such as healthcare and education.
Experts emphasized the contribution of major financial institutions to addressing the wealth gap by focusing on small financing projects and directing larger funding towards education, alternative energy, and infrastructure.
The Mohammed bin Rashid Al Maktoum Knowledge Foundation (MBRF) and the United Nations Development Programme (UNDP) are organizing the eighth edition of the ‘Knowledge Summit.’ The summit, held under the theme ‘Knowledge Cities and the Fifth Industrial Revolution,’ is taking place at the Dubai World Trade Centre from November 21 to 22, with virtual sessions continuing on November 23, 2023. The event brings together a diverse group of experts, leaders, government officials, and specialists from various fields worldwide.
