“Developments in the cryptocurrency markets and crowdfunding at “GITEX

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With the launch of GITEX Global 2021, the focus is directed towards the Fintech and Blockchain sector as the compass towards the development of the financial sector in the future. In this context, the fourth edition of the Future of Blockc collective hain Summit and the inaugural edition of the Fintech Surge focused their sessions on the prospects for developing the sector in the region.

 During his speech at the Futureith the launch of GITEX Global of Blockchain Summit, Dr. Farzam Kamalabadi, Chairman of Future Trends Group and Executive Chairman of Hyper Optim Organization, emphasized the urgent need to develop the sector based on clear ethical rules.

 Dr. Kamalabadi discussed his personal ambitions to build a regulatory framework that provides significant multi-sector growth opportunities, in parallel with seeking to attract business sectors that have not yet converted to digital cash transactions. He said, “By adopting a rapidly evolving and highly focused business methodology, and replacing traditional financial equity concepts with cryptocurrency mining, we can form new business conglomerates, which in turn contribute to the creation of new project ideas and the emergence of new traders in the cryptocurrency sector.”

 He added: “Multi-domain sectoral growth is a foundation for the success and exponential growth of organizations, which ultimately helps enable more organizations to grow on a clear and healthy path. The sector is currently adopting correct and wrong working methods, which result in some successes and many failures. Our most important goal is to reduce failures and increase success stories by relying on correct work methodologies and enabling the generation of revenues and wealth in an ethical manner that supports the growth of societies and the distribution of wealth on a large scale that breaks the monopoly of the sector in the hands of some institutions.”

 The activities of the first day also reviewed the future visions of open source banking in the region, as one of the dialogue sessions brought together the leaders of Fintech Galaxy, the global platform that was established in the UAE and supports the development of innovation in the field of financial services, as well as experts of the Securities and Commodities Authority In the UAE.

 Mirna Suleiman, founder and CEO of Fintech Galaxy, said: “Our vision has always aimed to bring the region together on one platform, and we would like to raise the level of the local business system to keep pace with the latest developments in the sector at the global level.”

 For his part, Pooja Singh, Financial Analytics Expert for Global Organizations at the Securities and Commodities Authority, said: “As the sector regulator, our main task is to ensure the growth and development of today’s markets to enhance their sustainability in the future, and the only guarantor to achieve this goal is a shift towards Digital solutions.

 He added: “In some cases, we may lack an in-depth understanding of the sector’s work, yet we must put in place the regulating laws to keep pace with its changes. Our continuous pursuit of these challenges helps us build a greater understanding of the interrelationships between the various actors in the sector, and the inter-systems that govern their work. Earlier this year, we worked with Fintech Galaxy to launch a hackathon that allowed us to identify areas that require more focus and develop business systems. Our close cooperation with various parties, including Fintech Galaxy, helps us identify the required application interfaces in the market, thus enabling us to anticipate this demand in the future and set the regulatory frameworks for its development, in a way that allows the sector to develop in a healthy manner and enhance its strength and growth prospects.”

 On the other hand, “Fintech Surge” activities witnessed a special session with Walid Hassouna, CEO of EFG Hermes, and Ahmed Osama Abdel Qader, CEO of Financial Risk Affairs at EFG Hermes, during which they discussed the Egyptian success story in the world of financial technology “Value”, which is The first platform and application in the Middle East to buy now and pay later, which was launched in 2017 to provide customers with an alternative financing option, as the platform provides an average of transactions of up to 40,000 financing loans every month.

 Hassouna said, “Our journey in this market started at a very early stage, as there were no other entities that provided our type of services in Egypt or the region. Today, we offer buy now and pay later to users of more than 5,000 brands and more than 250 online shopping sites. We are proud to be the only provider of buy now and pay later services to IKEA and Amazon customers in Egypt, in addition to being the only company that provides loans to students and provide high-efficiency solutions to our customers of different age groups from 18 to 65 years, where our services include education and redesign sectors Internal home and car loans, down to fashion shopping.

 Another session, during the Fintech Surge, focused on the potential prospects for changing the features of the crowdfunding sector and the laws governing it. Seddik Farid, founder of Smart Crowd, highlighted crowdfunding in the Middle East as one of the emerging business sectors, and said: “Our sector is making its first steps in the region now, and the UAE is the first regional country to provide a regulatory framework for its work, but the Consolidating the position of this promising sector requires a lot of work and development to reach the level of its counterpart in the United States, for example. However, there are many similarities between the two business systems, in terms of the maximum amount of funding that can be raised or the value of the investment offered. The idea of ​​the crowdfunding sector is to provide the opportunity for all people to access investment and financing opportunities, and to break the monopoly of this sector among the wealthy class.”

 It is noteworthy that the Fintech Surge and the Future of Blockchain Summit are being held within the framework of GITEX Global, the largest and most comprehensive technology event in the world this year, which will be hosted by the Dubai World Trade Center until October 21. The exhibition brings together on its platform the most prominent names and global players in the fields of artificial intelligence, fifth generation communication networks, cloud computing, big data, cybersecurity, blockchain, quantum computing, financial technology and integrated marketing. Throughout its days, the exhibition will witness six main events: GITEX Global, the World of Artificial Intelligence, GITEX Future Stars, the Future of Blockchain Summit, Fintech Surge and MarketingMinea.

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