EDB Discusses the Future of Banking at MEA Finance Banking Technology Summit & Awards 2023
Dhabi, United Arab Emirates, 14 May 2023: Emirates
Development Bank (EDB or the Bank), a key financial engine for the economic development
and industrial advancement of the UAE, took part Thursday in the annual MEA
Finance Banking Technology Summit & Awards 2023.
The lively summit, held at the Armani Hotel, Burj Khalifa, gathers top banking and finance leaders and the region’s leading technology professionals to debate the latest developments in digitisation, newest opportunities and emerging trends in the region’s financial markets.
Through a series of highly topical panel debates, the Summit’s discussions focus on the changes technology will bring, the trends that are leading them and the shape of the tasks ahead needed to establish future-resilient banks.
EDB’s five-year strategy, launched in April 2021, created a fresh mandate to empower SMEs and large corporates in five priority sectors: manufacturing, technology, healthcare, renewables, and food security. The Bank aims to deploy some AED30 billion in financing support to 13,500 companies within those five priority sectors by 2026.
Ahmed Mohamed Al Naqbi, Chief Executive Officer at Emirates Development Bank said: As the UAE’s development bank, our mandate is to empower the country's economic growth by financially enabling the country to chart a more sustainable path to the future. We encourage entrepreneurship and innovation by offering finance to micro, small and medium enterprises, as well as industrial development projects. To continue playing our pivotal role in supporting overall UAE economic growth, we must keep abreast of technological and economic developments in the region and globally. Attending summits such as this enables us to stay aware of the trends, while helping shape the region’s banking, finance and FinTech sectors.
Krishna Kumar Nair, Chief Operating Officer at EDB, shared his insights on the future of banking technology at the concluding session of the event. The session titled, What is coming and how will banking technology look at the end of the decade? aimed to provide a glimpse into the future of the banking industry and the role of technology in shaping it. During the session, Nair emphasized the importance of embracing digital transformation to meet the evolving needs of customers and businesses. He highlighted the need for collaboration between financial institutions, technology companies, and regulators to ensure a secure and inclusive financial landscape.
EDB provides direct financing solutions to all its target clients through its patient debt and favorable financing terms. Additionally, the Bank offers indirect financing solutions to SMEs via its Credit Guarantee Scheme in partnership with commercial banks. EDB also provides digital banking products tailored to startups and SMEs, while its non-financial education and mentoring programs aim to advance creditworthiness and financial literacy in the UAE.