June 2025

Vibhor Mundhada Chief Executive Officer of NEOPAY

Congratulations to all the winners Banking Technology

winners of the MEA Finance

Awards 2025

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Fulcrum Point

Welcome to the June 2025 edition of MEA Finance. In finance, the fulcrum point is a pivotal moment of change in direction for a security, the broader market or the economy. It is also the pivot point on a seesaw. It is a theme I mention frequently, but yet a truism that in a world seesawing from crisis to crisis, with globally consequential decisions made erratically on the whims of influential leaders, our region, specifically the GCC, may well currently be the only area at this time showing positive growth and looking fixed and stable. And not unlike a fulcrum, it has become a pivotal location in the world economy. As if to underline this assertion, the packed, diverse and illuminating content in this edition reflects the mounting buzz of activity we are hearing across our regional financial markets.

Our cover story this month features an interview with Vibhor Mundhada, Chief Executive Officer of NEOPAY who expresses his passion for payments and describes the related developments we can expect across our region, “I landed into the payments sector by chance and have loved every moment since.”

The increasing focus on tackling fraud and money laundering is broached with a captivating, if slightly scarry look into its murky recesses with our extensive coverage of the roundtable we recently held in partnership with BioCatch, focusing on this important matter.

Also, discussing financial crime, Hazem Mulhim, Founder and CEO, Eastnets, in extracts from his MEA Finance Leadership Series Interview, highlights increasing threats, the expanding regulatory environment and their role in keeping banks safe and compliant.

Our MEA Finance, Banking Technology Summit and Awards, the region’s top one-day conference and debates on this hugely important

matter are comprehensively covered in this edition, highlighting the market’s innovation leaders and their valued insights on the region’s banking technology market: turn to page 58.

Continuing with technology, Sanat Rao, spotlights why UAE banks are rediscovering the power of human intuition; the story of Oman’s Bank Dhofar’s digital transformation is provided in a conversation with Infosys Finacle, and GBM’s Muralidharan Rajagopalan explains why identity has now moved into the spotlight.

Among our features this month we look at Real Estate Investment in the GCC, and in highlighting key verticals in the market Christiane El Habre at Apex Group Ltd., points out, “It is no secret that logistics, data centres/ AI and industrial real estate’s stand out as a particularly durable opportunity.”

Then in our look at the continuing ascendency of Islamic Finance, we hear from Mustafa Al Khalfawi Chief Executive Officer of Ajman Bank who describes the factors linked to its increasing growth and asserts, “The future of Islamic finance will be defined by how well we use advanced technologies to democratise access to customised, faith-aligned banking services”. And then focusing on climate and sustainability, we look at how AI can provide banks with new opportunities to work through the challenges of transitioning to sustainable, low carbon economies, and help them make more measurably beneficial lending decisions.

We hear from Dany Karam at Al-Futtaim Blue, detailing their AI powered, multi-dimensional, cross border loyalty programme and how this will change the face of consumer engagement, and also from Christophe Lalandre, Senior Executive Officer at Lombard Odier on how Shariah investing is shaping the next generations of wealth in the region.

Finally, this month’s Market Focus is on Bahrain whose diversified economy has performed well in recent times, retaining inherent strengths but is challenged a high fiscal breakeven oil price and difficult public finances requiring strategic management to navigate uncertainties.

Enjoy your reading.

THE HUMAN ALGORITHM:

Why UAE Banks Are Rediscovering the Power of Human Intuition

Sanat Rao Co-founder and Managing Director of Within The Box AI Applied Research Services highlights how algorithmic recommendations should include space for human interpretation and human override, especially in a region where relationships matter and cultural context is everything

It is 7:14AM in Dubai, and Fatima

Al-Rashid receives a notification that would definitively change how her bank engages with AI in future. As Chief Risk Officer at one of the UAE’s largest financial institutions, she was accustomed to algorithmic warnings like fraud alerts, compliance flags, market volatility signals etc. But this notification seemed different. The AI system had flagged a series of transactions as “high risk,” recommending immediate account restrictions.

Somehow this didn’t quite sit right with Fatima. She was closely involved in the onboarding process with this client, understood their business model, and recognised the seasonal patterns of their operations. This knowledge of the client prompted her to speak directly with the client’s CFO first rather than blindly following the algorithm’s recommendation. On the call, she learnt that the transactions were part of a legitimate expansion into renewable energy projects.

Now picture this - had Fatima followed the AI’s recommendation instantaneously, her bank would have damaged a valuable

Sanat Rao, Co-founder and Managing Director of Within The Box AI Applied Research Services

relationship. More importantly, this incident raises a very fundamental question - in our rush to digitise everything, are we losing the human touch that made us successful in the first place?

The Great Digital Disconnect

The numbers tell a compelling story about the region’s digital transformation. According to recent industry analysis, the digital banking sector in the UAE is

projected to grow at a CAGR of 4.77% between 2024 and 2029 1 . UAE banks maintain a very high 90% confidence2 rate among customers. Yet something paradoxical is happening here - the more sophisticated our algorithms become, the more we need human judgment to interpret their outputs effectively.

This disconnect is particularly pronounced in those regions of the world where relationship banking has deep cultural roots. While several other markets often prioritise transactional efficiency, UAE banking has always been built on deep personal connections, a fine cultural understanding and contextual decisionmaking. The challenge it therefore poses is to ensure that these strengths are protected even as more routine tasks get automated and as AI gets more deeply embedded.

Consider the recent experience of a major bank that implemented an advanced credit scoring algorithm. On paper, the system was revolutionary, because it was processing loan applications at a rate that was 40% faster than that of human underwriters and reducing default rates by 15%. But within six months, the bank noticed something troubling in that they were systematically rejecting applications from certain applicants namely family businesses, entrepreneurs with nontraditional income streams and young professionals in emerging sectors. The algorithm, which was obviously trained on historical data, had very likely not recognised the changing demographics of the region.

The Rise of Human-Calibrated Intelligence

Several technologically progressive and forward-thinking banks across the region are now championing what experts call ‘human-aligned intelligence’ or ‘humancalibrated intelligence.’ These are typically systems that augment rather than replace human judgment, steered by human intent and ethics. This approach recognises that while AI excels at pattern recognition and processing vast datasets, humans remain superior at contextual interpretation, ethical reasoning and understanding cultural nuances.

Banks are working at a model where relationship managers work alongside AI systems that provide data-driven insights while preserving space for human oversight. When the algorithm flags a potential issue, the system does not just provide a recommendation, it also highlights relevant relationship history, a cultural context and market conditions that might influence the eventual decision. This hybrid approach has improved both efficiency and customer satisfaction scores.

The transformation extends to organisational culture too. Banks are beginning to realise the need to invest heavily in AI literacy that can help employees work effectively alongside AI systems. The aim is to ensure that employees learn to become “algorithm interpreters”.

The Cultural Imperative

This human-centric approach is particularly crucial in the region, where banking success often depends on understanding subtle cultural dynamics. Whereas an AI system might flag unusual transaction patterns from a local trading company during Ramadan, it clearly fails to recognise that the timing aligns perfectly with increased charitable giving and other business activities that typically precede Eid. A human analyst with cultural awareness would immediately understand the context.

Similarly, in markets across Africa, where informal economy transactions remain significant, purely algorithmic approaches often miss opportunities.

YET SOMETHING PARADOXICAL IS HAPPENING HERE - THE MORE SOPHISTICATED OUR ALGORITHMS BECOME, THE MORE WE NEED HUMAN JUDGMENT TO INTERPRET THEIR OUTPUTS EFFECTIVELY

Nigerian banks working with agricultural cooperatives, or Kenyan institutions serving mobile money users require human oversight to navigate complex social and economic realities that do not always translate into clean datasets that the AI system can pick up.

Research shows that banks integrating social media feedback and human sentiment analysis into their customer experience strategies significantly outperform those relying solely on traditional metrics. The result is clear - in those markets driven strongly by relationships, human understanding remains a competitive differentiator.

Five Strategic Imperatives for the Road Ahead

So, what next, as banks prepare for the age of AI? The path forward requires purposeful action across five key areas:

First, and arguably most urgently, invest in “algorithm literacy or AI literacy” by educating all staff.

Employees need to understand how AI systems work, what their limitations are and when human judgment should prevail. This is not only about acquiring technical training, it is as much about developing critical thinking skills.

Second, redesign AI systems as advisory tools that support decision-makers. Ensure algorithmic recommendations includes space for human interpretation and human override. And no, this will not slow down processes, rather it will make them more accurate and culturally sensitive.

Third, create feedback loops that improve both human and machine performance. When human insights

lead to better outcomes than algorithmic recommendations, feed that learning back into the system. This creates a virtuous cycle of improvement.

Fourth, preserve relationship banking capabilities even as you digitise. The most successful regional banks are those that use technology to enhance rather than replace personal connections. Digital tools should make relationship managers more effective, not obsolete.

Finally, embed cultural intelligence into your technology stack. Ensure your AI systems understand local contexts, seasonal patterns, religious observances and cultural norms that influence customer behaviour.

Conclusion:

The Future is HumanAugmented

Fatima’s story illustrates a fundamental truth about the future of banking in our region – that success will not belong to institutions with the most sophisticated algorithms, but to those that most effectively combine artificial intelligence with human wisdom. As the UAE continues its remarkable economic transformation, banks that master this balance will not only survive, but will have the opportunity to set standards for what it takes to make the world of banking more humancentred and yet powered by cuttingedge technology.

The AI algorithm is powerful, but the human algorithm, one that allows us to interpret, contextualise and empathise, remains irreplaceable. In a region where relationships matter and cultural context is everything, that might be our greatest competitive advantage of all.

REIMAGINED:

Bank Dhofar’s Strategic Transformation Story BANKING

In a recent conversation between Infosys Finacle and Sreenath Manghat Head of Strategy and Transformation at Bank Dhofar, Sreenath shared how the bank is modernising its core, embracing new technologies and expanding its reach while remaining deeply committed to Oman’s evolving priorities

Oman’s banking sector is undergoing a pivotal transformation, in step with Oman Vision 2040, which emphasises economic diversification, digital innovation and financial inclusion as key pillars for national progress. Backed by progressive regulatory initiatives from the Central Bank of Oman, the industry is witnessing a shift towards open banking, customer empowerment and digital-first experiences, creating a fertile ground for innovation and growth.

In this dynamic environment, Bank Dhofar stands out as a key player, in redefining banking in the Sultanate. With the second-largest banking distribution network in the country, the bank is pursuing a transformation anchored in customer centricity, digital empowerment and strategic growth.

A Vision for Customer-Centric Banking

At the heart of Bank Dhofar’s transformation there is a sharp focus on customer-centricity. The bank is reimagining every aspect of its operations, from branch experiences to digital interactions, so that customers across demographics feel understood and well-served. In a diverse market like Oman, where customer preferences vary by age and digital savviness, the bank recognises the need to tailor experiences across multiple touchpoints, whether it is in a branch, at an ATM or through online and mobile banking platforms.

“To create truly exceptional experiences, we start by listening, whether it’s through the voice of our customers, our employees or our processes,” says Sreenath Manghat. “This helps us understand not just what our customers want, but how they want it.”

“Our customer engagement strategy is driven by a 360-degree feedback loop,” he added. “Through our Voice of Customer platform, we continuously gather and act on insights to build personalised, relevant, and forward-looking banking solutions.”

A Strategic Roadmap for Growth

Bank Dhofar is undergoing a significant transformation across both its conventional and Islamic banking arms. The bank is making focused investments to enhance its wealth management

Sreenath Manghat, Head of Strategy and Transformation at Bank Dhofar

capabilities, having recently launched a dedicated private banking segment and significantly evolved its premier banking services. In parallel, SME banking has emerged as a key area of growth, with tailored solutions aimed at empowering the backbone of Oman’s economy.

“We see SMEs as vital to the country’s future and are developing solutions to address their specific challenges, whether it’s access to finance, digital tools or advisory services,” said Sreenath.

The bank continues to strengthen its wholesale and investment banking functions by building specialised corporate and advisory teams. Meanwhile, a strategic expansion of its physical branch network, doubling

“Even as we double our physical footprint, we’re equally focused on scaling digitally. Significant investments are being made to ensure we offer bestin-class digital solutions that can serve the evolving needs of a vast and diverse population,” he added.

Digital Enhancement – A Key Priority

Bank Dhofar’s digital transformation journey is being pursued in three clear, strategic phases, each focused on building a strong foundation, enabling seamless experiences and preparing for the future.

As Sreenath puts it, the journey began “two and a half years back” with a strong focus on “fixing the basics.” For the bank,

the bank’s core and channels to enable a seamless, omnichannel experience. “The idea is: how can we integrate core and the channels, and how do we ensure we are able to offer an omni-channel experience in its true sense,” Sreenath explained.

Looking ahead, Bank Dhofar is actively preparing for future trends such as open banking. “That readiness should come,” Sreenath noted, “and while it’s a work in progress, we are walking in the right direction.”

Infosys Finacle: A Trusted Partner in Transformation

The long-standing relationship between Bank Dhofar and Infosys Finacle, built over 15+ years, is rooted in mutual trust and a shared vision for innovation.

WE SEE SMES AS VITAL TO THE COUNTRY’S FUTURE AND ARE DEVELOPING SOLUTIONS TO ADDRESS THEIR SPECIFIC CHALLENGES, WHETHER IT’S ACCESS TO FINANCE,

TOOLS OR ADVISORY SERVICES

DIGITAL

from 65 to 130, has made Bank Dhofar the second-largest distribution network in Oman. This physical growth is being matched by robust digital investments to ensure omnichannel access and personalised service. While maintaining a strong commitment to the Omani market, Bank Dhofar is also extending its reach through strategic acquisitions.

“We are a homegrown brand, and our aspirations remain firmly rooted in Oman. The acquisition of a foreign bank’s local operations was a deliberate move — not to go beyond borders, but to deepen our presence and expand our customer base within the country,” said Sreenath Manghat, Head of Strategy and Transformation at Bank Dhofar.

that meant investing in foundational systems that would allow it to operate as a truly digital-first bank. “If you have to operate as a full bank, you have to operate in a digital manner, you have to look at what solutions we need to bring in,” he added

To that end, major investments have been made across key areas, including a modern trade finance platform, robust core system and other technological capabilities.

With the basics in place, the focus has shifted to enhancing the bank’s digital core and delivering superior experiences. A significant milestone here is the deployment of the Finacle Digital Engagement Hub, which helps integrate

“Our journey with Infosys Finacle has been marked by trust and dependable delivery,” shared Sreenath. “Given the success we’ve had on the conventional side and the support we continue to receive, we’re confident of achieving even greater transformation.”

“The digital engagement hub is a great example of our forward-looking work together. We truly see Infosys as a core partner, with both organisations engaging at the senior-most level. In terms of support, Infosys has yet to disappoint us,” he said.

“We absolutely look forward to continuing this collaboration for many more years,” Sreenath concluded.

Driving Economic Growth and Banking Innovation

Bank Dhofar’s strategic transformation is more than just an internal evolution, it is a commitment to driving economic growth in Oman and delivering exceptional banking experiences. By focusing on customer needs, investing in innovation and expanding strategically, the bank is well-positioned to lead Oman’s banking sector into the future.

“Our ambition is aligned with Oman’s national goals. We believe that a stronger, more innovative banking system can play a key role in the country’s long-term economic development,” Sreenath said.

Balancing Act

Bahrain’s diversified economy has performed well in recent times and retains inherent strengths but a high fiscal breakeven oil price and challenging public finances require strategic fiscal management to navigate uncertainties

Bahrain was one of the bestperforming e conomies within the Gulf region last year, second only to the UAE. However, current projections suggest that the kingdom is unlikely to repeat the same feat in 2025 due to prolonged lower oil prices following OPEC+’s decision to triple a planned output hike and emerging risks from President Donald Trump’s tariffs on nearly all US trade partners.

Bahrain lacks the ample oil and financial resources of its GCC neighbours and its state finances are among the weakest in the region. It has one of the highest fiscal breakeven oil prices among crude exporters, projected around $125 per barrel by the International Monetary Fund (IMF) – that is well above Brent crude’s current trading range in the mid-$60s.

The Gulf state’s gross domestic product (GDP) will rise by 2.8% in 2025, according to the Institute of Chartered Accountants in England and Wales (ICAEW), supported by a robust 3.1% growth in the non-hydrocarbon sector.

Over the past two decades, the kingdom has made considerable progress in diversifying its economy away from heavy reliance on hydrocarbon revenue, a crucial move given that oil, while still significant at 18% of GDP and 75% of government revenue, presents growing fiscal challenges.

The need for a shift towards sustainable economic growth is increasingly pressing as the authorities face deteriorating public finances and the imperative of building a sustainable future. The IMF said Bahraini authorities have made significant progress in continuing to improve the

financial regulatory and supervisory framework, bolstering financial stability.

The government in Manama seeks to continue diversifying the economy, increasing private sector employment and further lifting female labour force participation.

Meanwhile, Bahrain remains the most competitive and challenging banking environment in the GCC region, with a projected 29 retail banks competing against each other to serve a domestic population of just 1.5 million.

Moody’s said that a flurry of domestic and cross-border bank mergers and acquisitions is altering the competitive landscape, with some foreign banks exiting Bahrain’s crowded retail market. The country is a highly banked economy that served as the region’s financial hub, with a banking assets-to-GDP ratio above 600%, before it ceded the status to Dubai.

The diversification imperative Bahrain stands out as a beacon of resilience and strategic foresight as the global economy grapples with the turbulence of a renewed trade war in 2025.

While the impact of the Trump administration’s trade tariffs on the kingdom and its GCC allies remains to be seen, the country’s 2% non-oil GDP

growth last year highlights the success of authorities’ diversification efforts.

“The US’s new 10% import tariff is unlikely to cause major disruption for GCC countries. The region sends just 3% of exports to the US, and energy shipments are exempt,” said Oxford Economics. However, Bahrain may be vulnerable to tariffs on imports of steel and aluminium, which account for 1.5% of its GDP – higher than any other country worldwide, Capital Economics noted, while noting that strong relations with Washington “could see wriggle room to see these waived.”

Bahrain, often seen as one of the weakest links among oil-rich GCC states, has the most diversified economy in the region, with more than 83% of its GDP stemming from the non-oil sector, according to the Bahrain Economic Development Board (Bahrain EDB).

Building on a series of fiscal reforms, including increasing its standard valueadded tax (VAT) and offering permanent residence to some foreigners, the kingdom is examining further measures to bring its finances under control, with new taxes proposed on multinational enterprises and expatriate remittances.

To attract foreign investment, Bahraini authorities are setting up new industrial free zones targeting food processing, pharmaceuticals and garments industries. The free zones will be located in Muharraq, near Bahrain International Airport and are set to support job creation.

The IMF applauded Bahrain’s structural reform agenda, making the kingdom the most diversified economy in the GCC region while encouraging further efforts to improve labour market flexibility and leverage opportunities from regional integration.

“The Bahraini authorities agree that fiscal efforts should continue, beyond the conclusion of the Fiscal Balance Program (FBP) in 2024, to bring government debt significantly down over the medium term,” the fund said in a report.

Bahrain’s non-oil economy, including oil refining, is projected to expand by 3.1% in 2025. Its manufacturing sector – second only in size to the financial and insurance

industry as a contributor to GDP – is set to be one of the key drivers of this growth due to the impact of the Bapco Modernisation Programme, the national oil company’s most substantial capital investment to date.

“Bahrain’s Vision 2030 is driving the $6 billion Bapco Modernisation Programme, which will expand refining capacity from 267,000 barrels per day (bpd) to 400,000 bpd by 2025. The upgrade will support growth in the energy sector, but its fiscal impact may be constrained by lower oil prices, which remain well below Bahrain’s breakeven level of $135.70 per barrel,” said ICAEW.

While Bahrain’s economic growth and diversification potential remain constrained by both the small size of its economy, infrastructure and other major projects across the GCC region, especially under Saudi Arabia’s Vision 2030, continue to provide opportunities for the country’s economy, with Riyadh’s tourism drive highly benefiting the country.

Bahrain signed an MoU with Saudi Arabia in June 2025 to position both countries as a single regional and global tourism destination. The Gulf state is set to benefit from the hosting of major global events in Saudi Arabia, including the Asian Cup 2027, the Asian Winter Games 2029, Riyadh Expo 2030 and the FIFA World Cup 2034.

“Bahrain’s Tourism Strategy 2022-2026, part of the Economic Recovery Plan, aims to increase tourism’s GDP contribution and position Bahrain as a global tourist hub. The country plans to welcome 14.1 million visitors by 2026, with hotel supply projected to reach 35.5 thousand keys,” according to Roland Berger.

Bahrain Vision 2030 economic blueprint is aimed at bolstering domestic employment and attracting investments in strategic non-oil sectors, including tourism, housing as well as transport and logistics and energy.

Fiscal woes

Bahrain’s public finances are in poor shape. The Gulf state has one of the

highest fiscal breakeven oil prices among crude exporters, projected at about $125 per barrel by the IMF, which is well above Brent crude’s current trading range in the mid-$60s.

The kingdom’s fiscal position deteriorated significantly in 2023, with the overall fiscal balance falling to –8.5% of GDP and the debt-to-GDP ratio increasing to 123%, the highest in the Middle East behind Lebanon. Moody’s projected that nearly 30% of government revenues in 2025 will be allocated to servicing interest costs.

“High public sector wage bills, weak expenditure controls and large off-budget spending commitments will continue to strain public finances in Bahrain and Iraq, leading to rising debt burdens in 2025,” Moody’s said in January.

Fellow rating agency Fitch Ratings also downgraded Bahrain’s outlook from stable to negative in February, citing sustained wide deficits amid a high and rising interest burden, increasing debt/GDP and further delays in planned reforms.

“We forecast that the Fitch-adjusted general government budget deficit will remain wide at close to 9% of GDP in 2025 and 2026, after an estimated 9.5% in 2024. This is despite sustained improvements to the non-oil primary deficit, which we project to narrow to 14.5% of non-oil GDP in 2026 from 16.9% in 2024 and 21% in 2021,” the rating agency said in February.

The government deficit was this large during the 2014-2017 crisis, which emerged after a sustained period of low oil prices. It was only resolved by a $10.2 billion financial lifeline from its rich Gulf neighbours, the UAE, Saudi Arabia and Kuwait, in October 2018.

Bahrain’s wealthy neighbours remain committed to providing support through various channels, including cheap loans from sovereign funds, capex grants and investment cooperation programmes.

Saudi Arabia’s Public Investment Fund formalised a $5 billion specialised investment vehicle specifically for Bahrain in March 2024 to develop tourism, transportation, infrastructure and the environment. Similarly, investments from

the UAE and Qatar are also underway, in addition to public-private partnerships with other regional governments.

Bahrain’s 2025/26 state budget was approved by 33 MPs in March, projecting a deficit of $3.87 billion (BHD 1.46 billion). The budget forecasts a total expenditure of BHD 8.92 billion, divided into BHD 4.38 billion this year and BHD 4.54 billion in 2026. The government is forecasting general revenues of between BHD 6.38 billion and BHD 2.92 billion this year and BHD 3.46 billion in 2026.

The kingdom drew on foreign currency reserves to refinance a maturity of $850 million of sukuk in March. Its external government debt maturities over the next 12 months total $3.6 billion, comprising $500 million in private placements due in August 2025, $1 billion of sukuk due in October 2025, $1.6 billion of international bonds in January 2026, and $500 million of private placements due in May 2026.

S&P Global projected that Bahrain will seek to refinance its maturities to avoid a significant drop in foreign currency reserves while noting that “the government might be considering a liability management exercise to reduce its debt-servicing costs.”

The growth in Bahrain’s debt burden has come despite concerted efforts by the government to tackle local fiscal imbalances, notably with the FBP of 2018.

Banking sector

Bahrain’s banking sector experienced a landmark year in 2024 and remains on a strong footing. Long been a beacon of financial innovation in the Middle East, the Island nation’s banking sector is leveraging its robust regulatory framework and strategic location to attract global investors.

The Gulf state’s financial services sector plays a preeminent role among GCC countries and contributes significantly to the local economy. It’s a major driver of the country’s economy, accounting for 18.08% of the real GDP, according to official governmental figures.

However, Bahraini lenders face stiff competition and a relatively challenging

THE BAHRAINI AUTHORITIES AGREE THAT FISCAL EFFORTS SHOULD CONTINUE, BEYOND THE CONCLUSION OF THE FISCAL BALANCE PROGRAM (FBP) IN 2024, TO BRING GOVERNMENT DEBT SIGNIFICANTLY DOWN OVER THE MEDIUM TERM

– The International Monetary Fund

operating environment, with higher costs of funds and cost of income constraining profitability in comparison with their GCC counterparts.

“The reversal in the interest-rate cycle will squeeze margins back to the historical average, but moderately higher lending volumes and sustained fee income will cushion the impact on bottom-line profit,” said Moody’s

“We expect loan performance to stay broadly stable, although exposures will remain highly concentrated, particularly to the Bahraini sovereign through lending and large holdings of government securities.”

Bahrain’s banking sector is broadly divided into two categories: retail banks (previously onshore banks), which are licensed to operate within the kingdom and primarily serve the local market, and wholesale banks (formerly offshore banks), licensed by the central bank to operate predominantly offshore with limited balance-sheet exposure in the Gulf state.

“The onshore retail banks include 23 conventional banks – seven locally incorporated and 16 branches of foreign banks) and six Islamic banks with combined assets of $109 billion (BHD 41.5 billion) as of September 2024,” Moody’s added while noting that around 66% of assets are domestic, with the remainder foreign.

Banks in Bahrain have been consolidating to improve economies of scale, reduce operating and funding costs, and boost profitability and efficiency.

A flurry of domestic and cross-border bank mergers and acquisitions (M&A), coupled with the departure of international players such as HSBC, which is selling its retail banking business to Bank of Bahrain and Kuwait and is expected to complete in Q4 2025, is reshaping the competitive dynamics within Bahrain’s banking sector.

The deal will see a transfer of retail loans, deposits and accounts of about 76,000 customers to BBK, which is majority-owned by the governments of both countries.

Last October, BNP Paribas announced plans to reduce its workforce in Bahrain and relocate its Middle East and Africa head office from Manama to Paris, centralising its regional operations, while Citigroup finalised the sale of its consumer banking business in Bahrain to Ahli United Bank in December 2022.

Bahrain’s banking sector reflects a dynamic blend of innovation and responsibility. The Bahraini banking sector is poised for continued growth in 2025, driven by the adoption of innovative technologies, fintech collaboration, a focus on sustainable finance, economic diversification and robust regulatory oversight.

Bahrain boasts regulations and laws that encourage business, and the government is actively working to reduce the economy’s dependence on oil. Nevertheless, the IMF has highlighted the need for a medium-term plan to adjust government finances, ensure the stability of the financial system and speed up fundamental economic changes.

Fuelling Growth

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Regional Realty Realities

From the glittering skylines of Dubai and Riyadh, the ambitious megaprojects reshaping Qatar and the growing REITs market, the GCC region’s property market is experiencing a robust expansion with technology poised to revolutionise the sector

Four months after President Donald Trump unveiled sweeping tariffs targeting some of the US’s major trade partners, which was followed by OPEC+’s decision to increase oil production by 2.2 million barrels daily over the next 18 months, the effects continue to reverberate globally.

Though the International Monetary Fund (IMF) revised its GDP growth forecast for the GCC to 3% in 2025 – down from 4.2% in its October projection – the region is in a better position than many other parts of the world to manage the economic impact of the trade tariffs and a slump in oil prices. GCC states have stepped up efforts to diversify their economies away from heavy reliance on oil revenues with initiatives such as Saudi Vision 2030 and We the UAE 2031, which are designed to accelerate growth in non-oil areas such as the real estate industry.

The region’s real estate market remains remarkably resilient, with cities like Dubai experiencing significant growth as property prices have soared by 70% over the past four years, outstripping many other global markets.

“Despite global uncertainties, GCC economies and the closely intertwined real estate sector have recorded robust performances. This has been driven by the significant expansion in the non-oil sector, especially in Saudi Arabia and the UAE,” Savills strategists said in a report.

Real estate continues to be one of the most active economic sectors in the Gulf region, with cities like Riyadh gearing up to host prominent global events such as Expo 2030 and the FIFA World Cup 2034 after Qatar fast-tracked the construction of Lusail to host the 2022 FIFA World Cup.

The sector accounts for nearly 6% of the UAE’s total GDP and around 7% of

Saudi Arabia’s. Its performance is closely tied to key industries including tourism, construction, retail and hospitality.

The GCC region – particularly Abu Dhabi and Dubai – has witnessed a series of record-breaking real estate transactions.

CBRE said nearly 2,500 residential units were sold in Abu Dhabi in Q1 2025, while Dubai’s residential market continues to see strong growth, with transactional volumes rising by 23%, valued at AED 115 billion.

Similarly, Knight Frank’s data indicates a substantial 19% increase in Saudi real estate transactions in Q1 2025, reaching 59,287 deals valued at SAR 50.9 billion. Bahrain, in contrast, registered a 5% decrease in property transactions in the same year, totalling BHD 1.06 billion.

The property markets across the GCC are surging towards a record-breaking bull run, driven by a steady influx of investors, developers and tourists. Backed by robust economic growth and rapidly expanding populations, the region is experiencing its most sustained price rally since the 2008 financial crisis.

The bedrock of growth

The GCC’s real estate boom is inextricably linked to the region’s long-term National Vision transformation plans that are prioritising reducing oil dependency, with real estate as a cornerstone.

KPMG said that the modern urban landscapes, innovative architectural designs and an infrastructure boom across the Gulf region have played a significant role in putting these nations on the global map.

Between 2018 and 2028, planned infrastructure investments across the GCC are estimated at $2.65 trillion, with Saudi Arabia accounting for 63.1% or $1.06 trillion of the total by 2030, followed by the UAE at $409 billion, accounting for 24.4% of the total.

Over the past decade, Saudi Arabia has launched a wave of ambitious giga projects, from the $30 billion expansion of King Salman International Airport to transformative projects such as the Red Sea Project, NEOM and the RiyadhDammam Expressway. Similarly, the UAE continues to make major strides in energy and transport infrastructure, with significant investments in expanding the Dubai Metro and the Etihad Rail network.

On the tourism front, Saudi Arabia, Oman, Qatar and the UAE are prioritising tourism as a key growth driver. Saudi Arabia, in particular, seeks to boost the tourism industry’s contribution to more than 10% of GDP by 2030, with $1 trillion slated for investment into the sector over the next decade.

“The GDP contribution from the tourism sector is expected to increase from around $130 billion in 2023 to above $340 billion by 2030, equivalent to more than 10% of GDP in the region,” according to Fitch Ratings.

Ongoing investment in tourism infrastructure, encompassing airports, hotels and urban transport networks, is enhancing the overall visitor experience and accessibility across the Gulf region. Notably, the hotel sector in most Gulf locations sustained its growth in 2025, with key performance indicators generally exceeding pre-COVID levels.

Qatar aims to attract 7.1 million overnight guests by 2030, focusing on cultural attractions, sports, urban development and family-oriented activities, with plans to increase its hotel supply to 59,000

DESPITE GLOBAL UNCERTAINTIES, GCC ECONOMIES AND THE CLOSELY INTERTWINED REAL ESTATE SECTOR HAVE RECORDED ROBUST PERFORMANCES. THIS HAS BEEN DRIVEN BY THE SIGNIFICANT EXPANSION IN THE NON-OIL SECTOR, ESPECIALLY IN SAUDI ARABIA

AND THE UAE

– Savills

keys, while Bahrain plans to welcome 14.1 million visitors by 2026, with hotel supply projected to reach 35.5 thousand keys.

“Investing in the GCC’s rapidly expanding tourism infrastructure presents unparalleled opportunities. The region’s strategic initiatives are driving unprecedented visitor growth and fostering economic diversification and sustainability,” said Richard Stolz, Principal - Roland Berger, Middle East.

Meanwhile, positive sentiment surrounding economic growth in the GCC continues to drive occupier activity in the office market, as multinational companies are responding by bolstering their presence in the region as they scale back elsewhere.

CBRE said that the demand for office space in Saudi Arabia continues to robust in Q1 2025, causing significant rental growth, including a notable 21% yearon-year surge, while in the UAE, both Abu Dhabi and Dubai are witnessing continued strength in the office market, supported by robust non-oil sector growth and sustained government investment.

Prime offices occupied by government organisations and multinational corporations will remain core assets in major cities across the UAE, Saudi Arabia, Bahrain, Oman and Egypt in 2025. The trend is projected to be followed by multilet offices in good locations across Dubai, Abu Dhabi and Riyadh.

Unlocking investment

Historically, GCC cities faced challenges related to infrastructure and climate that

shaped perceptions of the region as less accommodating for expats. However, major GCC cities are undergoing transformative changes as they position themselves as global hubs for high-skilled talent, driven by evolving economies that demand advanced digital, technical and analytical expertise to support governments’ future-focused ambitions.

PwC said that investments in urban planning and infrastructure are transforming GCC cities into more liveable and sustainable environments, improving the quality of life for citizens and residents alike.

For years, real estate megaprojects have been part of GCC countries’ efforts to diversify their economies away from heavy reliance on oil revenues. The industry has long been a core economic sector and investment of choice in the region, bolstered by strong demand fundamentals from solid population and GDP growth as well as excess liquidity from oil and gas.

Saudi Arabia plans to invest $1.28 billion in new housing projects in 2025. The long-awaited $22 billion Riyadh Metro was officially inaugurated in January 2025, marking a major milestone in the kingdom’s urban mobility plans.

Similarly, the expansion of Doha Metro and the completion of Dubai Metro’s Blue Line extension, in 2025 and 2029, respectively, will improve connectivity to key urban and suburban areas.

The UAE is advancing liveability through Dubai’s Urban Master Plan 2024, featuring

an AED 3.7 billion road expansion and the Dubai Walk Master Plan, which aims to create 3,300 km of pedestrian pathways by 2040.

Not far from Dubai and Abu Dhabi – metropolises well-known for their boundary-pushing skyscrapers – Muscat, Oman, is charting a distinct path in urban development, one that embraces a more grounded, culturally rooted vision of city life.

The sprawling coastal city of 1.4 million is considering a master plan that will make it adapt to a series of trends by 2040, including a fast-growing population, an economy diversifying beyond oil and climate change-fuelled risks of extreme weather.

Kuwait’s Al Harir City, Lusail City in Qatar, the Red Sea project and NEOM in Saudi Arabia and the Riyadh City project in Abu Dhabi are some of the region’s greenfield projects. Moreover, projects such as Muharraq in Bahrain and the work currently underway in the downtowns of Jeddah and Riyadh in Saudi Arabia are focused on reviving and restoring existing assets and communities.

“A key long-term objective for many oil-producing nations in the region is to reduce their reliance on hydrocarbons through diversification, including through real estate investments,” said global commercial real estate services firm JLL.

The GCC region’s real estate sector has experienced significant growth, largely fuelled by regulatory liberalisation. Notably, the UAE’s 2021 move to permit 100% foreign ownership of companies, along with the introduction of long-term residency options such as the 10-year Golden Visa and the 5-year Green Visa, has markedly boosted investor confidence.

Similarly, Saudi Arabia introduced sweeping investment reforms in January, opening the door for foreign investors to buy shares in publicly listed companies that own real estate in the holy cities of Makkah and Madinah. The kingdom also eased property ownership in designated zones for non-Saudis and has introduced Premium Residency

THE GDP CONTRIBUTION FROM THE TOURISM SECTOR IS EXPECTED TO INCREASE FROM AROUND $130 BILLION IN 2023 TO ABOVE $340 BILLION BY 2030, EQUIVALENT TO MORE THAN 10% OF GDP IN THE REGION

– Fitch Ratings

visas as part of its broader strategy to attract 100 million visitors annually by 2030.

The new imperatives

The advancements in technology are causing significant shifts across nearly every industry, and the real estate sector is certainly no exception. Cutting-edge technology is poised to revolutionise the property sector, particularly in Saudi Arabia and the UAE, where the market is becoming increasingly accessible to innovative new businesses.

Traditionally, the real estate sector has been slow to adopt innovative technologies. However, current property technology (proptech) offers straightforward solutions for measuring, monitoring and managing processes that were previously manual and far less efficient.

“AI and cloud-based applications in PropTech can optimise energy consumption by adjusting it according to needs, thus leading to cost savings and performance maximisation,” Investopia said in a whitepaper. The innovative technologies can predict equipment malfunctions, enabling proactive responses from landlords and tenants while enhancing sustainability and reducing construction and operational expenses.

A KPMG survey reveals that more than 58% of real estate firms in the UAE are investing in new technologies to improve property management efficiency, as Abu Dhabi and Dubai have succeeded in placing the UAE at the forefront of the PropTech revolution.

Similarly, Saudi Arabia’s proptech scene is going through a transformative phase. Fuelled by the nation’s push for digital transformation and massive investments in smart cities, the need for cutting-edge property technology is set to skyrocket.

Meanwhile, Real Estate Investment Trusts (REITs) have emerged as a strategic investment vehicle, allowing investors to capitalise on the Gulf region’s flourishing real estate market without significant upfront commitments.

REITs, which are a subset of property funds, offer individuals the opportunity to invest in income-producing real estate assets without directly owning or managing properties. The GCC region has fully embraced the concept of REITs, with more than 18 of them listed across the region, since the listing of UAE’s Emirates REIT in 2014.

Dubai Holding has increased the size of the initial public offering for its REIT, seeking to raise as much as $584 million amid strong demand from both local and international investors. The robust investor appetite underscores the continued boom in the emirate’s property market.

The GCC real estate sector’s resilience stems from its ability to align with global trends while leveraging local advantages. The confluence of proactive government policies, robust demographic fundamentals, attractive investment environments and the embrace of innovation is creating a powerful momentum in the real estate sector.

Fuelling Growth

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Building Growth

Christiane El Habre Regional Managing Director – Middle East, Apex Group Ltd., talking with MEA Finance about the regional realestate investment market, outlines the factors fuelling this asset class and highlights the sectors that are currently showing the most promising results

What are the leading two real estate sectors attracting the most investor attention today?

The current frontrunners are logistics/ industrial real estate and high-end residential properties. This trend is evident through both fund structuring and investor capital deployment.

Apex serves around US$280 Billion dollars in real estate structures globally, offering fully integrated services through accredited business processes. Over the last five years, real estate structures have represented a substantial portion

of Apex’s new funds launched in the GCC. We have seen a sharp uptick in development-focused vehicles tied to Vision 2030 mega projects in Saudi Arabia. In fact, over 40% of the new offshore property Special Purpose Vehicles (SPVs) set up through the Apex platform in the last couple of years have been tied to luxury and branded residences in Dubai.

Prime residential real estate in Dubai continues to attract international High Net Worth Individuals (HNWIs). In 2023, over 40% of offshore property investment vehicles focused on high-end Dubai assets, supported by a 28% rise in luxury home prices.

Additionally, fund managers have launched logistics-focused vehicles targeting last-mile warehousing near Riyadh, Jeddah and Dubai South, driven by the region’s e-commerce and ThirdParty Logistics (3PL) boom. The GCC logistics sector is forecast to reach USD 66 billion by 2026.

It is worth mentioning that Apex supports this demand by helping fund managers and real estate developers structure and administer cross-border vehicles tailored to logistics and

Christiane El Habre, Regional Managing Director – Middle East, Apex Group Ltd.

residential strategies—from SPVs and REITs to fully regulated real estate funds.

What real estate sector has the most promising long-term investment potential?

It is no secret that logistics, data centres /AI and industrial real estate’s stand out as a particularly durable opportunity. Recent trends indicate a significant influx of capital into logistics parks in NEOM and the Red Sea corridor. These developments are closely aligned with Saudi Arabia’s Vision 2030, which anticipates a 50% increase in warehousing demand by 2030. This growth is expected to be driven by trade, consumption and supply chain upgrades.

The logistics, Data Centres /AI and industrial sector offers a unique combination of yield stability, strong tenant demand and strategic alignment with national goals, making it an attractive option for long-term institutional capital. At Apex, we enable access to this sector by structuring REITs, Sharia-compliant platforms and regulated funds. These structures align with government-linked

IT IS NO SECRET THAT LOGISTICS, DATA CENTRES /AI AND INDUSTRIAL REAL ESTATE’S STAND OUT AS A PARTICULARLY DURABLE OPPORTUNITY

institutional and family office investor channels, we cannot help but notice several dynamics accelerating the momentum in GCC real estate.

Firstly, urban expansion is a significant driver. Dubai is projected to reach 5.8 million residents by 2040, and Saudi Arabia has already surpassed 36 million. This growth is driving sustained real estate demand in these regions.

Secondly, cross-border inflows are playing a crucial role. Investors from Europe, Asia and Africa continue to enter the market, with AED 634 billion (USD 172 billion dollars) in Dubai transactions just in 2023 alone. This influx of international capital is bolstering the market’s strength and potential.

THE NEXT WAVE OF INNOVATION IS SET TO INCLUDE ESG-LINKED REITS AND TOKENISED REAL ESTATE PLATFORMS, WHICH WILL FURTHER ENHANCE THE MARKET’S APPEAL AND SUSTAINABILITY

infrastructure and foreign investor mandates, providing a secure and strategic investment pathway.

What factors are adding heat to the regional real estate market?

As we continue to support the entire ecosystem, from international inflow structuring to fund administration, while ensuring regulatory compliance, risk controls and scalability across both

Mega-projects are also becoming increasingly attractive to funds. There is a noticeable shift toward developmentled investment, with projects, and Mega projects drawing significant interest and capital.

Lifestyle trends are yet another factor contributing to the market’s ongoing momentum. Family-friendly, highquality living formats, such as gated communities and branded residences,

are drawing significant capital and attention from investors.

Lastly, we must be aware of the speculation risks. In submarkets such as off-plan coastal properties, short-term speculation is on the rise, highlighting the need for robust oversight to mitigate potential risks.

What is the outlook for the regional REITs market?

The GCC REIT market, is entering a new phase of maturity and diversification, and we are witnessing growing participation from both retail and institutional investors, which is truly a clear testament to the market and its potential.

In Saudi Arabia and the UAE, new REITs are emerging in various sectors such as logistics, healthcare and community retail. The region’s REIT capitalisation has now exceeded an impressive multibillions USD value, with average yields ranging from 5% to 7%, continuing to attract income-seeking investors.

Saudi Arabia is leading this evolution, boasting 17 listed REITs and expanded access for foreign investors. The next wave of innovation is set to include ESGlinked REITs and tokenised real estate platforms, which will further enhance the market’s appeal and sustainability.

At Apex, we are well-positioned to support this growth. Servicing already the majority of the listed REITS, we also offer end-to-end services, including fund formation, digital custody, ESG reporting, investor onboarding and cross-border administration. Our comprehensive solutions help REIT sponsors scale efficiently while also staying ahead of regulatory developments.

DIGITAL IDENTITY:

The New Cornerstone of Trust in MEA’s Banking Sector

Muralidharan Rajagopalan Director of Sales, GBM Dubai explains that as banking goes borderless, instant and increasingly digital, identity has stepped out of the back office into the spotlight, no longer just a background check or a login step, but the foundation of every secure interaction, every tailored offer and every moment of trust between banks and their customers

For financial institutions across the Middle East and Africa (MEA), digital identity has evolved beyond a mere compliance checkbox and is fast becoming a cornerstone of trust and a defining feature of modern customer experience. As the region continues its rapid journey of digital transformation, the ability to securely verify who a customer is, in real time and across multiple channels, is emerging as both a competitive differentiator and a frontline defense against escalating cyber threats.

For decades, Know Your Customer (KYC) protocols have served as the foundation of trust between banks and their clients. But today, as banking becomes more digital and interconnected, these methods are evolving. Traditional, document-based verification is giving way to more dynamic identity approaches that can keep pace with the speed of innovation and rising customer expectations. With the emergence of technologies like deepfakes and synthetic

Muralidharan Rajagopalan, Director of Sales, GBM Dubai

identities, the need for smarter, more adaptive verification tools has become clear. In response, banks are looking to embrace advanced identity frameworks designed to address the realities of modern banking. This evolution is part of

a broader shift toward identity systems that are proactive, intelligent and deeply integrated into the user journey.

The Rise of Advanced Identity Frameworks

Leading financial institutions in MEA are now moving towards adopting multifactor authentication (MFA), behavioral biometrics and AI-powered identity analytics to create a more secure, seamless experience for users.

These technologies help banks go beyond verifying “what the user knows” (like passwords or PINs) to authenticating “who the user is” and “how the user behaves.” It is not uncommon today for a digital banking session to involve biometric logins, device recognition and real-time monitoring of behavioral patterns such as typing speed or swipe behavior. When anomalies are detected, banks can take immediate action, all while keeping the experience frictionless for legitimate users.

This marks a strategic shift where identity is no longer a static attribute but a continuous, contextual process. And while this dynamic approach enhances security and enables more personalised, responsive customer journeys, it also introduces new operational complexities that banks must navigate.

The Challenge of Identity Silos and Fragmentation

Among the most pressing of these complexities is the issue of identity silos. Many banks, especially those operating across multiple geographies or with aging legacy systems, struggle with fragmented identity infrastructures. Identity data

might reside in multiple, unconnected systems, making it difficult to gain a single, holistic view of the customer. This fragmentation not only weakens security but also impedes agility and the seamless experiences today’s users demand.

Digital onboarding, for example, is often slowed down by inconsistent identity verification processes across platforms. Customers might have to submit the same information multiple times, leading to frustration and drop-offs.

Banks must also contend with a rapidly evolving threat landscape. Fraudsters are increasingly leveraging automation, AI and social engineering to bypass identity controls. As such, it is not enough to simply “verify once.” Identity must be continuously authenticated and riskassessed, especially in high-value transactions or anomalous behaviors.

Building Trust with a Secure Digital Identity Ecosystem

At Gulf Business Machines (GBM), we believe that a secure digital identity framework is foundational to enabling both innovation and resilience in the banking sector. That is why we work closely with banks across MEA to help them build and modernise their digital identity ecosystems, while integrating these into broader Zero Trust architecture.

The principle of Zero Trust is particularly relevant in today’s perimeterless banking environments, where users, applications and data constantly move across hybrid infrastructure. At the heart of this model lies strong Identity and Access Management (IAM) that ensures access is continuously verified. By implementing robust IAM solutions, banks can ensure that access to critical systems and sensitive data is governed dynamically, based on user roles, behavior and real-time context. IAM also enables banks to enforce least-privilege access, automate compliance reporting and introduce adaptive authentication, all of which are capabilities that are essential in today’s complex threat and compliance environment.

With this, GBM’s strength lies in our deep regional presence and global standards. Grounded in local market understanding and regulatory insight, we partner with industry leaders such as IBM, Cisco and Fortinet to deliver enterprise-grade solutions that are both world-class and region-ready. As a trusted digital solutions provider, we help banks unify identity, security and compliance through a cohesive strategy, managing the full identity lifecycle from onboarding

sharing, consent management and personalised financial services across platforms. A well-architected identity system will not only reduce fraud but also open new opportunities for banks to innovate, from embedded finance to AI-driven advisory services.

There is also growing recognition among regulators about the importance of digital identity. Across MEA, governments are investing in national digital ID programs and mandating

THIS MARKS A STRATEGIC SHIFT WHERE IDENTITY IS NO LONGER A STATIC ATTRIBUTE BUT A CONTINUOUS, CONTEXTUAL PROCESS

to de-provisioning. By operationalising IAM as a central policy engine, we extend secure access across cloud and on-prem environments while ensuring seamless user experiences.

Beyond identity management, we ensure these systems are integrated with broader security controls, enabling rapid threat detection, automated response and containment of lateral movement in the event of a breach. These capabilities give banks the agility to scale securely and innovate confidently.

But technology alone is not enough. We also work with customers to build robust identity policies, educate users and implement agile governance models. A strong digital identity program is as much about strategy and process as it is about tools.

Digital Identity as a Strategic Enabler

Looking ahead, digital identity will increasingly shape how banks differentiate themselves. As Open Banking initiatives mature in the region, identity will serve as the bridge between ecosystems, enabling secure data

stronger cybersecurity frameworks for financial institutions. This regulatory alignment, while adding pressure, also presents an opportunity: by aligning with these standards early, banks can position themselves as leaders in trust and security.

Final Thoughts

Digital identity is becoming a strategic pillar of trust, innovation and resilience. For banks in MEA, investing in advanced digital identity and trust systems will be about delivering secure, seamless and customer-centric experiences in a hyperconnected world.

At GBM, we are proud to support the region’s leading banks on this journey. By combining cutting-edge end-to-end technology solutions with deep regional expertise, we help financial institutions build secure digital ecosystems where trust is earned and sustained with every interaction.

As the digital economy continues to expand, one thing is clear: digital identity is the new currency of trust, and those who manage it wisely will define the future of banking in the region.

ISLAMIC BANKING & FINANCE

Continuing Ascendency

The

ongoing international growth of

Islamic

Banking

and

Finance

shows that its inherent potential is finally starting to come to fruition as it continues to gain traction, becoming vital to financial systems across the Middle East, Africa Asia and Europe

The Islamic finance industry saw strong asset growth in 2024, driven by an increase in banking assets and sukuk issuances. S&P Global expects the growth momentum to continue in 2025, barring any significant macroeconomic or intrinsic disruption.

“Strong banking and sukuk industry performance led to 10.6% growth for the global Islamic finance industry in 2024, with total sukuk outstanding surpassing $1 trillion for the first time,” the rating agency said in a report in April.

The GCC region cemented its position as a global hub for Islamic finance, holding more than 50% of the world’s Islamic financial assets in 2025. The robust expansion of Islamic banking, welldeveloped Islamic debt markets and rising demand for Shariah-compliant insurance solutions is fueling the region’s dominance.

Moody’s said that the GCC Islamic banking sector will continue to benefit

from sustained economic growth, governments’ commitment to the promotion of the broader Islamic finance industry and higher demand for Shariahcompliant products.

Over the years, Islamic banking has grown exponentially to create a market that competes with conventional banks in core Islamic finance markets across the Middle East, Africa and South Asia (MEASA) – gradually eating up their market share and offering products that match their level of service and scale of operation.

The soaring demand for digital financial services and the adoption of financial technology solutions are also bolstering growth in the Islamic banking sector while advancing customer experience and industry competitiveness.

Though the expansion of Islamic finance beyond its traditional strongholds has been relatively modest, its growth still outpaces that of conventional finance,

indicating the enduring attractiveness of Shariah-compliant financial products across Africa, the Asia-Pacific, Central Asia and Russia.

Fitch Ratings said Kazakhstan and Kyrgyzstan could lead Central Asian Islamic finance industry growth over the medium-to-long term, citing government initiatives to tap funding from the GCC countries and Islamic multilateral institutions, diversifying the financial sector and boosting financial inclusion, could support growth.

Meanwhile, the global sukuk market stands at a pivotal point. While ample global liquidity currently provides a tailwind, upcoming regulatory changes have the potential to alter who participates and how the market operates.

S&P Global projected that the combination of monetary easing in 2025 and significant financing requirements in core Islamic finance markets will lead issuers to capitalise on favourable market conditions for issuing sukuk.

Gaining a foothold – Islamic banking

The growth rate of the global Islamic banking sector over the past five years underscores its robust performance and resilience in the face of significant global challenges. The segment’s reach now extends far beyond its origins in the

MEASA region. It has gained traction and is becoming a vital part of financial systems across Asia and Europe, the Middle East and Africa.

“The increasing demand for Shariahcompliant products across regions and abundant funding in oil-exporting countries, persistently propelled Islamic banking assets to outpace the growth of their conventional counterparts,” the Islamic Finance Services Board (IFSB) said in a report.

The IFSB also attributed the growth in global Islamic banking to the establishment of new banks and branches in some jurisdictions, mergers and acquisitions (M&A) and a significant boost in non-oil activities across the GCC region.

Islamic bank M&As are expected to rise in the GCC in the short to medium term, driven by the search for competitive advantage to access growth opportunities and build low-cost deposits.

Kuwait Finance House (KFH) acquired Ahli United Bank (AUB) for $11.6 billion in 2022, giving a boost to Bahrain’s Islamic banking sector. KFH converted AUB and its subsidiaries into fully Shariahcompliant entities across Bahrain, Egypt and the UK.

Bahrain’s Al Salam Bank completed the acquisition of KFH’s stake in its subsidiary in the kingdom – a deal that substantially increased the bank’s balance sheet by 28%. Indonesia’s PT Bank Tabungan Negara aims to merge its Shariah business unit with another Islamic bank in the country, Bank Muamalat.

Earlier this year, Emirates NBD initiated a mandatory cash offer to acquire the remaining 0.11% stake in Emirates Islamic Bank at AED 11.95 per share, totalling approximately AED 69.8 million. Emirates NBD already holds a 99.89% stake in Emirates Islamic and the acquisition would result in full ownership of the Islamic lender.

“Islamic banking continues to experience high demand and the industry is on the path to reach $4 trillion by 2026,” according to an ICD-LSEG report. A sign of continued demand for

Islamic banking is the conversion of conventional banks.

Pakistan is targeting full Sharia compliance in its banking sector by December 31, 2027, aligning with the constitutional mandate to eliminate Riba by January 1, 2028. The State Bank of Pakistan (SBP) is driving this transition by urging conventional banks to convert and providing regulatory guidance for the process.

“Conventional banks in Pakistan are now opening Islamic bank branches to expand their Sharia-compliant activities. Faysal Bank converted to a fully Islamic bank in 2023 and Bank Makramah Limited (previously Summit Bank), Bank of Khyber and the Bank of Punjab are also in the process of transitioning,” said Moody’s.

Central Asia’s ties with the GCC are being deepened, which could boost Islamic finance penetration into the region. Qatari lender Lesha Bank acquired Kazakhstan-based Bereke Bank in 2024. ADCB Islamic Bank, one of two Islamic banks in the country, is a unit of Abu Dhabi Commercial Bank, one of the UAE’s largest banks.

Similarly, in a move towards embracing Islamic finance, the Russian State Duma approved a bill in July 2023 to pilot the Islamic banking system in four predominantly Muslim regions – Bashkortostan, Chechnya, Daghestan and Tatarstan. Other markets that will see further expansion in Islamic banking include Bangladesh, Uganda, Nigeria, Algeria and Kenya.

The Islamic banking sector is not only being reshaped with consolidation activities but also by the entrance of new players. Ruya Bank, a digital Islamic community bank that launched in the UAE in 2024, has rapidly gained traction, acquiring over 55,000 retail customers at a rate of approximately 9,000 to 10,000 new accounts monthly.

STC Bank, the Shariah-compliant digital arm of Saudi Telecom Company, began operations in January, while D360 Bank – the Islamic neobank backed by the Public Investment Fund (PIF) – officially launched in December.

Historically, Islamic banks in the GCC region have maintained stronger margins than their conventional counterparts, mainly due to their retail-focused portfolios, which deliver higher financing yields. The advantage is further supported by the dominance of current and savings accounts (CASA) in their deposit mix, which keeps funding costs low and stable.

Sukuk reimagined

Sukuk remains the flagship Islamic Capital Market instrument and one of the fastestgrowing sectors of the Islamic finance industry. The increasing international activity of both issuers and investors is fueling the expansion of sukuk (Islamic bond) issuance.

Islamic finance will continue to grow, but sukuk issuance is projected to decline in 2025, with total issuance projected to range between $190 billion and $200 billion, according to S&P Global, following a performance of $193.4 billion in 2024.

The issuance of sukuk or Islamic bonds is projected to decline from the record levels seen in 2024 due to lower sovereign issuance, given lower sukuk refinancing needs and the expectation that Saudi Arabia will not repeat its liability management operation in 2025.

GCC states are projected to maintain their position as leading issuers of US dollar-denominated debt in emerging markets through 2025 and 2026. Simultaneously, they are expected to remain among the largest global issuers and investors in dollar-denominated sukuk.

“The GCC Debt Capital Markets (DCM) crossed the milestone of $1 trillion outstanding at end-January 2025 (all currencies), up about 10% year-on-year,” Fitch Ratings said, while forecasting that GCC banks will likely issue over $30 billion of US dollar debt in 2025 as large corporates in the region are also issuing sukuk and bonds to diversify funding.

The concentration of Islamic finance in oil-exporting countries, coupled with the GCC states’ ambitious economic diversification strategies, is expected to further boost green sukuk issuance in 2024.

Green sukuk, which are Islamic bonds aimed specifically at financing environmentally sustainable projects, are gaining popularity. Several countries with active sukuk markets, notably in the GCC and Southeast Asia, have been at the forefront of issuing green sukuk to fund renewable energy projects and other green initiatives.

Financing through sustainable sukuk will be a key lever for countries in the MEASA region to meet their decarbonisation goals. Sustainable sukuk caters not only to Islamic investors but also to conventional investors who need to execute sustainable investing strategies.

Moody’s said a key appeal is that sustainable sukuk provides transparency in its use of proceeds, the instrument, with 74% of the instruments having been issued in non-local currencies, indicating strong international demand.

Sustainable sukuk still accounts for a small share of overall Islamic finance, but Islamic countries’ decarbonisation plans, guidance from the International Capital Market Association and other policy initiatives, as well as strong investor interest, will support expansion in the issuance of these instruments.

The share of environmental, social and governance (ESG) sukuk of the total ESG debt issued in Q1 2025 in emerging markets increased to over 50% from about 20% in 2024, with the rest being conventional ESG bonds, said Fitch.

“The increase shows the rising maturity of ESG sukuk, their growing role and potential in funding sustainability initiatives in Organisation of Islamic Cooperation countries and intact demand from investors and issuers,” the rating agency added.

Meanwhile, the technology advancements in Islamic finance, increasing socio-economic pressures and infrastructure investments are opening doors to disruptive innovation in debt capital markets.

The tokenisation of Islamic bonds by leveraging blockchain technology holds the potential to reduce the various costs associated with the issuance process.

THE INCREASING DEMAND FOR SHARIAHCOMPLIANT PRODUCTS ACROSS REGIONS AND ABUNDANT FUNDING IN OIL-EXPORTING COUNTRIES, PERSISTENTLY PROPELLED ISLAMIC BANKING ASSETS TO OUTPACE THE GROWTH OF THEIR CONVENTIONAL COUNTERPARTS

“Blockchain technologies hold promise to modernise Shariah compliance through embedded smart contracts, updated and transparent management of obligatory charitable giving (Zakat) and a more efficient platform for sukuk issuance,” said Moody’s.

Islamic finance, guided by principles that forbid interest (riba), excessive uncertainty (gharar) and speculative ventures (maysir), finds a compatible ally in blockchain technology. Blockchain’s inherent transparency, ability to minimise fraudulent activities and capacity to support decentralised transactions resonate strongly with these ethical financial tenets.

Simplifying Islamic finance

The Islamic finance industry exhibits significant concentration, a pattern that has persisted over the past decade, with the GCC region accounting for around 70% of Islamic banking assets, followed by Malaysia at around 12% in 2024.

S&P Global said that these figures have barely moved in the past decade, underscoring the limited success in broadening Islamic finance’s geographical reach beyond core markets in the MEASA region.

“The industry could unlock its full potential through stronger regulatory action to ensure Islamic finance is not disadvantaged compared with conventional finance.”

Streamlining Islamic finance structures, reducing complexity and integrating fintech can advance the user experience and boost

its competitiveness against conventional finance. Organisations such as the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the IFSB are working to create standardised regulations that can be adopted across different jurisdictions.

AAOIFI indicated that issuers will likely be granted an extended timeframe, potentially one to three years, based on the final decision, to adopt the requirements of Sharia Standard 62. The standard is expected to be approved in 2025.

However, it remains uncertain whether AAOIFI will address the significant concerns raised by market participants, notably regarding the effective transfer of ownership of underlying assets. Standardised supervision of Islamic finance is expected to lead to greater market confidence and restoration of its attractiveness to issuers.

There is a push for better governance in Islamic financial institutions, with a focus on transparency, accountability and the establishment of strong Shariah supervisory boards to ensure compliance, which can be attributed to the robust growth of Islamic finance in Saudi Arabia, the UAE and Malaysia.

Over the years, the Islamic finance industry has evolved, and so have its product structures, as it increasingly offers tailored features to cater to a growing investor base. Enhanced coordination among industry stakeholders and the broader Halal economy is anticipated to unlock new growth avenues and foster shared prosperity.

Faith in the Future

Khurram Hilal Chief Executive Officer of Group Islamic Banking at Standard Chartered Bank explains why Islamic banking and finance, in addition to its continuing growth, is naturally suited and ready for the technological and societal advances of today’s and tomorrow’s world

How is Islamic finance gearing up to best manage the growth of wealth management and premium financial services provision across the region?

Islamic finance is constantly evolving to manage the growing wealth of the region. To address the growing demographic shifts, economic diversification and increasing demands for Shariah-compliant financial solutions, the industry is expanding its wealth management and premium offerings beyond traditional banking.

We are seeing growth in Shariahcompliant funds, sukuk, takaful and tailored private banking solutions for HNWIs. The development of scalable and accessible digital platforms is also enabling broader access to Islamic finance. At Standard Chartered, we have invested

in enhancing customer experience and accessibility through digital services, including a Shariah-compliant version of online banking such as Straight2Bank, which facilitates efficient and compliant digital transactions.

We are also expanding our international presence to ensure that our Islamic Financia products are more portable and accessible to clients across borders. With operations spanning Asia, Africa and the Middle East, Saadiq serves an extensive network of clients seeking premium Shariah-compliant financial solutions.

Another area of development is the growing alignment between Islamic finance and ESG investing. Investors are increasingly looking for portfolios that reflect both their values and financial objectives, and we see strong compatibility between the principles of

Islamic finance and the goals of ethical, socially responsible investing.

We continue to explore opportunities to expand our Islamic banking services, not only to meet the evolving needs of our clients, but also to contribute to the broader growth of the global Islamic finance industry. This progress is supported by government and regulatory initiatives in countries like the UAE, KSA and Bahrain, where national Islamic finance strategies, support for Sukuk issuances and regulatory sandboxes for fintech innovation are helping foster an enabling environment.

Will the use of AI in Islamic finance be able to bring more personalised banking choices based on an individual’s principles, to wider sections of the public?

We are seeing growing demand forAI-based services, particularly among the young demographic, who expect personalised, digital-first banking experiences. AI can help boost Islamic finance in these areas.

For example, AI-powered platforms can analyse customer data to provide financial advisory and recommend Shariah-compliant investment plans. AI models can track customer behaviour and spending patterns, allowing banks to offer personalised solutions such as Murabaha or Ijara (leasing), and

promotions around key periods such as Ramadan and Eid, based on individual financial habits.

Real time AI algorithms can also be used to screen investment products and transactions in real-time to ensure they remain fully compliant with Shariah principles, avoiding sectors that are not permitted under Islamic Law. For private banking clients, AI can support the creation of customised portfolios incorporating sukuk, real estate-backed halal investments and ESG and impactfocused halal assets.

Additionally, AI contributes to fraud detection and enhances security in digital transactions, which is especially important as financial services become increasingly digitised. Ultimately, AI enables a more secure, relevant and personalised banking experience while reinforcing the principles of Shariah compliance.

Do Sharia Banking principles require any more input or safeguards from open banking than conventional banks?

Shariah banking principles do not require any more input from open banking than conventional finance. However, open banking can significantly benefit from

THIS MAKES OPEN BANKING NOT JUST COMPATIBLE WITH ISLAMIC FINANCE, BUT A POWERFUL ENABLER OF INNOVATION AND ETHICAL PERSONALISATION WITHIN IT

the values and structures of Islamic Finance, particularly from its emphasis on transparency, ethical oversight and principle-based finance.

This makes open banking not just compatible with Islamic finance, but a powerful enabler of innovation and ethical personalisation within it. The integration of both can help deliver financial products and services that are not only efficient and digital-first, but also aligned with clients’ values.

For how long do you expect Islamic finance to experience its strong growth trajectory in the region?

Islamic finance is expected to maintain a strong growth trajectory for at least the next 5-10 years driven by structural, demographic and policy-related factors. A key factor is the region’s rapidly growing population – more than 60% of the which are under 30 and seek ethical,

faith-aligned financial products that are digitally accessible and responsible to their needs.

Furthermore, government-led strategies, such as those introduced in the UAE, Saudi Arabia and Bahrain, continue to support the sector’s development through regulatory frameworks, investment in infrastructure and the encouragement of innovation. At the same time, the increasing global integration of Islamic finance is expanding its reach, and its resilience during periods of financial stress has only strengthened its appeal.

Do you foresee a time when Islamic Banking could, by virtue of its inbuilt financial features, as opposed to spiritual principles, become the top choice for retail customers globally?

Islamic banking could become a major mainstream alternative, not solely for its religious foundations, but because of the strength of its financial features. Its emphasis on transparency, risksharing, asset backing and ethical investment resonates with a broader audience, especially as global demand for sustainable and inclusive finance continues to grow.

While it is unlikely that Islamic banking will replace conventional banking globally, it could well become the preferred model in key emerging markets and a respected alternative in others. As awareness of Islamic finance expands outside the Muslim world, and as consumers increasingly prioritise ethical financial practices, its appeal will continue to grow. Over time, Islamic banking may not just be seen through a spiritual lens, but as a model of responsible, resilient and valuedriven finance.

Khurram Hilal, Chief Executive Officer, Group Islamic Banking, Standard Chartered

Increasing Presence

Responding to questions about the future prospects for Islamic Finance across our region and the wider world, Mustafa Al Khalfawi Chief Executive Officer of Ajman Bank describes the factors linked to its increasing growth, the features it offers helping it become a preferred banking option for customers and its trajectory toward greater global relevance

How is Islamic finance gearing up to best manage the growth of wealth management and premium financial services provision across the region?

At Ajman Bank, we recognise that Islamic wealth management is entering a new phase - driven by growing demand for

Sharia-compliant investment solutions that integrate both financial sophistication and ethical integrity. Our approach focuses on delivering personalised advisory services, innovative Islamic investment structures and curated solutions for highnet-worth and affluent clients.

We are actively enhancing our capabilities in structured products,

sukuk investments and customised portfolio solutions, while leveraging digital platforms to deliver seamless, client-centric service. Across the region, the broader Islamic finance industry is following a similar trajectory - developing robust governance frameworks, expanding cross-border offerings and deepening product diversity to meet the expectations of a growing, valueconscious investor base.

Will the use of AI in Islamic finance be able to bring more personalised banking choices based on an individual’s principles to wider sections of the public?

Absolutely. At Ajman Bank, we view AI as a critical enabler in delivering personalised, Sharia-compliant financial experiences that reflect the individual needs and values of our customers. By integrating AI into our digital platforms, we are able to analyse spending behaviours, risk preferences and lifecycle goals to

offer more relevant and ethical banking solutions - whether in savings, financing or investments.

The future of Islamic finance will be defined by how well we use advanced technologies to democratise access to customised, faith-aligned banking services. For Ajman Bank, this means offering intelligent tools that empower customers with meaningful financial choices that are both compliant and impactful.

Do Sharia banking principles require any more input or safeguards from open banking than conventional banks?

Open banking is a transformational opportunity for the Islamic banking sector - but it must be approached with added layers of governance and ethical oversight. At Ajman Bank, we are preparing for open banking by embedding safeguards that ensure all data usage and third-party integrations comply fully with Sharia principles, particularly in avoiding the promotion of non-compliant financial instruments or interest-based products.

While the technical frameworks may be similar to conventional banking, the

THE FUTURE OF ISLAMIC FINANCE WILL BE DEFINED BY HOW WELL WE USE ADVANCED TECHNOLOGIES TO

DEMOCRATISE ACCESS TO CUSTOMISED, FAITH-ALIGNED BANKING SERVICES

Sharia context requires a more rigorous approach to transparency, partner validation and customer protection. Our internal Sharia Supervisory Board plays a key role in ensuring that our open banking strategy not only meets regulatory expectations but stays true to our values.

For how long do you expect Islamic finance to experience its strong growth trajectory in the region?

Islamic finance is well-positioned to sustain its growth trajectory for at least the next 5 to 10 years, particularly in markets like the UAE, Saudi Arabia and Southeast Asia. At Ajman Bank, we are witnessing rising interest in Islamic banking among both retail and corporate clients - fuelled by a growing awareness

of ethical finance, demand for inclusive financial access and government initiatives aligned with Islamic economic models.

As the only Islamic bank headquartered in the Emirate of Ajman, we see it as our responsibility to drive long-term Shariacompliant innovation while contributing to national goals such as Ajman Vision 2030. With sustained investment in product development, digital infrastructure and financial literacy, we expect Islamic finance to remain a cornerstone of regional growth.

Do you foresee a time when Islamic Banking will, by virtue of its inbuilt financial features - as opposed to spiritual principlesbecome the top choice for retail customers globally?

Yes, we believe the structural strengths of Islamic banking - such as risksharing, transparency, asset-backed financing and ethical investing - are increasingly resonating beyond faithbased communities. At Ajman Bank, we already see customers choosing Islamic products for their financial logic and built-in protections, not solely for spiritual reasons.

As global markets move toward more responsible, sustainable and inclusive finance models, Islamic banking is naturally aligned with this trend. While universal dominance may take time, we do foresee Islamic financial principles gaining global relevance, particularly in markets where customers value stability, fairness and ethical clarity in their banking relationships.

Mustafa Al Khalfawi, CEO of Ajman Bank

Putting the AI in Sustainability

AI can provide banks with new opportunities to work through the challenges of transitioning to sustainable, low carbon economies, and help them make more measurably beneficial lending decisions

From Wall Street to Tokyo, global banks have been quitting what had been one of the most popular clubs inside the global finance en masse.

The Net-Zero Banking Alliance (NZBA), a group dedicated to helping lenders reduce their carbon footprints, has in quick succession been abandoned by Goldman Sachs, Citigroup, Bank of Montreal, Royal Bank of Canada, Mitsubishi UFJ Financial Group, Mizuho and Macquarie Bank.

Banks that sign up to NZBA are still committed to transitioning their financed emissions to align with “pathways to net zero by 2050” at the latest. The alliance counts the UAE’s First Abu Dhabi Bank

(FAB), Egypt’s Commercial International Bank, Oman’s Bank Nizwa and Bahrain’s Gulf International Bank among its members from the Middle East.

Financial institutions hold a pivotal position, not only by channelling funds towards developing nations but also by serving as a significant driving force behind climate and clean energy initiatives in the Global South.

Trillions of dollars in financing are needed to mitigate global warming and adapt to climate risks. However, a 2023 Corporate Sustainability Assessment by S&P Global found that only one-fifth of financial institutions in the survey have pinpointed concrete business opportunities tied to climate change.

Navigating transition risks presents a heightened challenge for banks. Financial institutions could see their earnings decline, businesses disrupted and funding costs increase due to policy action, technological changes, as well as consumer and investor demands for alignment with sustainability policies.

“When it comes to transition risks, banks have an even more challenging job on their hands,” EY said, adding that banks’ Chief Risk Officers need to assess multiple industries that they finance and consider how their financing needs will evolve as they transition to a zerocarbon economy.

Meanwhile, the United Nations Climate Change Conference (COP29), held in Baku, Azerbaijan, concluded with a historic deal on climate finance. Nearly 200 countries agreed to triple the amount of money available to help developing countries confront rapidly warming temperatures.

The Middle East faces significant climate challenges, including desertification, biodiversity loss, drought and water scarcity. However, GCC states are undergoing massive economic transformation programs to put their

economies on a more diversified and sustainable footing.

Unlocking the potential

Climate finance has emerged as one of the most promising frontiers for the global banking sector as economies transition toward a greener and more sustainable future. With growing regulatory pressure, rising investor awareness and increasing demand for sustainable solutions, climate finance is fast becoming a mainstream growth engine.

The funding required for the energy transition, climate adaptation and disaster relief presents a formidable challenge. However, GCC states are proactively undertaking initiatives across several industries, including the financial services sector and the sustainable finance space, to establish mechanisms to channel private capital towards essential infrastructure investments and the achievement of net-zero emissions goals.

The $1.2 trillion in private sector capital that is required for nature investment reflects the amount needed for 14 different levers.

“Banks have two primary mechanisms through which they can play a role in the deployment of these nature-positive levers: investment management (including venture capital, private equity and asset management) and capital markets and lending,” according to a BCG report.

Green finance presents a substantial and largely untapped opportunity for Middle Eastern nations, particularly the Gulf states, which possess wellestablished capital markets. Strategy& analysts forecast that green investments will unlock as much as $2 trillion in cumulative GDP contribution in the GCC.

Sustainable financing has seen considerable evolution in the GCC region, driven by both governmental initiatives and private sector involvement. Over the years, GCC states, including Oman and Saudi Arabia, have introduced green financing frameworks. The frameworks facilitate the issuance of

financial instruments like green, social and sustainability bonds, as well as loans and sukuk to fund environmentally friendly projects.

“Sustainable finance can provide crucial leverage and support for the growth of these thematic areas, as they directly contribute to economic diversification across GCC countries,” said KPMG.

Similarly, many of the region’s core corporate entities continue to pivot toward sustainability. The Public Investment Fund, Alinma Bank, Emirates Global Aluminium, Dubai Islamic Bank, Bank Dhofar and Nama Electricity Distribution Company have laid out plans for raising green debt to fund environmentally friendly initiatives.

For banks operating in the GCC, there’s a growing expectation to actively support sustainable development by offering green debt and sustainable finance solutions. The UAE’s financial sector pledged to mobilise $270 billion (AED 1 trillion) in sustainable finance by 2030.

The Bahrain Association of Banks also established a permanent sustainable development committee back in 2018 to “strengthen the role of banks and their contribution to sustainable development and economic growth.

“GCC banks are trying to advance their relatively nascent sustainability programs by increasing their sustainable finance offerings to customers and contributing to government efforts to decarbonise local economies,” said S&P Global.

GCC banks are playing a crucial role in the region’s decarbonisation efforts by funding both public and private sector investments aimed at achieving net-zero emissions. While the transition of carbon-intensive industries presents significant opportunities for high-impact ESG investments across the region, advancing the global effort to combat climate change remains its primary rationale.

Transitioning risks

The financial services sector finds itself at a critical crossroads as the global economy pivots toward sustainability. Banks, often

perceived as insulated intermediaries, are increasingly exposed to climate transition risks – those arising from the global shift to a low-carbon economy.

EY said that risk managers at banks are unequivocal – climate change is the biggest emerging risk they face and boards of directors concur. With extreme weather events persisting globally and governments worldwide transitioning towards lower-carbon economies, the banking industry is actively pursuing two interconnected goals.

Concurrently, banks are not only analysing how climate change will reshape their own strategies and operations but are also striving to guide customers and communities through the complex and rapidly evolving market landscape.

The UAE central bank said climate risks can affect banks in several ways, including through their loan books (credit risk channel), their financial asset portfolios (market risk channel) and their liquidity positions and funding costs (liquidity risk channel).

Navigating transition risks presents an even greater challenge for banks. Policy actions, technological shifts, and increasing demands from consumers and investors for alignment with sustainability policies could lead to decreased earnings, business disruptions and higher funding costs for financial institutions.

“Climate transition risks can increase banks’ credit risk and losses. This is especially the case if banks are exposed to high-emitting industries and borrowers that are most vulnerable to the climate transition,” said S&P Global.

“Exposure to these high-emitting industries could also damage banks’ reputation, deprive them of access to some funding sources and increase funding costs.”

Meanwhile, the transition from fossil fuels as a primary source of energy is projected to pose significant challenges to the business models of some companies. The speed and smoothness of this transition will determine if and how

investors adjust their expectations for these firms’ future profitability – which could trigger a sudden and significant repricing of certain financial assets.

Financial institutions such as banks that are currently involved in financing these firms could be significantly impacted by such sudden reassessments. Bank of Canada said that the financial distress in one entity can spread to others, given the interconnectedness in the financial system.

However, within this risk lies an opportunity. Forward-looking banks in the GCC region are repositioning themselves by reallocating capital towards green technologies, renewable energy and sustainable infrastructure. The development of sustainable finance products – green bonds, transition loans and ESG-linked derivatives – is opening new revenue streams.

“The continued growth of environmental, social and governance (ESG) investing offers critical opportunities for banks to accelerate the decarbonisation of economic activity in the GCC,” said McKinsey.

For the Gulf region, climate transition is not a distant storm – it’s already at the door. How financial institutions respond today will define the industry’s viability tomorrow. Banks that adapt swiftly will not only shield themselves from systemic shocks but also lead the financing of a more sustainable, resilient economy.

AI in sustainable finance

Sustainable finance is no longer a niche concept but a mainstream imperative and artificial intelligence (AI) is emerging as a crucial catalyst in accelerating its adoption and impact.

For years, sustainable finance has been hampered by a lack of reliable, standardised data. ESG reporting has been inconsistent, making it difficult for investors to assess the sustainability performance of companies accurately, and this is where AI steps in.

“Developments in AI and machine learning are accelerating the creation

of a new type of ESG data providers that analyse and collect large amounts of unstructured data from different internet sources, using AI and without necessarily relying on information provided by companies,” according to Amundi.

AI tools can scrape, sort and synthesise data from sustainability reports, news articles, regulatory filings and even social media, allowing asset managers and institutions to generate real-time ESG insights with greater accuracy and depth than ever before.

KPMG said AI algorithms use vast amounts of data to identify trends, optimise portfolios, make investment decisions and assess risk more accurately, empowering investors to make well-informed decisions.

generate measurable environmental or social benefits in addition to financial returns.

On the sustainable lending front, AI models help banks evaluate green project proposals by analysing their carbon footprint, energy efficiency and compliance with environmental standards. The datadriven insights not only speed up the due diligence process but ensure that financing flows to truly sustainable initiatives, minimising the risk of greenwashing. AI based analytics provide banks and with the chance to weigh-up their portfolios environmental impact and so make sustainable lending decisions.

From empowering investors with actionable ESG insights to ensuring capital flows to projects that demonstrate

GCC BANKS ARE TRYING TO ADVANCE THEIR RELATIVELY NASCENT SUSTAINABILITY PROGRAMS BY INCREASING THEIR SUSTAINABLE FINANCE OFFERINGS TO CUSTOMERS AND CONTRIBUTING TO GOVERNMENT

EFFORTS TO DECARBONISE LOCAL ECONOMIES

– S&P Global

AI enhances risk assessment by identifying hidden ESG-related risks that might otherwise be overlooked. The transformative technology empowers investors to reallocate capital more responsibly, avoiding companies with weak sustainability profiles and supporting those driving positive change.

“By analysing vast amounts of data from diverse sources, including satellite imagery, social media, and financial reports, AI algorithms can assess companies’ sustainability performance and anticipate potential risks associated with environmental and social factors,” said KPMG.

AI facilitates impact investing by identifying investment opportunities that

compliance with the transition to a lowcarbon and climate-resilient economy, AI is fast becoming the backbone of a more intelligent, impactful financial ecosystem.

With the right safeguards, the transformative technology could be the key to bridging the gap between ambition and action in the global sustainability agenda.

GCC countries are capitalising on the growing demand for sustainable finance as a key driver of economic diversification and their transition toward net-zero goals. The region’s focus on green investments is projected to contribute up to $2 trillion to regional GDP by 2030, primarily through sectors such as renewable energy and sustainable infrastructure and create over one million jobs.

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A VALUES-DRIVEN FUTURE:

How Shariah Investing is Shaping the Next Generation of Wealth

Christophe Lalandre Senior Executive Officer at Lombard Odier Abu Dhabi Global Market Branch makes an emphatic case for the importance of awakening to the fact that Sharia Investment and Wealth Management is not a niche or specialist zone within the world of finance, but one that now demands day-to-day attention from investment managers

There is a quiet revolution reshaping the investment world. It is not driven by hype, speculation or the latest digital trend, but is being led by values –specifically, those embedded in Shariahcompliant finance.

While it still represents a modest share of global assets under management, Islamic finance is growing fast, and with intention. It is not just expanding across Sukuks, equities and ETFs. It is also finding alignment with something much bigger: a global movement toward sustainability, ethical investing, and long-term impact.

In this convergence, we see a glimpse of the future of wealth management.

Islamic finance is not playing catch-up, it is leading the way

Forecasts from S&P Global estimate Sukuk issuance could reach USD 200 billion in 20251, up sharply from USD 140 billion in 2025 2 . This is not a marginal uptick, but signals deep structural growth, driven by the GCC countries, Malaysia, Indonesia, and increasingly by investors who want their capital to serve more than short-term gain.

Major infrastructure developments in these countries, along with new industrial investments, are increasing financing requirements. The Sukuk market is well positioned to benefit and grow in response. New opportunities are also emerging in the Islamic finance market through sustainable investments and renewable energy projects. In 2021, ReNIKOLA Solar issued a USD 83 million green Sukuk to fund solar power in Malaysia1. This year, UAE-based Tabreed raised USD 700 million via a green Sukuk to finance sustainable cooling3

These are not just examples. They are proof that Islamic finance is already solving some of the biggest challenges facing economies today. It is capital in service of purpose. And the market is responding with appetite, not hesitation.

The next generation is not waiting

If you want to know where the future of wealth is headed, ask the people inheriting it.

In a recent Lombard Odier survey of high-net-worth individuals across the Middle East, 67 percent said it was important for their investments to comply with Shariah principles4. Among investors

similarity. It represents a natural alignment of philosophies that view capital as a force for both prosperity and positive impact.

At Lombard Odier, we have been building on this alignment for over a decade. In 2012, we launched our first Shariah-compliant managed portfolios. Since then, we have developed a full suite of Islamic investment solutions, including discretionary mandates, a Shariah Global Equity Fund with ESG filters launched in partnership with SEDCO Capital, and a multi-asset Shariah Certificate.

1 S&P Global - Sukuk Market: Strong Performance Set To Continue In 2025

2 S&P Global Sukuk Issuance

3 https://www.thebanker.com/content/219c2790-6a245dd8-ba65-02f9f4f2d723

4 Tabreed Successfully Issues USD 700 Million, Inaugural Green Sukuk

5 Middle East investor views| Lombard Odier

aged 18 to 40, that figure remains just as high. In fact, more than half of next-gen wealth in the region is already allocated to Shariah-compliant assets.

This is not a symbolic gesture. It is a redefinition of what wealth means and

In June 2025, we introduced the Lombard Odier Multi-Asset Balanced Fund, officially certified by Amanie Advisors. This actively managed strategy reflects our long-held conviction that performance and principle can and should go hand in hand. The fund seeks to balance growth with capital preservation, investing in a blend of Sukuks and Shariah-approved equities.

IF YOU WANT TO KNOW WHERE THE FUTURE OF WEALTH IS HEADED, ASK THE PEOPLE INHERITING IT

how it should be managed. Younger investors are not simply choosing faithaligned investing because it is expected of them. They are choosing it because it reflects who they are, what they believe and how they see the future.

This is a generation that will not separate profit from purpose. And the market must take note.

When values and value align

There is often a false divide in finance: purpose vs performance, ethics vs economics. But Shariah-compliant investing is rewriting that script. The principles that govern Islamic finance, such as stewardship, fairness, risk sharing and long-term thinking, mirror the values underpinning sustainable investing. This is not merely a point of

The opportunity ahead

Islamic finance is no longer a niche, and it is certainly not a compromise. It is a sophisticated, principle-driven framework for investing that aligns deeply with the moral and environmental concerns of a global investor base.

If wealth managers want to stay relevant, let alone lead, they must build more inclusive, value-aligned strategies. They must stop viewing Islamic finance as a specialised request and start recognising it as a blueprint for the broader shift we are seeing in finance. Because Shariah investing does not sit outside the mainstream. Increasingly, it is the mainstream, especially among the generation that will define the future of capital.

Christophe Lalandre, Senior Executive Officer, Lombard Odier Abu Dhabi Global Market Branch

Payments Pathfinder

With a career steeped in, and an abiding passion for payments, Vibhor Mundhada Chief Executive Officer of NEOPAY details the major sectoral developments across our region and talks with MEA Finance about the role they have played in shaping the contemporary payments environment, and how new developments are tangibly boosting SMEs and bringing ease and convenience to consumers and merchants

What do you judge to be the most significant recent developments in regional payments?

The regional payments landscape has entered its sharpest turning point in twenty years, thanks to a shift in consumer behavior as well as regulatory and government push towards digitisation. Merchant acquiring has evolved from a single-purpose service into what is effectively a full commerce stack. Merchants now expect inventory analytics, dynamic routing, unified settlement, working-capital finance and loyalty engines to sit alongside core

Vibhor Mundhada, Chief Executive Officer of NEOPAY

acceptance; acquirers that deliver those extras are seeing value-added services become the fastest-growing share of their revenue. Instant-payment schemes like Aani have turned “funds-in-seconds” into the norm, collapsing settlement time and fundamentally re-shaping cash-flow management for merchants and consumers alike. Another key area of development is the emergence of domestic payment schemes like Jaywan, which are aimed at keeping transactions within the country. These products open up newer use cases for consumers and bring value-addition opportunities to payment providers. Given the region’s strategic importance for both commerce and tourism, global payment methods are becoming increasingly vital—and NEOPAY has been at the forefront of enabling them. SME digitalisation has emerged as the sector’s guiding star. Small and mid-sized firms represent more than 90 percent of licensed businesses in the UAE, and their expectations have risen sharply. They want enterprisegrade features—pay-by-link invoicing for remote collections, delivery-ready mobile POS units and a single dashboard that shows every sale in real time—yet they need them packaged for limited budgets and lean teams. The industry’s tailored response is expanding the pool of digitally enabled merchants at a rapid pace.

WE FORESEE NEOPAY BUILDING ON ITS POSITION AS ONE OF THE REGION’S FASTESTGROWING ACQUIRERS AND TURNING THAT MOMENTUM INTO SUSTAINED, DOUBLE-DIGIT GROWTH

Finally, e-commerce continues to outrun in-store sales, propelled by nearuniversal smartphone penetration, a population comfortable with digital wallets and a steady flow of tourists who default to mobile payments. Success today depends on orchestrating several rails—cards, wallets, account-to-account and emerging QR schemes—while maximising conversion. Embedded finance is moving from concept to reality as payment providers build lending, insurance and loyalty functions directly into the checkout flow, giving merchants and consumers “one-stop” financial services without leaving the payment journey. This shift turns the acquirer into a broader enabler of commerce, letting even small businesses tap working-capital advances or offer instalments in real time, right at the point of sale. An acquirer that can abstract that complexity and keep

costs predictable is the one that will earn lasting merchant loyalty. Taken together, these developments are ushering in an always-on, softwaredefined payments environment—one where liquidity is instant, services come bundled, SMEs set the rhythm and digital channels power the growth curve. That context informs every strategic choice we make at NEOPAY, from the products we prioritise to the partnerships we pursue, because the future of payments in the UAE is being written right now by these converging trends.

How is the payments sector adapting its solutions to better serve small and medium-sized enterprises?

The payments sector has shifted decisively toward giving small and medium-sized enterprises the breadth of capability once reserved for large corporates—delivered in a format, and at a pace that match their scale. Today a single relationship can cover every acceptance need: in-store card transactions, QR and wallet payments at the counter, and online checkouts for web or mobile orders. Beyond the transaction itself, payment service providers like NEOPAY now offer a “business-in-a-box” package that folds inventory tracking, basic tax-filing tools and other back-office functions into the same platform, so owners do not have to juggle multiple vendors or piece together separate systems. A unified dashboard then turns raw payment data into insights on cash flow and customer behaviour—information that helps merchants reorder stock,

manage staff shifts and time promotions with far more confidence. Because acceptance has become networkagnostic, the same setup can process cards, instant bank transfers and a widening range of digital wallets, allowing even a small café or boutique to serve residents and tourists without worrying about rail-by-rail integrations. Equally important, the onboarding experience has been streamlined: what used to involve stacks of paperwork and weeks of waiting is now quick and largely digital, enabling newly licensed entrepreneurs to begin accepting digital payments more quickly. Layer in embedded-finance offerings—such as lending dynamically tied to daily sales and loyalty programmes that reward repeat shoppers—and the modern payments stack becomes a truly end-to-end commerce toolkit. In short, the sector has moved well beyond selling “a terminal,” equipping SMEs with the efficiency, insight and customer reach of large enterprises while preserving the agility that defines small businesses.

What innovations in regional payments can be directly attributed to Neopay?

The success of NEOPAY has been our ability to keep our customers at the center of whatever we do, and we have a host of industry-first solutions that we have brought to market. This strategy has helped NEOPAY position itself as the region’s digital payments enabler of choice. We were the first providers to enable WeChat Pay, Alipay and India’s UPI QR in everyday retail and hospitality settings, opening a meaningful new acceptance stream from tourists who prefer familiar wallets. Our work with the Dubai Government then introduced biometric checkout to self-service kiosks, giving residents a fast, secure, cardfree way to settle fees and public-service payments. We partnered with Visa to launch the country’s first Visa Instalments solution,

I

LANDED INTO THE PAYMENTS SECTOR

BY CHANCE AND HAVE LOVED EVERY MOMENT SINCE!

letting shoppers break larger purchases into convenient monthly plans at the point of sale. Early results show higher average tickets for merchants and stronger customer satisfaction, and the framework is now being studied for roll-out across other GCC markets. When the national instant-payments rail, Aani, moved from pilot to production, NEOPAY was among the first to activate the service for commercial clients, bringing true real-time settlement

bundling inventory management, simple tax tools and multi-channel acceptance in a single subscription so an entrepreneur can manage sales and compliance without juggling multiple vendors. We have offered customised payment acceptance solutions to numerous large entities and SME merchants based on their requirements, helping them serve their customers efficiently and contribute to the digital payments ambitions of the region – that is why we consider ourselves a fullstack payments partner for our merchants, enabling them not only to accept payments through legacy methods but also to adopt new solutions tailored to their needs.

Tell us about your journey to the role you now occupy as CEO of

Neopay

My career in payments has been immensely rewarding, shaped by equal parts challenge and continuous learning. I landed into the payments sector by chance and have loved every moment since! An early assignment with Cognizant Consulting introduced me to payments, where I helped large providers build consumer and product strategies. That work gave me a global view of the industry, and the frameworks required to build and scale sizable payments businesses. I then joined Citibank in India to manage its digital-payments portfolio— this was a great time to run digital payments as the sector was exploding in India. I got an exposure to running an end-to-end payments P&L across product, strategy, sales and service delivery. Working with great local and international talent at Citi led to my growth as a payments business professional. A brief but formative stint at the fast-growing payments and remittances firm TimesofMoney followed, where I led strategy and product. The company had recently been acquired by Network International, giving me firsthand exposure to the dynamic

and exciting payments environment in the Middle East.

I then joined Mashreq Bank, where I held several roles across the value chain – building and scaling the e-commerce payments business, launching digital wallets such as Mashreq Pay and Apple Pay, and eventually building and leading the merchant-acquiring division to marketleading status. We introduced industrydefining propositions, attracted top young talent and achieved significant marketshare gains with improved profitability. When Mashreq decided to carve out its payments arm into NEOPAY, I was given the opportunity to lead this and was nominated as the CEO for NEOPAY. Today NEOPAY encompasses a market-leading merchant-acquiring business, card and ATM-processing services, embeddedfinance platforms for SME lending and BNPL, and value-added offerings such as data monetisation and alternative payment methods.

A defining milestone for NEOPAY arrived when a consortium led by Arcapita and DgPays acquired a majority stake from Mashreq – an investment that positions us for accelerated growth and deeper expansion across the region. With Mashreq retaining a strategic minority stake, the new ownership blend of regional banking strength and global fintech expertise equips NEOPAY to accelerate innovation and deepen its regional presence.

Federation’s Payments & Acquiring Committee (now in my second stint). I have served as a Board Director at NoonPay, a joint venture between Mashreq and Noon, as well as Mashreq’s shareholder representative for Emirates Digital Wallet.

What trajectory do you see Neopay following between now and 2030?

We foresee NEOPAY building on its position as one of the region’s fastestgrowing acquirers and turning that momentum into sustained, double-digit growth. We will deepen our core acquiring

THROUGHOUT, OUR COMMITMENT IS TO PROVIDE MERCHANTS WITH DISTINCTIVE, FORWARD-LOOKING SOLUTIONS.

Apart from charting the growth and ambitions of NEOPAY 2.0, I have had the privilege to do some other exciting nonexecutive roles. I chair the UAE Banks Federation Payments & Acquiring Committee (this is my second stint in the role). I chair the UAE Banks

franchise by continuing to launch differentiated acceptance capabilities— whether by orchestrating new instantpayment rails, embedding local and global wallet schemes, or releasing industry-specific toolkits that cover everything from inventory management

to real-time reconciliation. Our goal is to expand our market-leading merchantacquiring business. With DgPays now on board as an investor, we are revamping and refreshing our infrastructure to support and improve SaaS offerings and value-added services. Embedded finance is a key pillar of our roadmap, and we have already built platforms that deliver lending and other services around that. We will further broaden our valueadded-services stack so merchants can access lending, loyalty, data insights and risk management from a single partner— an integrated approach that has been a major driver of our performance and will remain central to our proposition. We are also evaluating interesting markets that complement our product and business capabilities and will expand geographically by leveraging the reach and expertise of our new shareholders. Throughout, our commitment is to provide merchants with distinctive, forward-looking solutions. The region’s positive macroeconomic outlook gives us confidence that these priorities will translate into robust, sustainable growth and position NEOPAY as a leading commerce-enablement platform by the end of the decade.

FIGHTING FINANCIAL CRIME IN THE UAE:

Tackling Fraud and Money Laundering

On the 23rd of April 2025, at the One&Only Za’abeel Hotel, Dubai, MEA Finnace and BioCatch hosted a roundtable discussion with key executives engaged in countermeasures against financial criminals who are constantly adapting and changing tactics, making the fight against illicit financial flows a never ending challenge, requiring banks and financial institutions in the UAE to develop more robust, adaptive and technologically advanced strategies to combat these ongoing threats

Globally, the billions of dollars being channelled into financial crime management by banks stand in stark contrast to the persistent surge in fines and sanctions.

The constantly evolving financial crime landscape poses a significant challenge

for banks in the GCC, as sophisticated criminals leverage increasingly innovative methods and advanced technologies, even as financial regulators in the region continuously raise the compliance bar.

With illicit financial flows expected to reach between $4.5 and $6 trillion

by 2030, according to a report by the Secretariat, traditional risk assessment methods are proving inadequate. The conventional approaches often depend on fragmented data and subjective judgment, making them ineffective in combating the growing complexity of financial crimes.

“Financial institutions need to ensure the effectiveness of their anti-financial crime programmes, all while striking the delicate balance between customer experience, effectiveness and efficiency,” said Oliver Wyman.

With industry analysts anticipating the continued evolution of the financial crime landscape, staying ahead demands a proactive stance that leverages cuttingedge technologies and involves the consistent refinement of strategies.

MEA Finance , in partnership with BioCatch, hosted an exclusive roundtable themed Fighting Financial Crime in the UAE: Tackling Fraud and Money Laundering in Dubai.

The roundtable, which was attended by senior representatives from across

the UAE’s financial services sector, addressed the evolving threats of financial crime in the digital age.

The conversation centred on the marked increase in money laundering (ML), the potential for digital disruptions such as generative AI to enable scams and the particular financial crime challenges anticipated for the Middle East in 2025 and beyond.

“The global financial landscape is grappling with an escalating problem of scams, with estimated losses reaching a staggering $1 trillion annually. To put this figure into perspective, $1 trillion seconds equates to 31,688 years,” Gemma Staite, VP of Global Advisory at BioCatch, said in his welcome remarks.

Staite explained that the massive sum, according to the Global Anti-Scam Alliance, significantly dwarfs traditional fraud losses, which Nasdaq estimates at $486 billion, making scams twice as effective for criminals in generating illicit funds.

A survey by BioCatch in collaboration with the Global Anti-Scam Alliance and Trends Research of 2,000 UAE residents revealed that 90% are at risk of falling victim to a scam and 56% receive scam attempts monthly.

“Scammers are increasingly leveraging AI and advanced technology to broaden their reach. Notably, in the UAE, 57% of

THE GLOBAL FINANCIAL LANDSCAPE IS GRAPPLING WITH AN ESCALATING PROBLEM OF SCAMS, WITH ESTIMATED LOSSES REACHING A STAGGERING $1 TRILLION ANNUALLY. TO PUT THIS FIGURE INTO PERSPECTIVE, $1 TRILLION SECONDS EQUATES TO 31,688 YEARS

– Gemma Staite

scam victims do not recover their money, as banks are not obligated to provide refunds,” Staite explained.

Meanwhile, the growing threat of criminal activity within the financial sector necessitates a coordinated and extensive response driven by clear public policy. GCC states have solidified their commitment to fighting the flow of illicit money by establishing collaborative alliances, which are marked by robust communication, shared technical knowledge and intelligence sharing.

Staite said BioCatch is on a mission to empower banks with data and technology to improve scam detection and strengthen their position as trusted financial institutions. “BioCatch believes we are pioneers in leveraging a unique and largely untapped data source –

human behavioural data – that holds the key to winning the fight against fraud,” he said.

The shift towards digital business models and customer service in financial services necessitates a parallel evolution in risk management and compliance. The increasing adoption of real-time payment platforms and cryptocurrencies in the GCC demands that regulators and financial institutions swiftly address emerging and intricate challenges.

Financial crime in the digital age

Globally, banks find themselves in a ceaseless battle against illicit finance. Though financial institutions are pouring sizeable resources into Anti-Money Laundering (AML) compliance, their efforts are increasingly undermined.

The relentless advancements in digital payments, the growing sophistication of organised crime and the broadening reach of economic sanctions continually chip away at the efficacy of existing AML frameworks.

“We’re currently seeing a growing number of scams, and two key trends are particularly concerning,” said Jiju Philip, the Head of Operational Risk, IC, BCM at RAKBANK.

“First, there’s a sharp rise in social media-related scams. Many fraudulent accounts are being created solely to facilitate the movement of funds linked to scams originating on social platforms. A major example is job scams, which are particularly targeting young people newly arriving in the UAE,” said Philip.

He highlighted that another growing concern is the emergence of fraudulent shell companies. “These are companies established solely for the purpose of committing fraud. Fraudsters take advantage of the benefits available to businesses, such as acquiring corporate cards and opening bank accounts.”

Philip cautioned that these shell companies often use names similar to legitimate businesses, making it harder to detect and easier to deceive.

Global financial and risk advisory services firm Kroll said that amid growing digitalisation, heightened geopolitical tensions and a lack of international cooperation, financial crime could cost the world more than $23 trillion by 2027.

Muhammad Iqtadar Ahmed Sheikh, Head of Compliance at Ajman Bank, concurred with Philip on the social media scam trends that are being observed in the market. “We are actively dealing with the rise in social media-related scams, which go beyond just job scams. A variety of fraudulent activities are being perpetrated through these platforms, and it’s becoming a serious concern.”

Sheikh highlights a new trend involving a group of fraudsters or scammers opening multiple accounts across various bank branches, including Ajman Bank.

“We’ve reported this pattern to the Financial Intelligence Unit (FIU) and shared the complete typology. A significant number of these accounts are being used by businesses such as mobile trading, garments and fashion,” said Sheikh.

Fraud and financial crime evolve alongside the systems they exploit. With financial systems becoming more digital and automated, these crimes have transformed, becoming far more electronically sophisticated and impersonal.

“Our experience at Emirates Development Bank is somewhat different, given that we are a development bank, not a commercial bank. As such, the number of fraud and money laundering cases we encounter is relatively low compared to commercial banks,” said Anvar Sadath Muhammed, Manager, Compliance (MLRO) at Emirates Development Bank.

However, based on his experience in commercial banking, Muhammed said fraud tactics continue to evolve. “A new scam has emerged in the market involving fraudulent SMS messages claiming to be from Dubai Police. These messages inform recipients of fines that must be paid immediately, often followed by a phone call pretending to be from law enforcement.”

Muhammed said that fraudulent attempts are happening daily, and staying informed and vigilant is essential.

Financial crime is no longer just about physical theft but is now about exploiting the very technology designed to make transactions easier.

From a corporate and institutional banking perspective, Praveen Kumar Naidu, Regional Head of Fraud Corporate & Institutional Banking at HSBC, said that there has been an evolution in social engineering scams over the past three months.

“These scams are not necessarily high-tech, but they are incredibly wellcrafted. We’ve seen major global names – not in this region, but internationally –fall victim to them. The narratives are so well designed that even senior financial professionals are fooled,” said Naidu.

Naidu also highlighted that there is a prevalence of standard Business Email Compromise (BEC) methodologies targeting corporates. “While the technical methods may be familiar, the narratives accompanying these attacks have become more nuanced and credible, increasing their success rate.”

The emergence of Generative AI (GenAI) tools represents a significant technological leap forward, with the potential to have a substantial impact on the banking sector.

“Based on my experience working in other regions, I’ve found that fraud here in the UAE is, quite frankly, far more prevalent,” said Sylvana Dane, Executive Manager - Group Fraud Risk Management at ADCB.

Dane highlighted a significant surge in fraud cases across the UAE, noting that a trend analysis from last year revealed a staggering 300% increase in fraud cases compared to previous years. “The majority of these cases stemmed from Authorised Push Payment (APP) fraud – scams where victims are tricked into willingly transferring money. The main drivers were phone-based deception, investment scams and romance scams,” she said.

AI is a double-edged sword. While it offers immense potential to revolutionise business, boost efficiency and spur innovation, it simultaneously introduces significant risks. These threats can lead to disorder and substantial financial repercussions.

“Unfortunately, I believe the UAE is, in some ways, a victim of its own success,”

“While fraud is often more visible in the retail banking space, I can assure you we’ve seen complex fraud cases even in wholesale, private banking and trade finance,” added El Khalil.

“The use of AI, large language models and cryptocurrencies combined with phishing- and ransomware-as-a-service business models have resulted in

FIRST, THERE’S A SHARP RISE IN SOCIAL MEDIA-RELATED SCAMS. MANY FRAUDULENT ACCOUNTS ARE BEING CREATED SOLELY TO FACILITATE THE MOVEMENT OF FUNDS LINKED TO SCAMS ORIGINATING ON SOCIAL PLATFORMS.

A

MAJOR

EXAMPLE IS JOB SCAMS, WHICH ARE PARTICULARLY TARGETING YOUNG PEOPLE NEWLY ARRIVING IN THE UAE

– Jiju Philip

Mohamad El Khalil, Director of Prudential Supervision at DFSA, said, adding that the more an economy grows and business activity flourishes, the more fraud attempts we inevitably face.

The global perception of easy money in Dubai further attracts these illicit activities. Having witnessed various schemes over a long career in the UAE, El Khalil concurred that all the previous scam stories shared during the roundtable resonate with their experience.

more sophisticated and professional fraud campaigns without the need for advanced technical skills, and at relatively little cost,” INTERPOL said in its Global Financial Fraud assessment report.

Over the years, UAE financial regulators have stepped up efforts to combat rising financial crime risks by urging market participants to adopt technologydriven solutions. The regulators issued regulations and guidance in the recent past to help financial institutions

bolster their defences against such cyber threats.

Jiten Nagda, Head of Fraud Risk Management at Al Maryah Community Bank, said that when SMS-based OTPs (one-time passwords) were introduced as a second factor of authentication about 15 years ago, bankers were optimistic that fraud would be significantly reduced or eliminated.

“Fast forward to today, and we now recognise that SMS OTPs have become one of the most significant vulnerabilities in the fraud landscape. In fact, many regulators are now actively pushing for a move away from SMS OTPs altogether,” said Nagda.

The UAE’s financial landscape is undergoing a significant transformation, driven by the rapid rise of fintech, an increasingly digital customer base and evolving regulatory frameworks. Regulatory bodies in the country are encouraging the adoption of digital solutions for compliance processes and Know Your Customer (KYC) processes.

“While banks today are leveraging advanced data science to identify and shut down mule accounts – by putting up stronger entry barriers and other controls – certain types of fraud will, unfortunately, never fully stop,” said Pradeep Kumar, the Head of Fraud Risk Management at Commercial Bank of Dubai.

Kumar asserts that banks struggle to eliminate fraud because the primary weakness isn’t in the banking system but in the human element. Victims such as banking customers are often

so thoroughly convinced by scammers that they genuinely believe their actions are legitimate.

“Over the past three to four years, banks in the UAE have made extensive efforts to educate customers – through emails, SMS alerts, website banners and app notifications – about fraud prevention.”

With regulatory regimes adapting to the realities of a digitised economy, banks that invest in seamless, digitally enabled compliance mechanisms stand to gain a competitive advantage.

Allen Gopinath, the Head of Fraud Prevention at Al Etihad Payments.

“Whether it’s through fraudulent phone calls, email compromises or impersonation schemes, social engineering continues to be the primary method fraudsters use to exploit people.”

Gopinath said the second tactic fraudsters is mule accounts. He highlighted that Saudi Arabia implemented

The relentless surge in financial crime necessitates the continuous implementation of increasingly sophisticated control mechanisms across the banking sector. While technology helps enhance security, it is also more and more used by fraudsters to bypass these safeguards.

Decoding modern scams landscape

Globally, financial institutions have repeatedly suffered reputational damage and lost public trust following scandals stemming from weak risk management and failures in AML and counter-terrorism financing - Combating the Financing of Terrorism (CFT) controls.

“Most of what we’ve discussed today centres around scams – particularly cases where individuals fall victim to social engineering tactics. Social engineering remains the most prevalent and dangerous threat right now,” said

and business email compromise. The world of fraud is constantly evolving, with advanced AI and other emerging technologies making detection and management more challenging than ever for financial institutions.

Haitham Khalaf, Manager of Fraud Prevention and Investigation at Al Masraf, concurred with Gopinath while noting the features of Aani, the instant payment platform provided by Al Etihad Payments.

controls to prevent individuals outside the country from opening accounts to curb mule activity.

However, Gopinath said fraudsters adapted by illicitly obtaining customer information from immigration systems.

“What this shows is that fraud tactics continue to evolve. Controls are essential, but they often lead to unintended vulnerabilities elsewhere,” Gopinath said.

Today’s leading global financial fraud trends include investment fraud, advance payment fraud, romance fraud

“Even with measures like cooling-off periods in place – which are designed to prevent fraudulent fund transfers by delaying beneficiary activation – fraudsters are adapting. In cases of social engineering, where the victim is manipulated over the phone in real-time, these fraudsters often guide the victim through the process,” said Khalaf.

Khalaf emphasised that with Aani, fraudsters may bypass the need to add a beneficiary by simply sending a request to pay using the victim’s mobile number.

WE ARE ACTIVELY DEALING WITH THE RISE IN SOCIAL MEDIA-RELATED SCAMS, WHICH GO BEYOND JUST JOB SCAMS. A VARIETY OF FRAUDULENT ACTIVITIES ARE BEING PERPETRATED THROUGH THESE PLATFORMS, AND IT’S BECOMING A SERIOUS CONCERN

– Muhammad Iqtadar Ahmed Sheikh

Aani’s Request to Pay bypasses traditional fraud controls, such as adding a beneficiary or observing a coolingoff period, as the transaction is instant and directly initiated between two mobile numbers.

The recent proliferation of ransomware attacks underscores how cyber risk is cutting across sectors and becoming a growing global security and financial threat, according to Fitch Ratings.

other social engineering techniques, awareness messages and regular notifications continue to play a crucial role,” said Tan.

Similarly, deepfake technology is being used maliciously to lure potential victims. These digitally altered and manipulated videos are used as clickbait to lure people to malicious websites that harvest credit card information for fraudulent purposes.

There is growing consensus among industry experts that AI will drive an increase in the volume and sophistication of fraud and scams. PwC said GenAI can be used to create tailored emails, instant messages and images during phishing and smishing attempts or fraudulent adverts.

Fraudsters are also leveraging elements of AI in chatbots to converse with potential fraud victims and manipulate them into making payments or money transfers. Chatbots have the potential to multiply fraudsters’ ability to contact victims without the need for extensive human involvement, according to PwC.

Adrian Tan, Chief Risk Officer at Zand, stated that while some scams are so common that repeated warnings may seem redundant, many individuals are still unaware of the full range of fraud tactics.

“There are still many people who haven’t been exposed to the full range of fraud tactics out there. Whether it’s CEO impersonation scams, phishing or

terms of real-time information sharing and immediate action,” said Goel.

On the customer side, Goel highlighted that fraudsters are now aware of the bank’s 4-hour cooling-off period for new beneficiaries – underscoring how criminals are becoming increasingly familiar with and exploiting bank-specific controls and processes.

Meanwhile, modern scammers and fraudsters are no longer isolated

Deepfake techniques are also often used to modify, through the use of AI, publicly available video, sound or images of a real person to convincingly misrepresent them. Earlier in February, a finance worker at a multinational firm’s Hong Kong office was tricked into paying out $25 million to fraudsters using deepfake technology.

Fraudsters are exploiting the vulnerabilities of increasingly interconnected economies, leaving banks facing damaged customer relationships, intense regulatory scrutiny and heightened reputational risk.

From a banking perspective, Amit Goel, the Head of Operational & Fraud Risk at Ajman Bank, said that the issue of setup companies – shell companies established for fraudulent purposes – is expected to persist into 2025 due to the ease of doing business in the UAE.

“To address this, we need stronger collaboration between banks and law enforcement. We’re already seeing progress on that front, especially in

actors; they have evolved into highly organised syndicates operating with the efficiency and strategic planning of legitimate businesses.

Gareth Williams, Pre-Sales Leader, EMEA at BioCatch, said studies show that when customers fall victim to scams and are not refunded, over 60% lose confidence in digital platforms.

Williams explained that while some customers may close accounts and move banks, the more concerning outcome is when wealthy, long-standing and previously profitable clients lose faith in digital channels.

“These clients, who once preferred efficient online payments, may revert to in-branch transactions, which are far more costly for banks to service, as the service requires physical branches and staff,” said Williams.

“From my 25 years in fraud prevention, one trend is consistent – fraud protection has always ranked among the top three reasons why customers choose or stay with a bank.”

These sophisticated groups meticulously devise their schemes, systematically probing for vulnerabilities within banking and payment defence systems and continuously innovating new methods to bypass security measures.

Ali Godrej Patel, Regional Sales Manager at BioCatch, said that having been scammed personally, and with both his wife and father also falling victim, the emotional impact of a fraud or scam can be more profound.

“The psychological and emotional aftermath of fraud can be devastating. It’s not just about the money,” said Patel.

Fraudsters are shifting their focus from long-term schemes such as romance and investment fraud to quicker, international purchase-related scams. The trend includes a rise in unauthorised payment frauds and account takeovers.

“What we’re seeing globally is a clear shift toward treating fraud, scams and money mules as part of the broader financial crime landscape. While this approach hasn’t been adopted by every country yet, more and more banks are starting to recognise the interconnection between these elements,” said Zohar Elnekave, Regional VP - Italy & MEA at BioCatch.

Elnekave highlighted that historically, different functions within banks operated in ‘separated silos,’ but going forward, a more complex and collaborative approach is necessary.

The surge in such activity underscores the urgent need for stronger emphasis and strategic investment in international fraud prevention measures.

The regulatory imperative

Financial crime transcends geographical and institutional boundaries, leveraging the global financial system’s interconnectedness. While this presents challenges, it fosters opportunities for collaborative efforts against illicit activities.

Ghaus Ikram, Head of Financial Crime Compliance/MLRO at United Arab Bank, stated that the initial step in combating financial crime is customer onboarding,

which involves ensuring meticulous due diligence at a national level and consistently updating this information.

From there, Ikram said that banks should maintain robust transaction monitoring and fraud detection frameworks, leveraging AI and machine learning tools to identify suspicious behaviour in real time.

“It’s this combination – robust onboarding, intelligent monitoring and continuous engagement – that forms an effective defence against financial crime,” he said.

Recent regulatory reforms in key regions, such as the partnership between the UAE and the US, exemplify a worldwide shift towards enhanced cooperation. The reforms aim to improve coordination among financial institutions, thereby strengthening their ability to detect and combat financial crimes.

DFSA’s El Khalil emphasised that while regulations are essential and must be kept up to date to address evolving scam

tactics, financial regulators alone cannot solve the problem.

“One important point I want to emphasise is that once any initiative becomes just a compliance exercise, it loses its effectiveness. We need to move beyond simply ticking boxes and approach this from a risk-based perspective. Regulation is important, but it should serve as a guide – not the full solution,” he said.

El Khalil said banks need the autonomy to determine the best strategies for their unique business models and client types – regulators can’t provide a one-size-fitsall solution.

The UAE’s removal from the Financial Action Task Force (FATF) grey list in February 2024 marked a culmination of the authorities’ push to boost AML/CFT measures.

The delisting, crucial for a nation attracting significant financial activity, mirrors the authorities’ relentless

WHETHER IT’S THROUGH FRAUDULENT

PHONE CALLS,

EMAIL

COMPROMISES

OR IMPERSONATION SCHEMES, SOCIAL ENGINEERING CONTINUES TO BE THE PRIMARY METHOD FRAUDSTERS USE TO EXPLOIT PEOPLE

– Allen Gopinath

A NEW SCAM HAS EMERGED IN THE MARKET INVOLVING FRAUDULENT

SMS

MESSAGES CLAIMING TO BE FROM DUBAI POLICE. THESE MESSAGES INFORM RECIPIENTS OF FINES THAT MUST BE PAID IMMEDIATELY, OFTEN FOLLOWED BY A PHONE CALL PRETENDING TO BE FROM LAW ENFORCEMENT

– Anvar Sadath Muhammed

efforts to combat financial crime by investing in innovative technologies and implementing regulatory frameworks and policies that align with FATF.

FATF said the UAE’s improvements included carrying out more money laundering prosecutions. The UAE central bank has also cut the time limit for banks to submit suspicious activity reports to 35 working days from 90 days previously; in the US, this time limit is 30 days.

Zand’s Tan stated that scams and financial crime are not solely problems for banks; instead, they represent broader, ecosystem-wide challenges. “To facilitate a scam, multiple components are involved: mobile phones, telecom providers, other financial institutions, insurance companies and increasingly, crypto exchanges,” he said.

“Combating financial crime isn’t solely the responsibility of banks; it demands a collective effort from all ecosystem players, including telecom companies, crypto exchanges, insurers and regulators. We need to establish better channels for information sharing and collaboration among all these entities.”

Similarly, banks in the country, including First Abu Dhabi Bank and Emirates NBD Bank, have advanced their in-house AML training, among other actions.

The UAE is leading the way in tackling anti-money laundering in the region with new regulations and a crackdown on financial crime. The International Monetary Fund said effective AML/CFT policies and measures are key to the integrity and stability of the international financial system and member countries’ economies.

Reflecting on her experience in Australia, Staite said five foundational Australian banks, all BioCatch customers, formed a consortium to collaboratively share information.

The BioCatch Trust Consortium operates by having banks send hashed values of sending and destination accounts when a payment is initiated rather than sharing personally identifiable information (PII).

“With our mule detection technology, we can assess in real-time whether a destination account is at risk of being a mule – often 90% faster than banks can on their own. We analyse behavioural patterns that suggest if a criminal network operates an account,” Staite added.

Last year, the UAE announced a nationwide action plan aimed at boosting its fight against illicit financial activity by introducing the 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing.

Williams concurred with Staite that in 2023 and 2024, four major Australian banks fully implemented BioCatch across all targeted fraud typologies, leading to a clear impact, with government data revealing a month-on-month decrease in scam losses.

“When a bank invests in effective fraud prevention technology, fraudsters shift their attention to the weakest link. Therefore, if only one bank acts, other

banks in the country or region often experience a surge in fraud,” said Williams.

Over the years, the Central Bank of the UAE (CBUAE) has imposed financial sanctions on banks and exchange houses operating in the country for their failure to reach appropriate levels of compliance on AML and CTF.

The CBUAE fined an exchange house operating in the country AED 200 million ($54.45 million) for breaching AML regulations in May. Last year, the central bank imposed hefty fines, including AED 5 million on a foreign bank and AED 5.8 million on a local bank, both for failing to address AML/CFT deficiencies sufficiently.

“Fraudsters will persist in finding new methods, investing in both technology and workforce. Consequently, banks and other financial institutions must also increase their investments in both personnel and technology, constantly seeking innovative ways to outmanoeuvre criminals,” said Muhammed.

Muhammed highlighted that the UAE Banks Federation can play a crucial role in coordinating efforts and facilitating information sharing among banks and other financial institutions in the UAE.

The UAE central bank also suspended Al Razouki Exchange for three years in November 2024, closing its branches in line with the AML/CFT Law. The measures, alongside the UAE’s delisting from the FATF grey list, are positive moves for Wall Street lenders who have faced increased compliance burdens since the designation in 2022.

“Technology is certainly helping. We’ve implemented systems like BioCatch and other fraud detection tools, but challenges persist. Regulatory collaboration is also critical – we need to work together to align and adapt to the evolving landscape,” said Philip.

The UAE’s efforts to strengthen its financial system, evidenced by recent regulatory actions, come at a time when its position as a burgeoning financial centre and key player in the global market is increasingly important. The Gulf state is home to prominent financial hubs such as the Abu Dhabi Global Market and the Dubai International Financial Centre.

Leveraging tech to curb fraud

Timely prevention, detection and remediation of financial crimes remain critical challenges for both banking and non-banking financial institutions. These crimes not only cause financial losses but also inflict severe reputational

harm, erode brand value and damage corporate culture.

Having been in the UAE for only six months, Dane said that there is a high level of collaboration and information sharing among financial institutions, noting that this was not common in other markets.

“Fraudsters are not just smart – they’re often several steps ahead of us. They understand our policies and procedures better than many of our staff and they exploit those vulnerabilities,” added Dane.

“The shift by more UAE banks towards digitalisation, AI and real-time fraud detection is a very positive step. These measures are critical because, in reality, these attacks unfold rapidly. If we don’t respond quickly and collaborate effectively, we’ll continue to bear the consequences.”

Financial crimes can also lead to sanctions being imposed on a financial institution and its officials by regulatory authorities. Traditional transaction monitoring employs a one-size-fits-all

THERE ARE STILL MANY PEOPLE WHO HAVEN’T BEEN EXPOSED TO THE FULL RANGE OF FRAUD TACTICS OUT THERE. WHETHER IT’S CEO IMPERSONATION SCAMS, PHISHING, OR OTHER SOCIAL ENGINEERING TECHNIQUES, AWARENESS MESSAGES AND REGULAR NOTIFICATIONS CONTINUE TO PLAY A CRUCIAL ROLE

– Adrian Tan

strategy that lacks the nuanced understanding needed to recognise the specific red flags associated with each distinct type of predicate crime.

The current state of affairs is clearly inadequate to address the world’s multitrillion-dollar financial crime challenge.

Beyond the critical aspects of collaboration and technology, Elnekave said a significant point of discussion was the often-underestimated emotional and psychological impact of scams on victims.

“We don’t need to wait for regulators to force our hand. We’ve seen in many countries that real change only begins when banks take the first step and collaborate proactively. It’s always a question of who will lead – but once someone does, that’s when real transformation begins.”

ACAMS, a global trade association for anti-financial-crime professionals, said that faced with a global epidemic of financial crime, the need for greater efficiency in AML/CFT programs is acute.

Sadhiq Abdulkarim, Assistant Vice President at First Abu Dhabi Bank (FAB), expressed gratitude to the organisers for the MEA Finance and BioCatch roundtable, which was a highly informative event.

“After understanding the various fraud scenarios discussed, it’s clear that the time has come to establish a central repository, which would allow banks to update and share risk themes and relevant information, creating a collective benefit for the entire financial ecosystem,” said Abdulkarim.

However, the latest iteration of AI represents a significant technological

leap forward, with the potential to have a substantial impact on the banking sector.

From new regulations to geopolitical crises to digital disruption, new technologies are rapidly reshaping how compliance is practised and how financial crime is detected and prevented.

“Our current approach tends to be reactive, relying on technology and tools that act after the fraud has already occurred. What we need is a shift toward proactive action – through better collaboration, faster information exchange and more aggressive adoption of advanced technologies,” said Abbas Choudhary, Fraud and Investigation at Ajman Bank.

“Transactions occur in milliseconds, and that speed remains a significant vulnerability, even with sophisticated systems. What’s needed is a complete 360-degree handshake among all stakeholders – including banks, regulators, fintechs and law enforcement – to collaborate not just in principle but in practice.”

AI has the potential to transform the role of risk professionals in the financial services sector. By automating taskoriented activities, risk professionals can focus on strategic risk prevention, partnering with business lines to integrate controls into new customer journeys.

El Khalil highlighted that several financial institutions are still looking to regulators to take the lead, “but as both Praveen and I have said before, beyond being fraud, compliance or financial professionals, we must remember that

banking is fundamentally a business of risk.”

“Financial crime remains a critical focus area for us as regulators and for the UAE as a whole. As many of you know, we’re currently undergoing another FATF mutual evaluation. It was only through strong collaboration and cooperation during the previous cycle that we were able to exit the grey list,” El Khalil added.

“Leveraging tech advancements such as AI, automation and data analytics within AML/CTF frameworks has become essential in today’s complex risk landscape,” PwC Australia strategists said in a report, adding that the integration is critical, especially as banks confront rising costs and heightened expectations for effective financial crime risk management.

AI-driven intelligence is revolutionising investigations by empowering analysts to process vast amounts of data and generate concise summaries rapidly. With the support of AI ‘co-pilots,’ risk managers efficiently pinpoint and scrutinise suspicious activities, significantly enhancing their effectiveness.

Financial and risk management experts who attended the MEA FinanceBioCatch roundtable said the tactics that financial criminals are employing are constantly changing, making the fight against illicit financial flows a perpetual and evolving challenge. However, before implementing broad, largescale solutions across an organisation, it is crucial to tackle the fundamental, recurring issues that underpin financial crime vulnerabilities first.

Hazem Mulhim, Founder and CEO, Eastnets

Partner in Progress

As part of the MEA Finance Leadership Video Series, Hazem Mulhim Founder and CEO of Eastnets highlights increased threats of financial crime, the expanding regulatory environment and the role that Eastnets has and continues to play in partnering with banks to keep them safe and compliant

From your perspective, how do you see the current trade tariffs disruption impacting your sector?

From a technology perspective, it will impact everything related to data centres, cloud computing and AI. If we look at the materials that are used in data centres and for AI, all are imported from China, whether rare earth metals, chips or even servers themselves. Even with the waiver for technology, you can imagine the uncertainty, confusion and disruption going to happen in the industry, whether there are tariffs or no tariffs.

If we look at industry in general, supply chains will be disrupted. This is going be an opportunity for illicit money to flow because they’re going to use all these

loopholes in this mayhem for underinvoicing and over-invoicing. They’re even going to be evading taxes or changing their sources.

We’re going to see huge impact, not only from the industry point of view but also with the illicit money that’s going to be flowing thanks to the mayhem taking place in trade.

How do you see trade-based risk and financial crime evolving in the GCC over the next three to five years?

The GCC is part of the global financial industry and is trying to meet all regulatory requirements, be them the FATF requirements, or to be whitelisted as meeting all the requirements for combating financial terrorism.

This part of the world, as others, depends on two pillars that are very important for the economy. One of them is trade and the other, remittances. In the UAE we are witnessing a huge inflow of the investments now taking place in addition to the outflow.

All banks in this part of the world are working very hard to be part of the global financial industry, either in meeting the regulatory requirements or upgrading with the technological necessities to meet all the necessary requirements, not only regionally, but also globally. For example, if they are dealing with European banks, they have to be DORA-compliant since there are many fintechs here dealing with banks that are outside or with third parties. So, this is one part of it.

The UAE and Saudi Arabia have been ahead in this. They are continuously implementing digital transformations and are on par with global entities in meeting the regulations and combating financial

terrorism, whether FATF requirements or being compliant in combating money laundering.

Traditional compliance tools are no longer enough in today’s environment. So how is Eastnets helping banks evolve their approach to financial crime detection?

Looking at financial crime globally, there is nearly two trillion dollars of illicit money going around the world, representing 2% of the global GDP according to the United Nations. This illicit money comes from organised crime, and is growing.

At Eastnets, our purpose as a company is to help banks and communities enjoy a better, secure and safer world. And of course, in order to be part of this safe and secure world, we have to work in our core competencies which is offering financial tools to the banks to combat financial terrorism, combat money laundering and fraudulent activities.

Eastnets has been developing bestin-industry products and been ranked by analysts as leaders in the industry, with the products we develop not only for meeting the latest technological requirements, but also for our continuous enhancements. As a result we can reduce false positives, we have better tools in predictive analytics and better tools in machine learning. We can help bankers to trace any anomalies taking place in their operations and become highly compliant, so they can help their communities be vigilant against illicit money, either locally or as part of the global combating of financial terrorism.

Nowadays Eastnets has been developing products with AI, and of course with the AI tools that we have,

AT EASTNETS, OUR PURPOSE

AS A COMPANY IS TO HELP BANKS AND COMMUNITIES ENJOY A BETTER, SECURE AND SAFER WORLD

we are working very hard to reduce false positives so bankers can focus on other offerings of their banks, to their customers and the communities that they work in.

AI and Machine Learning are becoming essential. Can you share how Eastnets is using these technologies to stay ahead of increasingly sophisticated financial crime?

Traditional rules based ways of combating financial terrorism are no longer sufficient, as criminals use more sophisticated tools. Bankers must meet all these challenges they are facing from the criminal organisations, but remain compliant too.

The requirements are huge and Eastnets can help banks meet these requirements. For example, when we talk about instant payments taking place between this part of the world and Europe, they require that banks should be able to transfer money between parties within 10 seconds. Of course, in order to send this money, the bank has to have tools to combat any fraudulent activity. Recently there have been huge fraudulent activities taking place on instant payments in Europe, many in the UK. So, this is where we have developed tools to help the banks use machine learning so we can immediately combat any fraudulent activity that happens either online or through phishing emails, etc.

This is one part of how we can combat fraudulent activity and use the latest tools in machine learning. On the other hand, in AI, whatever the requirement, whether in sanctions training, to help reduce false positives and/or in money laundering, we can help the banks in predictive analytics so they can tell if a transaction is normal or abnormal. With this the bank can continually look at whatever is taking place in real time.

Additionally, the tools that we have recently developed and are now using, help banks know who the ultimate beneficiary owners are, so you know

there isn’t a hidden relationship, a FATF requirement. Our software can unmask or uncover any hidden relationship. This is how we are using our software to combat financial crime and financial terrorism.

Tell us more about Eastnets as a modular platform and how it enables institutions to move from reactive compliance to real-time, proactive risk management?

When we started our journey to combat financial terrorism and help banks meet regulatory requirements, be it to meet the OFAC Sanctions List requirements or the United Nations requirements to uncover politically-exposed persons, we found that combating financial terrorism on its own

With the ISO 20022 migration deadline fast approaching, how is Eastnets supporting GCC banks in staying ahead of this transformation?

GCC banks are part of the global financial community and of course GCC banks nowadays are not serving only the oil industry. They cover areas related to services, to trade, wealth management and are becoming part of the global financial community as this region becomes a hub. Of course they have to meet all the regulatory requirements so, as Eastnets works in this and many other parts of the world, we have a global footprint. We have worked through our colleagues and with our customers, the banks, who are also our partners, and as a

OUR SOFTWARE CAN UNMASK OR UNCOVER ANY HIDDEN RELATIONSHIP

is not sufficient to cover the spectrum of compliance requirements in any country or in any bank. And this is where Eastnets started developing products more related to combating money laundering according to the FATF requirements or to combat online fraudulent activities.

Recently we added trade-based money laundering because we believe there is huge illicit money flowing through trade activities, especially with under-invoicing, over- invoicing, the dual-use goods and even vessel tracking.

So, this is where we thought, okay, these are vertical offerings we offer banks, but why not put them on a platform? And so we are finalising a user case management platform that encompass all of these products together. So if any bank wants any of the above products at any time, or they want a product from a third party, it can immediately be plugged in. In addition to that, we are working very hard on moving these onto the cloud so we can give access also to small banks and fintechs, to access and to reduce the cost of ownership so they can focus on their core competencies.

matter of fact have partnered on making all these banks meet the November 2025 ISO 20022 deadline. ISO 20022 will create better digital transformation for banks because it will give them rich data with which bankers can have better access to more information so they can focus on which products they want to deliver and what offerings they want to have.

With data sovereignty top of mind for many regional institutions, what is the vision behind Eastnets’ Google cloud-based service bureau in Saudi Arabia?

The Privacy Act started in Europe and there are lots of countries that want to have their own privacy acts. In Europe they had, for example, the GDPR. Nowadays they have the DORA, which is more or less a privacy act, but for cyber resiliency.

So, we at Eastnets, although originally when we started in 2003 by creating the first Swift service bureau out of Dubai to service the GCC and other countries, we have realised the importance of meeting requirements per country.

With vision 2030 in Saudi Arabia and the growth we are witnessing, the huge fintech expansion in the country and the need for these fintechs to be part of the financial industry, we have created a Swift Service Bureau in Saudi Arabia. By creating, this we are helping the fintechs and small banks to outsource their financial messaging and to connect to the global financial world by becoming a member of the Swift Service Bureau through our Service Bureau in Saudi Arabia. We have started to outsource it on a Google Cloud, on par what we have done earlier in the USA where we migrated all of our Swift Service Bureau from a data centre to Azure. So, this is where we have found out that this is a good way to help banks to outsource their financial messaging, with a good return on investment.

As banks now face multiple simultaneous mandates, how is Eastnets helping them prioritise and manage these compliance shifts effectively?

There are mandates set by regulators, there are mandates that are related to cutover. There are mandates that banks have to comply with themselves to help them focus on better delivery and better service to their customers.

We have been working closely with our partners, the banks to help them meet these requirements either by working with them as consultants or by giving them the tools to meet either the cutover dates or the mandates. Of course, there are other parts that are related to CSP, which is related to SWIFT security. This is where we have certified engineers that can also help the banks meet these requirements from cutover.

So, in totality, when we talk about our purpose to create a secure and safe world, our mission since 2003, this is where we continue to train our colleagues, here at the company and at the same time to extend this knowledge that we have to our partners which are our clients in the industry.

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AL-FUTTAIM BLUE:

A Life Brand Revolutionising Loyalty Across Borders

Dany Karam Chief Marketing and Partnerships Officer at Al-Futtaim Blue, tells us about their AI powered, multi-dimensional, cross border loyalty programme which, as a central part of how consumers will engage with brands in the future, is much more than just a rewards system

What strategic advantages does Al-Futtaim Blue offer over traditional loyalty programmes, particularly in terms of digital engagement, personalisation or customer lifetime value?

Blue offers a strategic edge over traditional loyalty by functioning as a lifestyle ecosystem rather than just a

rewards system. What differentiates it, is the depth of its value proposition.

Although it remains a core feature, it’s part of a much broader experience that includes discounts, cashback, 2-for-1 deals and even gamified features within the app. Blue’s gamification hub is now the app’s second most visited page, showing members are actively engaging and not just spending.

What strengthens Blue is its crossmarket reach. It’s among the few if not the only, platforms where members can earn across different countries seamlessly. This cross-market integration reflects the scale of its ecosystem and the trust we’ve built.

Technology is another key differentiator. Powered by AI, Blue personalises the experience in real time understanding preferences, anticipating needs, and offering tailored recommendations. Every touchpoint is shaped by what we know about the customer, from offers to content, hence driving deeper engagement and loyalty.

In short, Blue is reshaping loyalty into a smarter, more connected experience, built for today’s expectations and tomorrow’s possibilities.

How does Al-Futtaim Blue support Al-Futtaim’s regional growth strategy, and how is it adapted to suit the nuances of different GCC markets?

Blue supports the Group’s regional growth by strengthening customer loyalty and delivering consistent value across markets. It connects Al-Futtaim brands and select strategic partners, allowing members to earn and redeem rewards across categories and borders, whether shopping in the UAE, dining in Saudi Arabia, or traveling from Egypt to Singapore. Today, Blue is present in nine markets: United Arab Emirates, Saudi Arabia, Singapore, Egypt, Oman, Kuwait, Qatar, Bahrain and Malaysia. As of Q1 2025, we have enriched Blue with over 200 external partners across a wide range of sectors including travel, tourism,

finance, retail, telecommunications and more.

A key strength of Blue is its flexibility. It is not a one-size-fits-all solution. The app supports multiple languages and features hyper-localised offers aligned with regional preferences.

This level of adaptability not only enhances customer engagement but also creates powerful synergies across our businesses and borders. Whether through locally tailored campaigns or region-wide benefits, Blue helps us build deeper connections with consumers, complementing Al-Futtaim’s core proposition of enriching lives and enabling scalable, customer-centric growth across the region.

In what ways does Al-Futtaim Blue serve as a platform for strategic partnerships, particularly with banks and financial institutions, to create a more integrated ecosystem?

At the heart of every partnership we build through Blue is a simple principle: deliver more value to the consumer. Our strategic collaborations, particularly in the financial sector, are not just designed to reward

spending, but to enhance how people live, save and plan.

For example, Blue members earn 1% cashback when shopping across Al-Futtaim brands, but that benefit is significantly amplified through our co-branded Blue FAB Credit Cards which offers an additional 5% cashback. It’s a seamless integration of financial services and lifestyle value, giving customers more every time they engage.

Blue also functions as a multi-currency wallet, operating across nine countries. This capability supports our vision of a connected brand experience that remains relevant to customers, wherever they are.

In addition to the above, we are also actively expanding our financial ecosystem in other Blue markets, with a current focus on Egypt and Singapore.

Ultimately, these financial partnerships strengthen Blue’s position as more than a rewards platform, they help build an integrated lifestyle ecosystem, rooted in trust, utility and everyday relevance.

How does Al-Futtaim Blue evolve from a promotional platform to a broader lifestyle enabler, and what verticals are you expanding into?

Blue has evolved far beyond its origins as a promotional or cashback platform. Today, it’s positioned as a life brand, an integrated value ecosystem that enhances how people live, spend and experience the world around them. The shift is intentional: we’ve moved from a transactional model to a value-led, lifestyle-focused proposition that aligns with our members’ everyday needs and aspirations.

This evolution is reflected in the verticals we’re expanding into. While retail remains a core pillar, we’ve built strategic partnerships in financial services, telecommunications, travel, wellness and lifestyle services.

We’re also seeing strong engagement with services that enable members to ‘double-dip’ on benefits, earning rewards

Dany Karam, Chief Marketing and Partnerships Officer, Al-Futtaim Blue

while also enhancing their financial or lifestyle goals. That could mean earning Blue Points on a wellness subscription, booking a travel package or even furnishing a home.

This broader approach reflects our belief that value isn’t just about discounts—it’s about convenience, enrichment and smarter living. Blue is designed to be present not just at the point of purchase, but throughout the customer journey, across categories, countries and touchpoints.

What important insights are you able to gain from the use of Al-Futtaim Blue?

At the heart of the Blue ecosystem is Blue AI, a smart advisory platform designed to act as a lifestyle advisor for every customer. Seamlessly embedded across retail and automotive experiences, Blue AI provides AI-powered guidance that feels intuitive, personal and timely. From the customer’s point of view, it simplifies choices, saves time and removes uncertainty, whether they’re exploring fashion, beauty, automotive products or browsing the latest offers.

Can you let us know of any future plans or opportunities that Blue has for the near future?

We’re also boosting accessibility by introducing Arabic and other language prompts, making Blue more inclusive across our diverse regional audience.

Geographic expansion is another focus, with Hong Kong marked as a key target. This move extends Blue’s reach and brings our value-first platform to a wider global audience. Our growth strategy is both tactical and ecosystem aligned.

On the tech front, we’re committed to continuous innovation. Blue’s future lies in evolving its AI capabilities and building an integrated lifestyle experience that anticipates users’ needs. We see Blue as a central part of how consumers will engage with brands in the future.

What

role does

Al-Futtaim

Blue play in customer retention and loyalty across a multi-brand conglomerate?

It functions as a 360° recommendation engine, considering life stage, lifestyle behaviour, demographics and user input to map out intent and guide each journey. For instance, customers can

Blue is entering a dynamic phase of growth, with several key initiatives underway. We’re expanding our product suite to enhance member value— broadening rewards and services while deepening partnerships in finance, telecom, travel and lifestyle sectors.

Blue plays a central, unifying role in driving customer retention and loyalty across the Al-Futtaim’s diverse portfolio of brands. It’s not just a rewards platform, it serves as the central link that integrates our brands, delivering a seamless and unified experience for customers. By offering value across different sectors, Blue enriches the everyday lives of our members, making it an integral part of their journeys, whether they’re shopping for home furnishings, booking travel or even purchasing a car.

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IT’S AMONG THE FEW IF NOT THE ONLY, PLATFORMS WHERE MEMBERS CAN EARN ACROSS

explore and shop personalised fashion essentials, get instant access to beauty products with expert recommendations, receive tailored automotive advice with the option to book a test drive and effortlessly browse a world of relevant, curated offers.

A cornerstone of this growth is AI integration. We’re rolling out AI-driven features in markets like Egypt and Saudi Arabia, making the platform more responsive through personalised offers based on user behaviour and preferences, enabling more meaningful engagement.

At the heart of this integration is Blue’s ability to anticipate and respond to customer needs. The platform taps into consumer insights and behaviours, using advanced data analytics to identify business opportunities at the group level. This not only strengthens loyalty but also complements Al-Futtaim better serve its customers, delivering highly relevant offers and services across the entire ecosystem.

By connecting our brands and creating a personalised, value-driven experience, Blue fosters long-term engagement with customers, enhancing their lives with greater convenience and meaningful benefits.

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BANKING AND FINANCE TECHNOLOGY:

The Evolution Continues

Key leaders and leading voices gathered once again for the region’s most highly anticipated, comprehensive and impactful annual one-day conference, debating at the cutting edge of developments in the regional banking technology sector

The banking sector in the Middle East stands at a pivotal juncture. Financial institutions across the region – particularly in the GCC – have made notable strides in reshaping their business models to suit an increasingly digital world, often outpacing counterparts in other emerging markets.

Industry strategists expect banks in the Gulf region to maintain the momentum, funnelling significant investment into digital infrastructure. The rationale is clear: to stay ahead of regional rivals, harness the rapid advances in data science and technology and cater to a customer base whose expectations are shifting as swiftly as the tools designed to serve them.

“There is a strong correlation between a bank’s technology choices and its performance, showing that overall success hinges on deft use of technology rather than on simply spending more on technology,” according to Bain & Company.

Digital transformation remains a critical priority for financial institutions as they navigate shifting market dynamics and growing consumer demands. By embracing digital innovation, banks can lower operational costs, boost profitability and enhance efficiency across front, middle and back-office functions. It also enables them to stay competitive in an increasingly fast-paced and technologydriven financial landscape.

Digital transformation has become an imperative for financial institutions as they contend with fluid market conditions and rising consumer expectations. With market dynamics continuing to shift and consumer expectations evolving, embracing innovation offers a clear path to leaner operations, healthier profit margins and enhanced efficiency across all functions—from the customerfacing front office to the intricate machinery of the back office.

In an industry increasingly defined by technological velocity, digital prowess

is no longer a luxury but the bedrock of competitive survival.

MEA Finance hosted its Banking Technology Summit & Awards 2025 on May 8. The exclusive annual forum convened senior bankers and technology leaders from across the Middle East, providing a platform to examine the latest advancements shaping the financial services landscape.

Delegates engaged in in-depth discussions on emerging trends, strategic opportunities and the evolving dynamics of the region’s banking sector.

The financial services sector has long been a technology-dependent and dataintensive industry. The new data-enabled artificial intelligence (AI) technology is expected to drive innovation further and faster than ever before.

GCC banks are embracing AI-driven transformation, from automating processes to enhancing customer experiences, while carefully considering the ethical implications and potential risks associated with this technology.

The extensive reach and significant potential of AI in banking – impacting everything from revenue generation and cost efficiency to the customer experience – underscore the critical need for swift and decisive action to leverage the benefits of this transformative technology.

Experts in the banking industry believe that AI can help financial institutions

reduce costs, increase profitability, maintain a competitive edge in a rapidly evolving financial landscape and enhance operational efficiency across front-toback office functions.

Jamal Saleh, Director General of the UAE Banking Federation (UBF), highlighted in his welcome address that the UAE banking sector has achieved major milestones over the past year under the Financial Infrastructure Transformation (FIT) Program.

Progress has been made across all eight pillars, including the national payments platform Aani, the launch of a dedicated eKYC company, which is set to begin integrations and API connectivity with UAE banks, and the establishment of Sanadak, the country’s financial ombudsman.

“We are collaborating with the UAE central bank to develop sandbox regulations, allowing innovators to test and refine innovative banking solutions,” said Saleh.

“Furthermore, the Innovation Hub at our Emirates Institute of Finance (EIF) premises in Dubai Academic City is now operational. The cutting-edge facility, a joint effort by the central bank, EIF and UBF, is available to support your development and testing needs.”

Saleh emphasised that while the UAE banking sector is rapidly accelerating digitalisation, the industry remains committed to core principles of sound and safe banking.

Jan Pilbauer, CEO of Al Etihad Payments, echoed Saleh’s sentiment in his keynote address, highlighting that despite the banking sector’s seamlessness and convenience, its efficiency is often taken for granted.

Pilbauer said that today’s million-dollar question is not how far the UAE banking

sector has come but rather, “Are our dreams big enough for the journey ahead”?

“The UAE and GCC region are undeniably integral to the global financial transformation; we are not just participating, we are actively shaping it,” said Pilbauer.

“We are entering an era of frictionless financial services. Payments, for instance, are no longer a separate step; they should be an integral part of our daily digital lives. We should strive for borderless exchange, where geography no longer limits financial inclusion or possibilities.”

Competitive advantage

The battle for banking supremacy in today’s technology-driven landscape is being fought not in marble lobbies but in lines of code and algorithms.

Sales - Cross Sector at GBM, the

the Edge panel explored whether a bank can genuinely gain a competitive edge over other financial institutions in a technology-driven environment –whether across its entire operation or within specific areas of its business.

The discussion had the participation of Mohammed Muneebuddin , Vice President- Alliances, BFSI Business at Cloud4C; Mohamad Wassim Khayata, Chief Executive Officer at Mbank; George Hojeige, Chief Executive Officer at Virtuzone; Rajsekhar Kar , Head of Solution Architects, Middle East and Africa at Swift; Dr. Ali Shekaili , AGMHead of Digital & e-Channels at National Bank of Oman and Giovanni Everduin, the Chief Strategy and Innovation Officer at Commercial Bank International.

Nagpal kicked off the panel by highlighting that globally, banks invested approximately $650 billion in technology in 2024, with significant investments spanning from AI-driven personalisation to systems of engagement, cybersecurity and cloud-native core applications.

However, despite these massive and arguably aggressive investments, Nagpal said most banks are struggling to achieve meaningful market differentiation.

To build lasting leads, traditional banks must transcend superficial digital upgrades and embrace a fundamental transformation of their operating models, prioritising data-driven personalisation and seamless integration.

, Director

“Over the years, we’ve seen different waves of technology adoption. First came the cloud wave and now we’re seeing the AI wave gaining momentum. These have often come in as hype cycles – intense bursts of attention and activity as organisations explore how to adapt and integrate new

“Today, our conversations with banks are less about whether to adopt technology and more about how to do it in the most economical, secure and scalable way. The dialogue has evolved to be more strategic – sitting down with leadership teams to evaluate existing technology investments and identify areas for optimisation and improvement.”

The path forward for incumbents is not merely digital transformation but rather digital reinvention. The current operating environment requires incumbents to leverage AI and data analytics not only for efficiency but also to understand individual customer behaviours, preferences and life goals.

“Technology today has advanced significantly and plays a critical role in driving value for banks. However, three elements that truly create differentiation – adaptation, integration and value creation – determine whether a bank becomes a market leader or simply follows others,” said Khayata.

Khayata underscored that vendors are absolutely key to a bank’s success today, especially technology vendors.

“The traditional RFP process, in my opinion, is outdated. What I expect from a technology partner is for them to demonstrate the value they’re bringing and the return on investment (ROI) we’ll receive. The relationship between banks and technology vendors is about building a true partnership, not just acquiring technology,” he added.

Predictive models can identify potential churn risks, while generative AI can tailor financial advice and product recommendations with unprecedented precision. The aim is to move beyond commoditised transactions to becoming a trusted advisor, a “bank for one.”

Virtuzone’s Hojeige concurred with Khayata that customer experience is the most crucial factor when it comes to technology’s impact on clients, especially in corporate banking for SMEs.

“We work with all the banks in the UAE and what we’ve consistently observed is that clients prioritise ease of use over all else,” he added.

From a developer’s perspective, Hojeige highlighted that there are many technical considerations, but the client is not concerned with security systems, algorithms or architecture. He emphasised that customers want to open a banking mobile app, access their bank account quickly and complete transactions swiftly. “This user-centric perspective is vital and, in my opinion, often overlooked in technology development, particularly for consumerfacing applications,” added Hojeige.

Hojeige explained that banks can build a product that is technically sound by using the latest technology, but if the user finds it difficult to use or does not enjoy the experience, they will not come back.

“For instance, when Wio launched, we became their largest channel partner, facilitating tens of thousands of accounts. The experience has reinforced the importance of prioritising the end-user when developing and implementing technology.”

Furthermore, banks must embrace an open banking ethos. Collaborating with fintechs, integrating third-party solutions and fostering an ecosystem of services will allow traditional institutions to offer a wider, more innovative suite of products.

Kar echoed the sentiments of his fellow panellists, saying when we talk about the ‘edge’ in today’s world, it is not one-dimensional but a dynamic

WE ARE COLLABORATING WITH THE UAE CENTRAL BANK TO DEVELOP SANDBOX REGULATIONS, ALLOWING INNOVATORS TO TEST AND REFINE

– Jamal Saleh

INNOVATIVE BANKING SOLUTIONS

interplay of contextual relevance, agility and customer intimacy.

“While technology has been democratised, its execution has not,” Kar said, adding that when embracing technology for products and solutions, banks should consider how it will add value for the customer.

“We define competitive edge through driving innovation, adopting technology and, most importantly, co-creating with our community at Swift. The collaborative approach is vital because even the most technologically advanced product is useless if it doesn’t benefit our customers,” added Kar.

A seamless, omnichannel experience – where a customer can start a loan application on their mobile and complete it in a branch – is no longer a luxury but a baseline expectation. Ultimately, lasting competitive advantage will belong to banks that not only digitise their processes but also reimagine their value proposition through technology.

Shekaili explained that the National Bank of Oman initiated its technology strategy in 2021, noting that while the pandemic presented challenges, it served as a catalyst that accelerated the bank’s technology strategy.

“Before the pandemic, getting regulatory approval to digitise products or services wasn’t easy. However, postCOVID regulations have become much simpler, which has significantly helped us in digitising our offerings.”

“Customers naturally don’t understand the challenges involved in developing, digitising and integrating multiple systems to deliver a service in seconds or minutes,” said Shekaili.

“However, we’ve focused on making things easy. For instance, our digital onboarding process for opening accounts now takes a maximum of three minutes from start to finish. We have integrated with various systems and KYC processes are already well-established in Oman’s banking sector.”

Shekaili said banks should consider the Return on Value (ROV) for the customer

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and the Return on Investment (ROI) for the financial institution.

“We must always keep the customer at the forefront. Any digitised offering that the customer doesn’t adopt results in a zero return on investment.”

Most banks in the GCC are leveraging technology across the board – from platform modernisation and enhanced customer experiences to advanced data analytics and cutting-edge artificial intelligence –to sharpen their competitive edge in everything from operational efficiency to groundbreaking product development.

From his dual roles as a traditional banker and head of the innovation lab, Everduin said that base technology has become commoditised and no longer provides differentiation.

“Base technology yields base results. To achieve a breakthrough, disruptive results, banks require disruptive technology,” Everduin said, adding that, as Pilbauer

THE UAE AND GCC REGION ARE UNDENIABLY INTEGRAL TO THE GLOBAL FINANCIAL TRANSFORMATION; WE ARE NOT JUST PARTICIPATING, WE ARE ACTIVELY SHAPING IT

Jan Pilbauer

–

associated with adopting ISO 20022. Qasim emphasised that ISO 20022 is not just a technical upgrade; the technology fundamentally changes how the financial services sector handles payments.

“ISO 20022 is the baseline for modernisation. It has introduced real-time instant payment and provides rich data within transactions, which is set to increase cross-border efficiency by utilising the data within the transactional scope,” said Qasim.

mentioned, “being bold is incredibly tough, especially for regulated banks, which explains why fintechs often drive innovation at that level.”

“There are a lot of reasons why banks struggle to innovate at the same pace as fintechs, but if we look around today, we’re seeing technologies being developed that are still in their early stages – technologies that could profoundly disrupt banking, financial services and capital markets.”

The next decade in banking will be won not by financial institutions with the longest history in the market but by those who adapt fastest.

Sofyan Qasim, the Group Presales Manager at EastNets, gave a presentation exploring how adapting the right technology can help mitigate the challenges

Role of AI in banking

at Backbase; Mahendra Dhillon, Chief Technology Officer at National Bank of Fujairah; Gyan Prakash Srivastava, Global Head of Data, Analytics and AI Technology at Mashreq Bank and Reda Oummouy, the Head of Marketing, Sales and Innovation at Adria Business and Technology.

“There’s a lot of discussion around Generative AI (Gen AI) and AI and a McKinsey study estimates that GenAI will add $2.5 trillion to $4.4 trillion in value over the next few years through

Over the decades, banking practices have remained largely unchanged. The industry’s fundamentals still consist of taking in deposits, lending money and managing payments, but the latest iteration of AI, particularly agentic AI, is expected to revamp the long-standing routines of the financial world.

The discussion, Artificial Intelligence – Where it is taking regional banking?, was moderated by

Dr. Eva Marie Stuller-Muller, Partner at EY.

The panel had the participation of Antonina Skrypnyk, Head of FSI EMEA, Industry Success Leader at Softserve; Christoph Koster, Chief Executive Office at ruya; Ali Nanji, Regional Sales Director

productivity, efficiency, cost savings and growth,” Srivastava adding that of that, an estimated $200 billion to $300 billion is projected to be within the banking sector.

“The digital transformation journey in banking began nearly 15 years ago. Today, everything is accessible via mobile; customers are technology-savvy and expectations are high. What we’re seeing now is a natural evolution – technology and digitalisation are becoming deeply infused with AI.”

Srivastava emphasised that every department in the banking sector –whether it be operations, legal, marketing or compliance – is actively exploring how AI can create value. The mindset is shifting, with learning and adoption gaining momentum across the organisation.

Agentic AI, a subset of deep learning technology or traditional AI, became a buzzword in 2024, setting the financial services industry on a path to experimentation while sparking discussions around the promise and future of AI in the banking sector.

Oummouy said that while it is no longer news that AI is transforming the banking sector, it is essential to emphasise that this transformation is equally relevant, especially in the Middle East banking sector.

“Customers today expect the same highly personalised and sophisticated user experience from their banks as they get from major technology companies such as Amazon, Google, Meta and Netflix,” Oummouy said, adding that when banking customers interact with financial institutions’ mobile apps or online banking platforms, they expect the same level of seamless experience.

“AI is enabling banks to deliver a seamless experience by facilitating a highly personalised, omnichannel user experience across all touchpoints, including mobile apps, internet banking, branches and call centres. Through AI, banks can deliver customised services that are tailored to individual needs and preferences, creating stronger customer engagement and loyalty.”

The rapid advancement of AI is evident in the emergence of agentic AI, a nextgeneration technology that is already

appearing even before chatbots and copilots reach their second versions.

“Banks today are looking to apply the Pareto principle – achieving 80% of the results with 20% of the effort – across every stage of customer interaction and within their overall business model. Whether it’s driving revenue growth, opening new channels or expanding their customer base, AI is now seen as an essential enabler, particularly on the frontlines of customer experience,” said Softserve’s Skrypnyk.

She highlighted that banks are leveraging AI to drive cost efficiency and improve the scalability and performance of core banking systems while ensuring they remain compliant—especially in the Middle East region, where regulatory frameworks are evolving rapidly.

“Not considering AI as a core part of your operational and strategic toolkit is not a reasonable approach in today’s banking environment. Regardless of size, every bank must now have an executable, real-world AI strategy – one that’s tightly integrated into a broader data strategy,” Skrypnyk added.

Agentic AI has the potential to autonomously handle a wide range of tasks, from complex software engineering projects and customer service interactions to more personal tasks, such as booking travel arrangements.

NBF’s Dhillon emphasised that AI is not a sprint but a marathon. “What we’ve

OVER THE YEARS, WE’VE SEEN DIFFERENT WAVES OF TECHNOLOGY ADOPTION. FIRST CAME THE CLOUD WAVE AND NOW WE’RE SEEING THE AI WAVE GAINING MOMENTUM. THESE HAVE OFTEN COME IN AS HYPE CYCLES –INTENSE BURSTS OF ATTENTION AND ACTIVITY AS ORGANISATIONS EXPLORE HOW TO ADAPT AND INTEGRATE NEW TECHNOLOGIES

– Mohammed Muneebuddin

observed in the Middle East region is that banks can’t simply wake up one morning and decide to adopt AI - a comprehensive strategy is essential,” he said while noting that regional banking is now at a stage where the necessary prerequisites for enabling AI have been established.

“AI is giving us a tangible edge – in acquiring new customers, enhancing experience and yes, even though I hesitate to use the word, reducing operational costs. The efficiency gains are real. In fact, in our back-office operations, we’ve seen a 20–30% improvement in service level agreements,” said Dhillon.

Agentic AI offers banks two key avenues for transformation. Internally, it can drive operational efficiency by automating routine tasks such as data entry, compliance checks and report summarisation.

Koster said when we talk about the biggest changes happening in banking right now, two areas stand out – payments and agentic AI.

“We’re moving from a world where users interact with their mobile banking apps to create beneficiaries manually, send payments or invest in products such as stocks, bonds, ETFs or crypto to a world where the interaction is far more intent-driven,” he added.

“Customers will simply state what they want to achieve and AI will handle the execution behind the scenes – from authentication to transaction – with minimal input.”

Banks have been leveraging AI for decades to enhance risk management processes, mitigate losses, prevent fraud and improve customer retention, as well as to achieve efficiency gains and drive profit growth. GCC banks face crucial decisions as technology shifts customer expectations and changes the regulatory landscape.

Nanji stated that the traditional approach of layering separate channels on top of core banking systems is no longer sufficient. Today’s banking customers expect a seamless, integrated experience across all touchpoints, he said.

“From Backbase’s perspective, AI is not merely an enhancement; it is a foundation. We are actively exploring how to integrate data, workflows and intelligence best to deliver a proactive customer experience,” Nanji added.

He pointed out that the banking sector is divided into two distinct tiers. While many banks are experimenting with AI, early adopters tend to concentrate on specific, isolated use cases such as chatbots or fraud detection alerts.

The widespread adoption of agentic AI in the banking sector is expected to free up resources, enabling employees to focus more on productively interacting with clients.

Bahaa Eddin Zein, Digital Business Automation and Customer Experience Specialist at GBM gave a presentation that emphasised AI governance, addressing trust, environment and regulation.

Zein said the financial services sector is embracing AI, but that doesn’t mean the industry doesn’t have concerns –governance is the key to addressing them.

Focusing specifically on finance, Zein foresees five key risks as the industry moves into agentic AI, including regulatory pressure, explainability and accountability, sustainability, bias and fairness, and security.

Sriranga Sampathkumar, VP and General Manager – Middle East and Africa at Infosys, also gave a presentation on how financial institutions can “Build Your Bank, Your Way.”

Sampathkumar highlighted that Finacle is offering a shift in that paradigm. “With Finacle, you get an open, API-first, modular platform that lets you start where you want, grow how you want and define your roadmap on your terms.”

Today’s banking ecosystem is more diverse and complex than ever, encompassing traditional banks, Islamic banks, digital-only banks and fintechdriven institutions. Sampathkumar said Finacle is no longer just the engine behind incumbents - it is powering the full spectrum of modern banking in all its forms.

Technology & payments

The GCC payments industry is undergoing a seismic shift as consumers increasingly adopt digital transactions over cash.

The Technology and Payments – pioneering ahead or settling comfortably panel was moderated by Alaa AlRousan , Head, Middle East & North Africa at Swift.

The discussion had the participation of Premdeep-Jagdeep Shah, Director, Head of New Economy at Deutsche Bank; Finali Fernando, Managing Director,

in the payments landscape mean technology and infrastructure must evolve in tandem.

From the adoption of ISO 20022 standards to Swift’s strategic initiatives and the rise of real-time payment platforms, both supportive regulations and innovative industry initiatives are playing key roles in this transformation.

Parpou highlighted that Mastercard has undergone a significant transformation from its traditional role as a card payment company. Today, Mastercard operates

AI IS ENABLING BANKS TO DELIVER A SEAMLESS EXPERIENCE BY FACILITATING A HIGHLY PERSONALISED, OMNICHANNEL USER EXPERIENCE ACROSS ALL TOUCHPOINTS, INCLUDING MOBILE APPS, INTERNET BANKING, BRANCHES AND CALL CENTRES.

– Reda Oummouy

Regional Head of Products and CCO at HSBC; Gurpreet Saluja, Executive Director of Financial Institutions at JP Morgan; Maria Parpou, Executive Vice President, Mastercard Gateway from Mastercard; Andrea Cianchetti, Head of Products at Al Etihad Payments; Tareq Shaheen, PDM Director, Payment Solutions PDM at Eastnets and Paul Carey, Chief Product Officer, Blue Rewards at Al Futtaim.

JP Morgan’s Saluja said that the way technology is reshaping banking is undeniable and much of the change is being driven by evolving customer expectations.

“We’re seeing a transformation in the entire banking landscape, spurred by the rise of open banking, embedded finance and the increasing demand for products such as cross-border payments. Today’s customers expect instant money transfers. But with instant transfers come instant risks - such as fraud,” she said, adding that the advancements

as a multi-rail payment service provider with a strong presence in real-time payments across 14 major countries –an achievement made possible through recent strategic integrations.

“We no longer define ourselves solely as a card company. Mastercard today is a multi-rail payment service provider – offering a variety of ways to move money, not just through cards but across different payment rails,” said Parpou.

“We launched a new division called Mastercard Move, which oversees all our payment services. This includes working with a wide range of partners – from banks to institutional payment service providers – helping them move money using our global network.”

Parpou highlighted that a key differentiator for Mastercard is its ability to send payments to recipients not just to bank accounts but also directly to cards and digital wallets through its Mastercard Send proposition.

The rapidly evolving payments landscape is accelerating the pace of change in the banking industry, creating unprecedented opportunities for growth and innovation.

Digital payments are revolutionising consumer behaviour and improving the consumer experience. The evolution of payments extends beyond technological upgrades; it is a strategic repositioning that unlocks growth, innovation and competitive advantage.

“From our work with financial institutions and partners around the

world, banks and financial institutions are increasingly looking for a unified platform that can simplify their connectivity to multiple payment networks – whether regional, national or international,” said Shaheen.

He emphasised that today’s financial institutions interact with numerous payment schemes, each continuously evolving with regular updates and changes. “Amid all this, banks must ensure compliance, maintain robust fraud protection and manage these demands efficiently – without losing focus on their core operations,” added Shaheen.

Eastnets is addressing the evolving needs of financial institutions by providing

a unified payment platform. The platform is designed to handle any payment type across all regions, and it comes with integrated regulatory compliance and fraud prevention tools.

The modernisation of the payments sector is an important journey that economies around the world are either embarking on or experiencing right now.

Carey said historically, the discussions around payment solutions primarily revolved around cost and settlement speed, with a focus on minimising card fees. However, he emphasised that the

landscape has undergone significant evolution, particularly with the massive expansion of online payments and digitisation post-pandemic.

Today, a holistic approach to payment services is crucial, encompassing reliability, security and innovation.

“Payment service providers should be partners who actively challenge businesses with new products and services. The goal is not just a sales pitch, but a genuine addition of value, whether through enhanced fraud protection, expanded payment acceptance options, or improved customer service,” added Carey.

Globally, more than 85 jurisdictions on six continents support real-time payments,

allowing for immediate fund availability to beneficiaries and enabling use on a 24/7/365 basis. The GCC region is following suit with FAWRI+ in Bahrain, SARIE in Saudi Arabia and Aani in the UAE, while Kuwait, Qatar and Oman all launched their instant payment schemes in 2023.

“Al Etihad Payments serves as the backbone of the UAE’s payment system, operating the country’s core payment schemes, including account-to-account transfers and the recently launched Jaywan card scheme,” Cianchetti said, adding that the company has made significant

strides in advancing the Emirates’ financial infrastructure – a success story that is attributed to the collaborative efforts of stakeholders in the financial services sector.

Cianchetti highlighted that the UAE’s instant payment platform, Aani, launched in 2023, has experienced impressive adoption. Currently, over 50 financial institutions use Aani daily, and this number is expected to rise substantially, with more than 30 additional institutions set to join in 2025.

Furthermore, domestic card schemes such as Mada and Jaywan, as well as local digital wallets like stc pay (now stc Bank), Barq and Hala in Saudi Arabia, and e& money and du Pay in the UAE, offer

faster, locally tailored payments backed by strong regulatory support.

Deutsche Bank’s Shah said stablecoins would be a game-changer in crossborder payments, but for local domestic transactions, instant payment schemes and wallets have already addressed this need quite effectively.

“While stablecoins offer a fascinating technological advancement, their real impact on financial inclusion might be more nuanced than a blanket disruption. Their strength appears to lie in optimising cross-border flows while existing domestic solutions continue to serve their purpose effectively.”

The widespread adoption of real-time payments across the region underscores a strong push towards instant payments and the broader digitisation of

serving as a robust tool for preventing fraud in cross-border payments.

Real-time payments, facilitated by instant bank transfers and mobile payment apps, are transforming the banking industry. The shift makes payment processing faster, more convenient and more secure. The GCC region’s innovative approaches to digital payments are driving economic growth and enhancing financial inclusion by catering to previously underserved markets.

Mohammed Muneebuddin, Vice President of Global ISV and BFSI at Cloud4C , gave a presentation on AI, explaining that the innovative technology is not just transforming industries – it is fundamentally changing the way people work, make decisions and run the financial services industry.

From a customer-facing perspective, HSBC’s Fernando said that while much of AI’s current impact on payments is in backend functions such as fraud monitoring, transaction monitoring and sanction screening, there is significant potential for its use in frontend tools.

“FX Prompt exemplifies how AI is driving frontend transparency in payments. The tool proactively alerts users when a payment to an international beneficiary involves currency conversion, empowering them to make informed decisions, negotiate better rates and gain clear visibility and control from the outset,” she added.

Fernando highlighted that the UAE was the first country worldwide where Swift and HSBC collaborated to introduce cross-border beneficiary validation. The system verifies both the sender’s and receiver’s names and account numbers,

competitors, complex regulations and evolving customer behaviour is driving a ‘new normal,’ placing significant pressure on traditional universal banking.

Richard Parsons, Financial Services and Managed Service Leader at PwC moderated the Developing Banking Technology panel.

The panel featured the participation of Osama Al Rahma , Head of Business Development and Wealth Management at Emirates Investment Bank and Chairman of FERG; Tamas Erni , Managing Partner at Loxon; Mark Hetenyi , Co-Founder and Co-CEO and CTO of R34DY; and Noman Rasheed , Chief Information Officer at Dubai Islamic Bank.

Muneebuddin highlighted that in

banking, it is no longer just about adopting AI; it is about how AI is actively redefining roles, reshaping operations and driving a new era of intelligent, data-driven services.

“AI needs a secure, compliant and scalable foundation to deliver real value – and that’s precisely where the cloud becomes essential,” said Muneebuddin.

“At Cloud4C, we promote a cloud architecture specifically designed to support AI, embedding compliance and security from the ground up. In today’s landscape, security can no longer be treated as an afterthought – it must be built into the development lifecycle from the outset, incorporating threat intelligence and zero-trust frameworks at every stage.”

Developing banking tech

The convergence of banking technology, innovative business models, new

To thrive, the bank of the future must seamlessly integrate emerging technology, cultivate the agility to

adapt to evolving business models and consistently centre every strategy on the customer. While AI and ML often capture the spotlight, a constellation of other rapidly advancing technologies is fundamentally reshaping the banking sector in the Middle East.

Dubai Islamic Bank’s Rasheed kicked off by asking a pivotal question: should banks be first movers or followers in adopting new banking technology?

Rasheed highlighted that this is particularly fascinating for bankers “because when we talk about competitiveness, we view it through three distinct dimensions – customer experience, regulatory compliance and threat mitigation.”

“The decision to lead or follow hinges on a bank’s risk appetite, financial capacity, strategic priorities and a deep understanding of customer needs and

market trends. It’s about intelligently allocating resources to be proactive where it matters most and pragmatic where observation yields better returns,” said Rasheed.

Hyper-automation is leading the charge, enabling banks to streamline complex processes and improve operational efficiency at scale. Once confined to back-office tasks, automation now extends across onboarding, compliance and even credit underwriting.

Equally transformative are composable applications – modular systems that allow banks to build, deploy and scale digital services rapidly. The innovative technologies are reshaping core banking infrastructure, moving away from monolithic systems toward agile, API-first ecosystems.

“New technologies, particularly advancements in cloud computing and AI models, are enabling hyperpersonalisation across all lines of business,” said Erni.

“Historically, hyper-personalisation was primarily limited to high-value segments, such as large corporations and high-net-worth individuals, requiring significant human effort. Mass market segments, in contrast, were typically served with a “one-size-fits-all” approach.”

He said that today, thanks to AI, hyper-personalisation is scalable and accessible to all banking segments –a trend that is gaining momentum in Southeast Asia.

Meanwhile, the proliferation of lowcode and no-code platforms is reducing development timelines from months to days, fostering a more innovative and iterative culture within traditionally riskaverse institutions.

Biometric authentication is advancing rapidly, driven by the growing demand for secure and seamless digital interactions. Banks in the Middle East are increasingly integrating facial recognition, voice verification and fingerprint scanning into mobile banking, supported by evolving digital ID frameworks in countries such as the UAE and Saudi Arabia.

“One significant dimension of competition for banks is the accelerating pace of technology adoption,” said Hetenyi.

He underscored that while traditional digital channels, such as ATMs and POS payments, were sufficient five decades ago, the continuous and rapid evolution of technology means that the older layers within incumbent banks – the legacy systems – now present a considerable burden for banks.

“The advent of AI and the increased speed it offers in addressing technological debt presents both a new opportunity and a new challenge for banks. While innovative technologies help banks reduce their technological debt faster, the process reveals another crucial aspect: the need for a mindset shift within organisations,” added Hetenyi.

banks need to re-evaluate their internal culture, empowering and upskilling teams to leverage these new technologies effectively,” said Al Rahma.

The result is a regional banking sector unshackling itself from legacy constraints. Through public-private coordination and a shift in technology mindset, the industry is repositioning itself as a driver—not a follower—of global digital transformation.

Ahead of the curve

The adoption of the latest iterations of AI, data analysis, storage and cloud computing has created a generational explosion of opportunities in banking. With the GCC banking sector increasingly adopting AI to drive innovation and efficiency, the dual nature of the innovative technology’s impact

The velocity of technological evolution now means that the older layers within banks—the legacy systems—are becoming a significant burden.

Central banks in the Middle East are key enablers of innovation, issuing frameworks for open banking, digital currencies and fintech licencing. Regulatory sandboxes in Bahrain and Saudi Arabia are fostering innovation by allowing banks and fintechs to test solutions in controlled environments.

Al Rahma stated that a clear shift is occurring in the banking industry as innovative technologies are transforming financial services at an unprecedented pace, presenting two key challenges.

“Firstly, financial institutions must constantly adapt to the evolving expectations of clients, who now demand high-quality, fast and interactive services over traditional offerings. Secondly,

on cybersecurity becomes a critical focal point.

Moderated by Bryan Stirewalt , Executive Advisor at Grant Thornton, the panel Regulation, Compliance and Technology – Staying ahead of the curve, spotlighted how technology enables banks to keep pace with evolving and increasingly complex regulatory requirements.

The panel had the participation of Vibhor Mundhada, CEO of NEOPAY, Mashreq; Zarina Tariq , Risk and Compliance Advisor of BFSI at TrendMicro; Gabrielle Inzirillo, Head of Ecosystem Development at ADGM; Mark Newfield , Group Head of Compliance Systems, Emirates NBD and Zsombor Brommer, Chief Compliance Officer at United Arab Bank.

Mundhada opened the panel by highlighting that technology is at the

core of NEOPAY, and the company is leveraging AI and ML at multiple levels to drive efficiency, speed and smarter decision-making across the business.

“AI is helping us drastically cut development cycles by streamlining programming and automating code generation, accelerating our time-tomarket and benefits our partners as well,” he added.

“AI also plays a critical role in transaction monitoring. With over 600 million transactions processed annually across our merchant network and bankissued services, scale is everything. We rely on AI and machine learning to detect fraud and manage risk in real-time –ensuring security and trust at every step.”

Cybersecurity remains at the top of the executive agenda and banks are allocating more resources and investments to strengthen their cybersecurity defences. EY said that the key focus areas for AI/ML implementation in bank risk management teams are credit risk management and fraud detection.

From a banking perspective, TrendMicro’s Tariq said risk in the financial services sector can be broken down into three core components – technology systems, human resources and regulatory compliance.

“One of the key challenges is staying abreast of constantly evolving requirements. Financial institutions need to be agile – able to quickly align their internal policies and systems to remain compliant at all times,” he said.

“With cybersecurity, the playing field is constantly shifting. Technology is a double-edged sword – while it enables innovation and efficiency, it also opens

new doors for threat actors who are just as fast-evolving.”

Tariq highlighted that TrendMicro is embedding AI-driven capabilities into its solutions to deliver smarter, faster and more effective protection.

Payment fraud, identity theft and account takeovers are increasingly difficult to detect with static security measures. While traditional fraud investigation methods struggle to keep pace with today’s complex schemes, AI’s ability to adapt and learn from evolving patterns makes it a powerful tool for detecting both known and unknown types of fraud.

Brommer opened his response to Stirewalt’s question with a thoughtprovoking question: “Do you know how

many regulations a fully licenced bank in the UAE, operating under the central bank’s jurisdiction, is required to monitor?” He noted that banks operating in the UAE must monitor and comply with around 250 regulations.

However, Brommer emphasised that compliance is not solely about compliance with regulations. “As a chief compliance officer, it’s just as critical for me to know who within the organisation is accountable for each specific regulation,” Brommer explained.

“Technology comes with a new vocabulary and if we want to be effective, we must upskill ourselves to understand cybersecurity, stablecoins, AI and every trend that is transforming our industry. The future of compliance is about collaboration, real-time decision-making and having the right mindset and skillset to contribute meaningfully in a fast-evolving environment. Now add to that the pace of agile development, evolving customer

expectations and the increasing reliance on technology—and it becomes what I like to call a magic matrix to navigate.”

Data breaches in the financial services sector pose a significant threat, exposing billions of sensitive records and impacting both financial institutions and their customers. However, when a data breach occurs, rapid response is paramount.

“Over the past four years, my mandate was relatively straightforward. I concentrated primarily on two key areas: the sanctions screening system and the AML transaction monitoring system. These platforms process millions of daily transactions to detect suspicious patterns, behaviours and potentially malicious actors,” said Newfield.

“Today, my portfolio has expanded to encompass compliance data management, compliance reporting, advanced analytics and machine learning. More recently, I have also taken on integrating GenAI and AI into compliance, significantly broadening the scope of my work.”

The integration of AI is proving to be a game-changer in improving incident response times. Automated AI-powered systems can now autonomously address specific types of attacks by taking immediate actions such as isolating compromised devices, deactivating affected accounts and updating firewall configurations.

Inzirillo said that risk management is not about eliminating risk but rather about taking a risk-based, outcomesfocused approach.

“We’ve discussed cybersecurity risk, GenAI and the role of AI in the future. While compliance functions and firms are generally doing what’s required – ticking

the boxes, monitoring transactions and ensuring controls are in place – the reality is that risk awareness must permeate every level of the organisation,” she added.

Inzirillo emphasised that, fundamentally, as regulators, we cannot predict every possible risk – black swan events occur frequently. “Our responsibility is to ensure that individuals across all functions are well-versed in best practices within their areas, empowering them to identify and manage risks effectively.”

AI is revolutionising banking cybersecurity by providing unprecedented speed, scale and predictive capabilities. However, realising its full potential requires a collaborative approach. Banks must integrate AI with strong regulatory frameworks, comprehensive employee training programs and sound ethical governance principles.

Open banking

Meeting changing customer expectations across channels continues to be a priority for banking leaders in the Gulf region’s fast-moving financial services industry.

The Open Banking in the Middle East panel, moderated by Bryan Stirewalt , Executive Advisor at Grant Thornton, examined the primary drivers of open banking growth in the region, including rising consumer demand, government

initiatives and the evolution of regulatory frameworks.

He was joined on the stage by Mohamad Najmeddine, Head of Platforms and Data Services (PDS) – Middle East and Africa (MEA) at Citi; Mamoun Alhomssey, Chief Information Officer at Ajman Bank; Sudarshan Seshadri , Head of Retail Banking Division at NBQ; Enaz Ebrahim, MD & Head of Consumer Payment Solutions at Magnati; Mahmoud AbuEbeid , CEO & Co-Founder at GSS and Amit Malhotra, Global Head of Retail Banking at ADIB.

Stirewalt opened the panel by emphasising that the Central Bank of the UAE is leading the charge on the country’s “Open Economy Vision,” crafting a comprehensive and tailored regulatory framework designed specifically for the UAE’s unique context—complete with practical, real-world use cases.

To thrive in the competitive and overbanked GCC market, banks are reinventing themselves, focusing on businesses where they can achieve and extend market leadership in the new digital world.

“We are currently assisting financial institutions in complying with Nebras Open Finance or the Central Bank of the UAE open banking regulations. The initial step for banks is to comply with the Nebras sandbox and to prepare for open finance; financial institutions must adopt a strategic approach,” AbuEbeid said, adding that the process involves adhering to regulatory mandates, fostering technological advancement and meeting customer expectations.

“Open finance is not just a compliance exercise – it is a transformational journey. With the right foundation, financial institutions in the UAE can lead the region in delivering next-generation financial services.”

With customers demanding more from their banking experiences, financial institutions are upping their game and delivering robust customer experiences.

“Magnati recognised a crucial need for fintechs to understand better banking

regulations and how financial institutions comply with central bank requirements. To address this, two years ago, we created a payment orchestration layer specifically for fintechs,” Ebrahim.

“What we’ve essentially done is enable non-financial applications to function with the capabilities of a financial application. Through our collaboration with First Abu Dhabi Bank, we’ve helped licenced wallet players in the UAE bank their customers, store KYC data, maintain value and facilitate services such as remittances and lending.”

Ebrahim underscored that while open banking is about banks enabling fintechs, it is equally essential that fintechs align with regulatory expectations and understand their role in the financial ecosystem.

Open Banking holds promising potential to positively impact the GCC banking sector, as demonstrated by its successful implementations in other regions.

“The way we look at open banking is almost the reverse of what we’ve traditionally done — closed banking. Today, as banks, we’ve been quite innovative. We talk about instant financing, instant approvals and those are real achievements,” said Malhotra.

Malhotra said the financial services sector has built these innovations on top of “what’s already accessible to us through institutional data.” He underscored that banks in the UAE have benefitted from an excellent credit bureau and systems such as the FTS (Funds Transfer System), which provides customer income and salary data.

“With forward-looking regulators and a framework in place, the emphasis should now be on understanding the practical implications for the end-consumer (retail or institutional) and how they will consume services,” Malhotra said, adding that this understanding then informs the bank’s open banking strategy.

Originating from Europe’s Payment Services Directive 2 (PSD2) in 2019, which required banks to share customer data with third-party providers securely, open banking has grown past simple compliance.

NBQ’s Seshadri emphasised the importance of clean data and customer consent in open banking, adding that if the banking sector gets these two things right, “the impact of open banking could be truly transformational across all customer segments.”

From a financial inclusion perspective, Seshadri said that open banking has the potential to meaningfully include the underbanked and unbanked population into the broader financial ecosystem.

“Today, underbanked and unbanked population’s access is mostly limited to basic remittance services. But with the right infrastructure and consent-driven data sharing, the financial services sector can unlock micro-credit opportunities, similar to what we have witnessed across Africa,” Seshadri added.

Open banking has emerged as a key driver of digitalisation in the financial services sector in the Middle East. Saudi Arabia, Bahrain and the UAE have been at the forefront of open banking implementation in the region.

“We’ve seen a wave of regulatory activity around open banking recently,

PAYMENT SERVICE PROVIDERS SHOULD BE PARTNERS WHO ACTIVELY CHALLENGE BUSINESSES WITH NEW PRODUCTS AND SERVICES. THE GOAL IS NOT JUST A SALES PITCH, BUT A GENUINE ADDITION OF VALUE, WHETHER THROUGH ENHANCED FRAUD PROTECTION,

EXPANDED PAYMENT ACCEPTANCE OPTIONS, OR IMPROVED CUSTOMER SERVICE

– Paul Carey

wide range of innovative solutions. These could span AI-driven products, lending and many other financial services use cases,” he said.

The GCC region serves as a compelling microcosm of the global open banking landscape, and PwC anticipates that the transformative technology will significantly revolutionise the financial services sector.

“When we talk about open banking and

especially across the Middle East and Africa. The pace of development in the region has been notably more active compared to the UK, Europe and other parts of the world. To give a few examples – Bahrain has been a frontrunner, Saudi Arabia is already live, the UAE is making significant progress, and we went live in Turkey in March,” said Najmeddine.

Building on the earlier panellists’ discussions around AI, Najmeddine said that it is essential to emphasise that data fundamentally powers AI. “What we’re building here is an infrastructure rich in data points that could enable a

Alhomssey closed by highlighting that banks, through open banking, essentially act as sponsors for third-party providers (TPPs) who will bring new business to the banks. “Through this model, the TPPs are in the driver’s seat – directly approaching and attracting consumers with innovative products and services.”

Open banking, with its core principle of allowing customers to share their financial data with third-party providers,

open finance, we’re essentially talking about embedding banking into everyday life – creating a lifestyle with banking,” Alhomssey said, adding that this is going to unlock tremendous opportunities for businesses.

“Open finance is exactly that – open. It’s opening up new horizons and we must be prepared to move quickly to keep pace with central banks in the region, which are already ahead of the game. The responsibility will fall on the business side as well as middle-office functions to support these new initiatives and bring them to life.”

is revolutionising the banking landscape. Beyond simply accessing accounts, the transformative force is unlocking a wave of hyper-personalisation that is transforming the customer experience.

Banking and technology experts at the Banking Technology Summit & Awards 2025 concurred that emerging technologies are empowering banks to innovate and enhance the efficiency of their service delivery. The technological shift is facilitating the entry of new entrants, including fintech firms, global retail giants and neobanks, into the financial services sector.

The MEA Finance Banking Technology Awards 2025spotlighting the innovative excellence of our region’s banking and financial technology leaders

The 2025 MEA Finance Banking Technology Awards, with the highest number of nominations received to date from banking technology providers and financial institutions across the Middle East and Africa, beamed a keen focus on their market leading achievements in these highly coveted awards

The winners of the MEA Finance Banking Technology Awards 2025, were held in the Armani Hotel at the world famous Burj Khalifa and presented on the 8 th of May in a ceremony that was enthusiastically attended by more than 300 senior executives and their guests from the region’s banking services and financial technology providers.

The prestigious annual awards mark another year of innovative achievements and industry building developments led by businesses and leaders across the banking, finance, fintech and financial technology sectors.

Widely considered as the annual high point of recognition for banking technology excellence across the region, the awards underscore the innovations

Here follows the full list of the MEA Finance Banking Technology Awards 2025 winners:

Digital Banking Innovation of the Year Mbank

Best Digital Innovation in Islamic Banking of the Year - UAE Abu Dhabi Islamic Bank

Best Regional Digital Payment Contributions Mastercard Payment Gateway Services

Best Neobank Mashreq

Best Cybersecurity and Risk Management Implementation - UAE National Bank of Fujairah

Best Cybersecurity and Risk Management Implementation - Oman

Oman Arab Bank

Best Islamic Banking System Implementation Dubai Islamic Bank for ‘alt’

Best Data Management Mashreq

Best Analytics System RAKBANK

Best Mobile Banking Services - UAE National Bank of Fujairah

Best Mobile Banking Services - KSA Riyad Bank & SoftServe

Most Innovative Emerging Technology Implementation Mashreq Corporate Cards

Best Cloud Implementation Ajman Bank

Best Overall AML/KYC Solutions and Implementations Services Eastnets

Best Hybrid Cloud Implementation Commercial Bank of Dubai & GBM

With nominations for the awards continuing to exceed those of all previous years, emphasising the fast pace of growth and competition in the regional financial technology market, evaluation of the awards was rigorous and arduous.

Best Innovation in User Experience in Islamic Finance Dubai Islamic Bank

Best Innovation in User Experience - KSA Riyad Bank

Best Innovation in User Experience - UAE Wio Bank

Best Innovation in Retail Banking - KSA Riyad Bank

Best Innovation in Retail Banking - UAE Emirates NBD & GBM

Best Innovation in Corporate Banking and Finance National Bank of Fujairah

Best Innovation in Trade Finance - UAE National Bank of Fujairah

Best Innovation in Trade Finance - Egypt Suez Canal Bank

Best Regulatory Technology Solution Mashreq

Most Innovative Trading Platform Emirates NBD

Best FinTech Solutions Implementation - KSA BSF Bank

Best FinTech Solutions Implementation - UAE NEOPAY

Best Islamic Fintech Solutions Implementation GFH Financial Group B.S.C.

Best AI Technology Implementation - KSA Riyad Bank

Best AI Technology Implementation - UAE First Abu Dhabi Bank

Best Open Banking & API Implementation Mashreq & GBM and stand-out performance of institutions in the banking, fintech and financial technology space in our increasingly competitive market.

BANKING TECHNOLOGY AWARDS 2025

Best Branch Digitisation Implementation RAKBANK

Best Corporate Payment Service National Bank of Fujairah

Best Risk & Compliance Implementation

Emirates NBD

Best Digital Innovation in Islamic Banking of the Year - KSA Riyad Bank

Best Treasury Management Implementation First Abu Dhabi Bank

Best Corporate Banking Technology Platform Mashreq

Best AI Use in Regulatory Compliance Focal

Best Use of AI for Fraud Prevention and Detection

Emirates NBD

Best Use of AI in Data and Analytics Emirates NBD

Best Financial Sector Portal in the Middle East First Abu Dhabi Bank

Best Testing, Consulting & Managed Services Implementation

Dubai Islamic Bank & Maveric Systems

Best Solution Design Collaboration RAKBANK & GBM

Digital Transformation Award in Corporate Banking Mashreq

Digital Transformation Leader of the Year

Thomas Cherian, Chief Information Officer, Commercial Bank of Dubai

Technology Leadership Award

Gyan Prakash Srivastava, Global Head of Data & Advanced Analytics & AI Technology, Mashreq

Payments Technology Executive of the Year

Vibhor Mundhada, Chief Executive Officer, NEOPAY

Banking Technology Transformation CEO Award

Mohamed Abdelbary, Group Chief Executive Officer, Abu Dhabi Islamic Bank

Digital Banking Provider of the Year

ADRIA Business & Technology

Islamic Digital Banking Provider of the Year - UAE ruya

Islamic Digital Banking Provider of the Year - Bahrain GFH Financial Group B.S.C.

Best Cybersecurity Provider Trend Micro

Best Composable Banking Solutions Provider of the Year Infosys Finacle

Best User Experience Solution Provider SoftServe

Best FinTech Solutions Provider Geidea

Best Mobile Banking Services Provider ADRIA Business & Technology

Most Innovative Cloud Services Provider Cloud4C Services FZ-LLC

Best Retail Payment Provider Checkout.com

Best Trading Infrastructure Provider Premium Technology

Best Corporate Banking Solutions Provider Infosys Finacle

Best AML/KYC Solution Provider Fineksus

Best Testing, Consulting & Managed Services Provider SRIT - SR Intelligent Technologies Consultancy

Best Payee Verification Solution Provider Swift

Best Open Banking & API Solutions Provider GBM

Most Innovative Payment Solutions Provider Eastnets

Best Integration Hub Solution R34DY

Best Integrated Payments Systems Provider Skiply - RAKBANK

Best Accounting and Tax Solutions for SME’s Virtuzone

Best Open Banking Enabler Global Software Solutions Group (GSS)

Best Digital Transformation Consultancy Firm SoftServe

Technology CEO of the Year Omar Yassine, Chief Executive Officer, Geidea

Nap Estampador Group Director, MEA Finance

ADVANCING THE FUTURE OF FINANCE:

MEA Finance Banking Technology Awards 2025

Welcome to the winners’ edition of the MEA Finance Banking Technology Awards 2025 . This year’s awards celebrate the remarkable strides and groundbreaking innovations within the banking and finance sector across the Middle East. In an era marked by accelerated digital transformation and evolving global dynamics, the region continues to position itself as a leading hub for pioneering financial technologies and future-focused banking solutions.

Congratulations to all the winners of the MEA Finance Banking Technology Awards 2025! Your vision, dedication and exceptional contributions are driving the next wave of innovation and excellence in the financial services industry. We also extend our sincere appreciation to all those who supported and participated in this year’s awards and summit events. Your engagement and commitment continue to make these initiatives impactful and relevant for the industry.

By recognising leadership and fostering innovation, the MEA Finance Banking Technology Awards serve as a vital platform to spotlight the outstanding achievements and advancements shaping the future of banking and finance. The awards underscore the relentless pursuit of excellence by industry leaders, organisations and fintech innovators who are transforming the banking landscape into one that is more agile, customer-centric, and digitally empowered.

These awards provide an important forum for showcasing the brightest minds, groundbreaking technologies and transformative strategies that are redefining the financial sector. By celebrating these successes, the awards encourage a culture of continuous innovation and set new benchmarks for the industry.

The MEA Finance Banking Technology Awards 2025 were once again an outstanding success, highlighting the exceptional progress and contributions of key players in the market over the past year. We are privileged to honour these achievements and to provide a stage for recognising the transformative impact these organisations are making within the industry.

Financial institutions in the Middle East continue to embrace change with remarkable agility, often setting new standards that rival and surpass global peers. Their efforts are further empowered by visionary technology partners who enable banks to deliver world-class services and adapt swiftly to evolving customer needs.

At MEA Finance Magazine, we remain committed to championing the excellence and innovation that drive our industry forward. Through these awards, we aim to spotlight the milestones and breakthroughs that are shaping the future of finance, while inspiring the broader community to pursue new heights of achievement.

Congratulations once again to all this year’s winners — we look forward with great anticipation to the innovations and advancements you will introduce in the year ahead.

Digital Banking Innovation of the Year Mbank

Mbank was the recipient of the Digital Banking Innovation of the Year award, conferred in recognition of the digital bank’s groundbreaking digital products and services, including the UAE’s first blockchain-based digital wallet.

Central to this achievement is Mbank’s commitment to delivering banking with peace of mind – placing a strong emphasis on ease, security and trust for its customers.

The Abu Dhabi-based digital bank meticulously crafts the banking experience to be intuitive and personalised. It is the first financial institution in the world to be certified for ‘International Digital Customer Experience’ by the International Customer Experience Institute, a global organisation that is dedicated to advancing customer experience across all channels of delivery and assisting organisations in achieving global best practices in customer experience service excellence.

Last December, Mbank partnered with AE Coin, allowing customers to purchase AE Coin and make secure, stable virtual financial transactions via the AEC Wallet.

Best Digital Innovation in Islamic Banking of the Year – UAE

Abu Dhabi Islamic Bank (ADIB)

Abu Dhabi Islamic Bank (ADIB) walked away with the Best Digital Innovation in Islamic Banking of the Year award, presented in recognition of the Shariahcompliant bank’s robust digital banking services, which offer a wide range of features. Notably, the bank has demonstrated a strong commitment to driving innovation in the financial sector, exemplified by its partnership with the DIFC Innovation Hub to launch the Generative AI Innovation Challenge.

The initiative aims to foster the development of cutting-edge Gen AI solutions to enhance banking services, streamline operations and advance customer experiences. By leveraging GenAI, the challenge seeks to bring solutions that deliver value, optimise operational efficiency and redefine customer experiences. The challenge focuses on leveraging AI to enhance service delivery, streamline back-end operations and create personalised, seamless banking experiences. It offers start-ups and tech innovators from around the world the opportunity to present their Gen AI-driven solutions directly to ADIB.

Best Regional Digital Payment Contributions

Mastercard Payment Gateway Services

Mastercard Payment Gateway Services was honoured with the Best Regional Digital Payment Contributions award for its pivotal role in driving digital transformation, fostering financial inclusion and strengthening regional economies.

The company has been instrumental in accelerating digital payment adoption through innovative acceptance solutions, including a strategic alliance with Emirates NBD. Under the strategic collaboration, Emirates NBD is integrating Mastercard Gateway into its Emirates NBD Pay platform, enabling faster, more secure and seamless transactions across the Middle East. Notably, Emirates NBD is the first acquiring bank globally to offer Mastercard’s advanced Brighterion AI technology through this integration.

The state-of-the-art platform streamlines online payment processes for merchants, allowing them to deliver a smoother and safer checkout experience to customers. The partnership also empowers Emirates NBD’s corporate and government clients with cutting-edge payment capabilities that enhance transaction efficiency and fortify security.

Best Neobank Mashreq Bank

Mashreq Bank was honoured with the Best NeoBank award in recognition of its digital-exclusive bank Mashreq NEO. Following its unprecedented success in UAE, Mashreq expanded its footprint to new digitally underserved markets with the launch of NEO in Egypt.

Mashreq NEO offers customers access to a suite of more than 80 services and products that can be fully accessed and managed through the digital banking app and online platform. The neobank has not only excelled in providing innovative digital banking solutions but has also shown a strong commitment to Environmental, Social and Governance principles.

The Mashreq Neo app has revolutionised the way customers interact with their finances, offering personalised services, intuitive navigation and real-time insights. The bank leverages advanced data analytics to gain insight into customers’ needs and provide tailored solutions that enhance their banking experience.

Best Cybersecurity and Risk Management Implementation - UAE National Bank of Fujairah

National Bank of Fujairah (NBF) was honoured with the Best Cybersecurity and Risk Management Implementation award in the UAE.

Cybersecurity and risk management remains a strategic priority for NBF, where the bank is elevating its Endpoint Security by leveraging Trend Micro Vision One SaaS platform, which integrates various security layers—network, email and cloud—to deliver advanced extended detection and response (XDR) capabilities. Trend Micro continues to be acknowledged as a leader in Gartner’s Magic Quadrant for Endpoint Protection Platforms. Together Trend Micro APEX ONE Anti-Malware protection and Vision One platforms provide the bank with comprehensive visibility and observability across endpoints, enabling deeper insights into the attack surface.

The integration enabled NBF to proactively manage risks and implement effective automated threat responses, as demonstrated through Breach and Attack Simulations as well as Red Team Assessments.

Best Cybersecurity and Risk Management Implementation - Oman Oman Arab Bank

Oman Arab Bank (OAB) walked away with the Best Cybersecurity and Risk Management Implementation award in Oman. The award was conferred to OAB in recognition of the bank’s implementation of a comprehensive and proactive security architecture that aligns seamlessly with the Central Bank of Oman’s (CBO) cybersecurity framework and regulatory mandates.

The recognition highlights the bank’s significant achievements in areas such as regulatory compliance, advanced threat protection, Zero Day initiative and strengthened risk governance.

OAB deployed Trend Micro Vision One with XDR, Managed XDR Services and SOAR capabilities to enhance real-time, cross-layered threat detection, response and analytics – significantly reducing its risk exposure.

By harnessing Trend Micro’s global threat intelligence via the Zero Day Initiative (ZDI), the bank proactively defends against advanced persistent threats and zero-day vulnerabilities.

Best Islamic Banking System Implementation

Dubai Islamic Bank for alt

Dubai Islamic Bank (DIB) walked away with the Best Islamic Banking System Implementation award in recognition of DIB alt, a comprehensive digital banking solution that integrates the bank’s extensive range of digital offerings and capabilities into one platform, providing customers with a seamless and hasslefree banking experience.

The platform combines over 135 digital services through the DIB Mobile App, Online Banking, WhatsApp and ATMs. By harnessing the power of advanced technology, DIB ‘alt’ ensures an easy-going and efficient banking experience.

The one-stop shop enables customers to open a bank account in minutes, apply for personal finance or credit cards, remit money locally or internationally, make payments and much more. It has been designed to simplify banking processes and enhance convenience for customers across numerous touchpoints.

Best Data Management Mashreq

Mashreq Bank was the recipient of the Best Data Management award, conferred in recognition of its Enterprise Data Lakehouse Platform — a cornerstone in cultivating a data-driven culture across the organisation.

The platform supports a wide range of business units, including Retail, Corporate and International Banking, as well as critical control functions such as Risk, Compliance and Finance. It acts as a comprehensive, One-Stop Shop for all data and analytics use cases across the bank, ensuring resilience, stability, scalability and security.

The Enterprise Data Lakehouse Platform is a multi-node Cloudera data platform and services cluster, offering high availability and robust performance. It is engineered to handle diverse data and analytics needs, providing a unified platform for data management and analysis. The platform’s key features include Multi-Node Cloudera Data Platform, Active-Active Cluster, Scalability and multi-factor authentication security systems. Enterprise Data Lakehouse’s comprehensive capabilities and significant achievements in Enterprise Data Management make it a deserving candidate for the award.

Best Analytics System RAKBANK

RAKBANK was honoured with the Best Analytics System award in the Middle East. The award recognised the bank’s RAKBANK Telemetry, an innovative solution that has fundamentally redefined how the bank collects, integrates and manages critical business data.

Launched in October 2023, RAK Telemetry is an internally developed suite of 35 real-time and near real-time dashboards designed to centralise data from multiple sources across the bank. The platform enables data-driven decision-making, streamlines operations and enhances the overall customer experience by providing real-time visibility into key business processes and delivering actionable insights. One of RAK Telemetry’s standout features is its ability to seamlessly integrate data from various departments into a single, unified view. It consolidates critical information, including customer onboarding journeys, service requests, IT support tickets, transaction statuses and security metrics.

Best Mobile Banking Services - UAE National Bank of Fujairah

The National Bank of Fujairah (NBF) was the recipient of the Best Mobile Banking Services – UAE award, which was presented to the bank in recognition of its NBF mobile app, designed to serve as a digital-first gateway, offering retail customers an intuitive, secure and comprehensive banking experience. NBF mobile app has become a key pillar of the bank’s digital channels strategy, driving a significant shift in digital adoption, transaction volumes and customer satisfaction. The revamped retail mobile banking app introduces a streamlined and intuitive digital experience for customers. NBF mobile app’s key features include:

• Simplified onboarding: A three-step activation process allows for quick and seamless registration.

• Flexible login options: Users can access the app using a four-digit mobile PIN, biometric authentication or UAE Pass.

• Enhanced card controls: Customers can activate cards, reset PINs, block/ unblock cards and manage limits in real-time.

Most Innovative Emerging Technology Implementation Mashreq

Corporate Cards

The Most Innovative Emerging Technology Implementation award was given to Mashreq in honour of Mashreq Corporate Credit Cards, which reflects the bank’s commitment to innovation, seamless integration and client satisfaction by bringing new and easy-to-use payment solutions to businesses.

Mashreq is leveraging the latest technology and building strong partnerships to develop corporate payment services that are more efficient, secure and suited to today’s ever-evolving business needs.

The bank collaborates with its clients to develop tailor-made solutions, enabling the Virtual Corporate Card solution to integrate directly into the client’s ERPs through API connectivity. The innovative payment solution allows the bank’s clients to make Business-to-Business payments in a digitised way over traditional payment rails, replacing cheques and bulk payments. Mashreq Corporate Credit Cards offer advanced fraud protection, unlike their plastic counterparts. Virtual cards have the advantage of new verification data each time they are generated.

Best Cloud Implementation Ajman Bank

Ajman Bank received the Best Cloud Implementation award in recognition of its groundbreaking deployment of the Genesys Cloud Contact Centre. As the first Islamic bank in the UAE to launch a fully integrated self-service and digital contact solution using Genesys Cloud, the accolade underscores the bank’s commitment to innovation, customer-centricity and delivering service excellence. The Genesys Cloud Contact Centre directly enhances the customer experience by providing faster, more personalised and seamless digital interactions available 24/7 across various channels, including IVR, SMS, WhatsApp, Web Chat and social media platforms.

The comprehensive digital ecosystem reduces customer effort and enhances satisfaction through quick resolution of inquiries and efficient transaction management. Internally, Genesys Cloud enhances collaboration and productivity, enabling the Islamic bank’s customer service teams to manage workloads effectively through centralised and intuitive interfaces.

Best Overall AML/KYC Solutions and Implementations Services Eastnets

The Best Overall AML/KYC Solutions and Implementations Services award went to Eastnets. The award was given in recognition of SafeWatch AML, which is designed to address these precise challenges – offering a solution that combines advanced behavioural monitoring, artificial intelligence (AI) and intuitive user interfaces. Eastnets SafeWatch Screening is a SWIFT-certified product for advanced sanctions and watchlist screening, installed in over 360 banks worldwide. It has been granted the SWIFT Alliance Plug-in label for its seamless integration with the SWIFT environment. The solution provides fuzzy matching watchlist screening capabilities for real-time transactions, as well as information batch mode capabilities and other ad-hoc screening requirements. Financial institutions face a persistent and evolving challenge: money laundering and associated financial crime. As regulations tighten and transaction volumes grow, traditional AML systems often struggle to keep pace. High rates of false positives drain resources; compliance teams get bogged down in manual reviews and true risks are sometimes overlooked.

Best Hybrid Cloud Implementation Commercial Bank of Dubai & GBM

The Best Hybrid Cloud Implementation award was given to Commercial Bank of Dubai & GBM in honour of the partnership’s hybrid cloud infrastructure in collaboration with HPE and du. CBD recognised the need to modernise its IT infrastructure to support future growth, enhance the customer experience and meet increasingly complex regulatory requirements. Legacy systems, fragmented architectures and operational inefficiencies posed significant challenges in achieving agility, scalability and resilience. The bank tapped GBM to deploy a redundant, high-availability private cloud hosted across du’s Tier III, PCI-DSS certified data centres in Dubai and Abu Dhabi, ensuring resilience and regulatory compliance. With HPE GreenLake, CBD introduced a cloud-like, consumption-based model to its private cloud, offering pay-per-use flexibility, scalability and operational efficiency while maintaining on-premises control. CBD’s hybrid model allows seamless workload orchestration between the private cloud and Microsoft Azure, unlocking rapid innovation in AI, analytics and application modernisation.

Best Innovation in User Experience in Islamic Finance

Dubai Islamic Bank

In recognition of its pioneering leadership in digital banking with a strategy focused on enhanced customer experience, Dubai Islamic Bank (DIB) received the Best Innovation in User Experience in Islamic Finance award.

DIB’s SHAMS Covered Card, in partnership with Visa, is tailored to the diverse needs of every segment, including the affluent and emerging affluent. The card goes beyond rewards, offering a comprehensive suite of daily relevance and lifestyle benefits, including 5% back on dining expenses, 5% back on travel expenditures, complimentary access to Fitness First, Costa Coffee, golf rounds and valet parking, among other benefits.

SHAMS cardholders can collect Wala’a rewards on their spending, with the flexibility to redeem them against flights, hotels, cash, retail transactions and many other options. Wala’a rewards can also be exchanged for Etihad Guest Miles and gift vouchers.

Best Innovation in User Experience – UAE

Wio Bank

Wio Bank was honoured with the Best Innovation in User Experience – UAE award, recognising the digital bank’s groundbreaking approach to innovation, exceptional customer experience and commitment to financial empowerment. The award highlights Wio’s ongoing expansion and impact, exemplified by its SME-focused operating platform, Wio Business.

Wio Business has established itself as the preferred banking partner for two out of every five new businesses in the UAE. Its success stems from a strong focus on creating simplified, targeted solutions that bridge financial support gaps for SMEs while also expanding its capabilities to cater to the needs of larger enterprises.

The neobank has rapidly enhanced its platform to support onboarding, everyday banking and servicing of complex businesses. Wio Business addressed the credit needs of SMEs in 2024, achieving a 5x growth in asset book balances and reaching approximately AED 250 million in just six months. The upgrade reinforces NBF’s commitment to delivering secure, efficient and user-friendly digital banking solutions.

Best Innovation in Retail Banking - UAE Emirates NBD and GBM

Emirates NBD and GBM were awarded the Best Innovation in Retail Banking – UAE, in recognition of the successful implementation of IBM Business Process Manager (IBM BPM). The strategic partnership enables the automation and orchestration of the bank’s end-to-end account opening workflow, delivering enhanced scalability, security, compliance and operational efficiency through intelligent automation. Emirates NBD, one of the UAE’s largest banks with a broad portfolio of financial services across domestic and international markets, including Egypt, Saudi Arabia and the UK, was grappling with several challenges ranging from operational inefficiencies, a subpar customer experience, to significant data and integration gaps. The implementation of IBM BPM for account opening provides banks with a robust platform to optimise operations, enhance customer satisfaction and ensure regulatory compliance. It enables a faster, more transparent onboarding experience across all channels, while embedded compliance rules and audit trails help effectively manage regulatory risks.

Best Innovation in Corporate Banking and Finance National Bank of Fujairah

National Bank of Fujairah was awarded Best Innovation in Corporate Banking and Finance in recognition of its implementation of the Intellect eMACH Cash Management Solution.

The transformative initiative is revolutionising cash forecasting and liquidity management, giving corporate clients real-time visibility into their cash positions across multiple accounts and geographies.

Leveraging predictive analytics, businesses can now forecast cash flows with greater accuracy, reduce idle balances and optimise working capital. Automated liquidity pooling further enhances financial efficiency by maximising interest earnings and minimising borrowing costs.

The bank’s multi-bank integration capability provides clients with a unified dashboard that offers multi-bank and multi-currency connectivity, eliminating the need for manual reconciliation. With SWIFT and API-enabled integrations, transactions are processed seamlessly.

Best Innovation in Trade Finance - UAE National Bank of Fujairah

The Best Innovation in Trade Finance – UAE award went to the National Bank of Fujairah (NBF) in recognition of the bank’s implementation of the FTI project, a major milestone that introduced a robust new system designed to advance the bank’s operational capabilities significantly.

Since going live, the FTI system has demonstrated exceptional performance, processing over 10,000 transactions without a single instance of downtime. The reliability highlights the system’s stability and its readiness to support NBF’s long-term strategic objectives.

The project’s key achievements include the seamless migration of data from T24 to FTI across all in-scope products and transactions, with zero data loss, ensuring complete data integrity throughout the transition. The system has also delivered notable improvements in operational efficiency and trade transaction processing, underscoring its value to the bank.

Moreover, through its collaboration with Finastra, NBF is now well-positioned to advance the digital transformation of its Trade Finance division.

Best Innovation in Trade Finance - Egypt

Suez Canal Bank

Suez Canal Bank (SCB) was honoured with the Best Innovation in Trade Finance – Egypt award, recognising its pioneering efforts in transforming the trade finance landscape in a market traditionally marked by complexity and manual processes.

Over the past 24 months, SCB has undergone a major digital transformation, shifting from conventional trade operations to a fully integrated, end-to-end digital ecosystem. The transformation is backed by tangible results, including a 40% improvement in transaction turnaround time, a 30% reduction in operational costs and a 20%+ increase in trade finance volume – achieved despite ongoing global economic challenges.

SCB’s strategy is driven by cutting-edge mobile applications, enhanced digital platforms and deep integration with global infrastructure such as the SWIFT network. The digital overhaul empowers exporters, importers and SMEs with faster, more transparent and more reliable trade finance services. Clients can now initiate, track and complete complex transactions anytime, from anywhere, with full visibility and confidence.

Best Regulatory Technology Solution Mashreq

Mashreq received the Best Regulatory Technology Solution award in recognition of its Regulatory Submission Automation Platform – a cutting-edge solution that transforms fragmented, manual compliance processes into a unified, intelligent system designed for multi-jurisdictional regulatory requirements.

Purpose-built to deliver agility, precision and audit readiness, the platform features a scalable, reusable data architecture that supports seamless end-to-end regulatory submission automation, real-time monitoring and a proactive alert framework. The platform empowers businesses to navigate complex regulatory landscapes with greater efficiency and confidence. It incorporates a configurable adjustment and enrichment model, enabling seamless regulatory submissions while accommodating evolving requirements.

The Regulatory Submission Automation Platform’s robust, unified data model delivers accelerated time-to-market for both changes to existing reports and the rollout of new submissions – ensuring compliance remains both efficient and future-ready.

Most Innovative Trading Platform Emirates NBD for ENBD X

Emirates NBD was the recipient of the Most Innovative Trading Platform award for ENBD X in acknowledgement of the hybrid digital wealth platform, which enables customers to invest instantly in financial markets globally.

The mobile app allows Emirates NBD customers to select the mutual fund of their choice from an array of more than 230 funds that are managed by leading global asset managers, including Emirates NBD Asset Management, BlackRock, Fidelity and Pimco, on their digital wealth platform that already houses more than 11,000 global equities and 150 regional equities.

The array of mutual funds offers a versatile range of investment options available on ENBD X, which provides more than 150 banking services for its customers. ENBD X allows customers to trade securities and ETFs on both global exchanges, such as Nasdaq, NYSE and the London Stock Exchange, as well as local markets, including Dubai Financial Market, Abu Dhabi Securities Exchange and Nasdaq Dubai. In all, there are more than 11,000 global equities and 150 regional equities available to trade on the platform.

Best FinTech Solutions Implementation - KSA BSF

BSF bagged the Best FinTech Solutions Implementation award in Saudi Arabia. The bank received the award for its strategic integration of cutting-edge fintech solutions in collaboration with PayTabs, launching the transformative Paymes marketplace. The platform empowers merchants to create online stores and start accepting payments in under two minutes, revolutionising digital commerce accessibility.

Demonstrating a strong commitment to social commerce, BSF Bank became the first bank in Saudi Arabia to introduce Instagram’s ReelsPay – an innovative payment solution that links merchants’ Reels videos directly to a dedicated checkout page, turning social engagement into seamless transactions. The game-changing solution provides businesses with an opportunity to monetise their social media accounts effortlessly. The solution delivers seamless payment experiences that enhance customer engagement and drive business revenue growth. BSF Bank is fostering financial inclusion by providing small businesses and entrepreneurs with digital payment tools that were once reserved for large enterprises.

Best FinTech Solutions Implementation - UAE NEOPAY

The Best FinTech Solutions Implementation – UAE award went to NEOPAY. The award was presented in recognition of the payment solutions firm’s trailblazing contributions to the UAE’s financial services sector, marked by a series of industry-first innovations - including the launch of VISA EPP in the UAE. NEOPAY has firmly established itself as a trailblazer in the UAE’s payments landscape, recognised for delivering innovative, future-ready payment solutions tailored to the evolving needs of businesses. With a strong focus on seamless, secure and integrated payment experiences, NEOPAY is reshaping how merchants and customers engage in transactions.

With a footprint spanning across industries such as government, retail, fashion and real estate – supporting both online (ECOM) and in-store (POS) transactions, NEOPAY is unarguably one of the Middle East region’s top payment acquirers. The payment solutions provider’s agile infrastructure and end-to-end offerings ensure that businesses of all sizes benefit from reliable, efficient and user-friendly services.

Best Islamic Fintech Solutions Implementation

GFH Financial Group

GFH Financial Group was the recipient of the Best Islamic Fintech Solutions Implementation award in the Middle East in recognition of its implementation of the groundbreaking Wakala campaign, launched through its innovative app – a cornerstone of its comprehensive digital transformation strategy that seeks to streamline client onboarding and enhance access to high-value investment opportunities. The Wakala campaign offers a fully digital experience, enabling clients to complete their subscription journey – from registration to payment – entirely within the app, thereby eliminating the need for in-person interactions. GFH is committed to continuously improving the app by incorporating advanced AI and machine learning features. The strategic integration will not only optimise user experience but also ensure that the app leverages the latest technological innovations, keeping it competitive and relevant in a rapidly evolving digital landscape.

Best AI Technology Implementation - UAE

First Abu Dhabi Bank

First Abu Dhabi Bank (FAB) was awarded the Best AI Technology Implementation – UAE in recognition of its groundbreaking deployment of “The Loop – Voice Analytics Platform.” The advanced solution leverages AI and Generative AI to extract value from customer conversations, capturing sentiment and insights that fuel innovation, transformation and revenue generation. Through The Loop, FAB actively listens to real-time customer feedback – both positive and negative – across its products, channels and services. The continuous feedback loop empowers the bank to remain agile, relevant and deeply customercentric, particularly within the competitive Global Transaction Banking space. By harnessing the power of Generative AI, FAB can better understand customer behaviour, identify needs and recommend alternative products that enrich the customer experience. This not only drives efficiency but also opens up new revenue streams and deepens product engagement.

Best Open Banking & API Implementation Mashreq Bank and GBM

The Best Open Banking & API Implementation award was given to Mashreq Bank and GBM in recognition of the partnership’s collaboration to implement APIs through a comprehensive API management platform that helps banks and financial institutions to create, run, manage and secure APIs for Open Banking, enabling businesses to integrate their banking services into their applications. IBM API Connect, a comprehensive API management platform, offers a range of tools and capabilities that can help banks expose their services quickly and efficiently as APIs and securely share customer data with authorised third-party providers Mashreq offers payment APIs that enable businesses to initiate payments, track the status of payments and access their transaction history. Payment APIs can help businesses to streamline their payment processes and improve efficiency. The bank’s account APIs enable businesses to retrieve account balances, transaction history and other account-related information, which helps enterprises manage their finances more effectively.

Best Branch Digitisation Implementation RAKBANK

RAKBANK was honoured with the Best Branch Digitisation Implementation award in the Middle East.

The award recognised the bank for its introduction of a Digital Wall in branches, which is a significant enhancement of customer awareness of digital services and promoting digital migration. The innovation features key branch services that are available digitally, allowing customers to easily access these services through their mobile app by scanning a QR code.

The Digital Wall supports the bank’s digital migration strategy by encouraging customers to transition from traditional branch visits to using digital services. The ease of scanning a QR code and completing services in the app demonstrates the bank’s commitment to making digital banking accessible and user-friendly. The initiative offers a seamless way for customers to access services without waiting in line or filling out forms. It enhances the overall customer experience by reducing wait times and simplifying the process of completing banking transactions.

Best Corporate Payment Service National

Bank of Fujairah

National Bank of Fujairah (NBF) was the recipient of the Best Corporate Payment Service award in the Middle East.

The bank’s Qollect, a digital-first, Soft POS solution, is transforming person-tobusiness payments by allowing corporate clients to accept payments by installing the application on any Android or iOS device. NBF, in doing so, became the first financial institution in the UAE to enable Aani Merchant payments via Soft POS technology. NBF Qollect eliminates the need for costly physical terminals. Unlike competitors who rely on traditional hardware-based acquiring, the mobile app-based solution enables instant activation, minimal setup time and reduced operational overhead. Customers with substantial local card transaction volumes now enjoy up to 30% cost reduction through lower fees and streamlined payment collection. Furthermore, the integration of Virtual Accounts enables centralised reconciliation, even when collections are made across various locations, further enhancing financial control and visibility.

Best Risk & Compliance Implementation Emirates NBD

Emirates NBD won the Best Risk & Compliance Implementation award in recognition of the bank’s implementation of the Silent Eight solution. The solution utilises explainable AI with natural language processing capabilities that replicate human reasoning for decision-making, enabling the investigation and resolution of alerts in real-time for autonomous alert disposition.

The solution was able to resolve nearly a third of the alerts within the scope of the Proof of Value (PoV), provide clear explanations for the resolutions and close the alerts with zero error rates. Following significant innovation in digital banking, wealth management, remittances and payments, Emirates NBD is further championing digital operational transformation by incorporating AI technology into its robust compliance program.

The implementation of the Silent Eight solution strengthens Emirates NBD’s commitment to aligning with the UAE’s increased focus on the supervision and enforcement of antimoney laundering, counter-terrorism financing and targeted financial sanctions regimes.

Best Treasury Management Implementation

First Abu Dhabi Bank

The Best Treasury Management Implementation award was given to First Abu Dhabi Bank (FAB) in honour of the bank’s white-label Treasury Management System that supports clients in resolving issues and achieving their treasury transformational objectives.

FAB launched a white-label Treasury Management System (FAB TMS) as a ‘SaaS’ model in December 2022 in collaboration with ION. FAB TMS helps the bank’s clients with expedited implementation, requiring no significant capital expenditure and nominal fees per user.

The system is a unique proposition and the first of its kind by a GCC bank, where FAB provides the complete suite of treasury services.

One of the key features of FAB’s TMS solution is the ‘Pay-As-You-Go’ model, where modules and functionalities can be bundled according to client needs and priced accordingly. Additional modules can be activated and made available as required in the future.

Best Corporate Banking Technology Platform

Mashreq

Mashreq was awarded the Best Corporate Banking Technology Platform in the Middle East, recognising the bank’s innovative Corporate Digital Onboarding Platform that is redefining the corporate onboarding experience.

Central to the platform is its advanced AI-driven data extraction, which automates the processing of both structured and unstructured documents. This significantly reduces manual intervention, enhances accuracy and accelerates onboarding timelines.

The fully digital, paperless solution streamlines the entire process, allowing corporate clients to reuse previously submitted data and documents across group entities—eliminating duplication and simplifying compliance. Smart checklists, automated workflows and an intuitive user interface further boost efficiency while minimising errors.

Furthermore, the integration of electronic facial recognition (EFR) enables secure digital consent, eliminating the need for physical signatures among UAE residents and providing a seamless, secure onboarding experience.

Best AI Use in Regulatory Compliance FOCAL

FOCAL was awarded the Best AI Use in Regulatory Compliance in recognition of its pioneering efforts to break down barriers in Anti-Money Laundering (AML) compliance and accelerate the adoption of advanced, intelligent infrastructure aimed at combating financial crime more effectively. At the core of FOCAL’s solution is a powerful AML compliance platform that minimises false positives and streamlines compliance workflows. Its highly configurable and adaptable design enables financial institutions to meet diverse regulatory requirements across jurisdictions while tailoring rules to align with specific business needs. Built with developers in mind, FOCAL offers flexible deployment options and seamless integration capabilities—eliminating the need for complex infrastructure and making it easy to embed into existing systems.

By combining technological innovation with regulatory agility, FOCAL empowers institutions to focus on real threats while simplifying compliance. Its growing client base includes leading names such as Tamara, Sukuk Capital, Prypco and Surepay, further cementing its reputation as a trusted partner in next-generation compliance solutions.

Best Innovation in User Experience - KSA Riyad Bank

Riyad Bank was honoured with the Best Innovation in User Experience – KSA award in recognition of its commitment to delivering cutting-edge digital solutions that elevate customer engagement and satisfaction. Central to this achievement was the launch of the Riyad Digital Alert service, which provides real-time transaction notifications and an intuitive smartwatch app — designed to keep users informed and in control.

Further advancing its digital capabilities, Riyad Bank partnered with global IT consultancy SoftServe to develop a next-generation mobile banking app. Built on the latest technologies and fully compliant with Islamic Sharia principles, the app was crafted to deliver a seamless, user-centric experience. Its goal – boost customer satisfaction, expand market reach and set new standards for digital retail banking in the region.

Best Innovation in Retail Banking - KSA Riyad Bank

Riyad Bank was awarded the Best Innovation in Retail Banking – KSA, a recognition of its forward-thinking approach and effective use of technology-driven solutions to shape the future of retail banking.

The award celebrates Riyad Bank’s strategic efforts to elevate customer satisfaction and broaden its market presence – part of its broader mission to lead digital transformation within Saudi Arabia’s financial landscape. At the heart of this initiative is the bank’s cutting-edge mobile retail banking app, which combines AI-powered features with a seamless, customer-first design.

Best AI Technology Implementation - KSA Riyad Bank

Riyad Bank won the Best Innovation in Trade Finance - Saudi Arabia award. From tailored financial products to innovative platforms, Riyad Bank’s comprehensive suite of banking offerings is designed to meet the evolving needs of the bank’s customers while driving sustainable growth. The bank has been leveraging innovative technologies, including artificial intelligence (AI), machine learning (ML) and robotics process automation, to revolutionise retail banking. The use of AI and ML, in partnership with SoftServe, resulted in the introduction of a state-of-the-art mobile retail banking app that is fully compliant with Islamic Sharia. Riyad Bank’s mobile app offers advanced functionality with hyper-personalised solutions, solidifying its position as a leader in innovation.

Best Use of AI for Fraud Prevention and Detection Emirates NBD

Emirates NBD was the recipient of the Best Use of AI for Fraud Prevention and Detection award. The award recognised the bank for the V.I.G.I.L.A.N.T. project, an initiative that leverages AI for fraud prevention and detection. Over the years, Emirates NBD has implemented numerous effective initiatives to counter fraud, including the use of biometrics and has collaborated with external partners, such as Silent Eight, to automate alert disposition, enhance compliance efficiency and incorporate AI technology into its robust compliance program.

The bank’s V.I.G.I.L.A.N.T. project is crucial given the UAE’s efforts to combat financial crime. Money laundering amounts to an estimated $2 trillion globally per year and technological advancements necessitate new approaches to risk prediction.

Best Use of AI in Data and Analytics Emirates

NBD

Emirates NBD’s Project P.I.R.A.T.E. (Product Insights, Reviews, Analytics & Tracking Excellence) was honoured with the “Best Use of AI in Data and Analytics” award. The initiative drives business performance through in-house developed propensity models, analytical frameworks, product reviews, in-depth analyses, dashboards and targeted campaigns.

The project enabled the bank to create in-depth product analyses and dashboards, leveraging data to drive product growth and sustain a competitive advantage.

Project P.I.R.A.T.E involved developing an analytical framework and models that use data to predict customer needs and behaviour, facilitating proactive solutions.

Emirates NBD developed over 20 analytical frameworks and models under the leadership of Captain M.O.R.G.A.N. (Models Optimisation for Revenue Growth & Advanced Engagement). Among these are machine learning predictive models designed explicitly for fraud prevention in credit card and account applications.

Best Financial Sector Portal in the Middle East

First Abu Dhabi Bank

First Abu Dhabi Bank (FAB) received the Best Financial Sector Portal in the Middle East award for its innovative eSCF Supplier Self Onboarding Platform. The new digital portal significantly speeds up the supplier onboarding process, cutting it down from up to seven days to just 1-2 days.

The platform fully digitises and automates the entire process for both FAB and the buyer. It allows for bulk invitations to suppliers, online sharing of sales pitches and documents and digital submission of mandatory paperwork. Suppliers also benefit from automated data entry, onboarding setups and a dynamic calculator to estimate discounting costs.

Developed under the Global Channel Next (GCN) platform, this cutting-edge solution features a modern design focused on an enhanced User Interface and User Experience, making the historically complex supplier onboarding process much more straightforward.

Best Testing, Consulting & Managed Services Implementation

Dubai Islamic Bank & Maveric Systems

Dubai Islamic Bank (DIB) and Maveric Systems were presented with the Best Testing, Consulting & Managed Services Implementation award in the Middle East. DIB partnered with Maveric Systems in 2022 to drive the largest Islamic core banking transformation through Managed Testing Services. What began as a Quality Engineering (QE) engagement evolved into a strategic assurance partnership, establishing a Testing Centre of Excellence and expanding into digital testing across customer experience channels.

The IQe platform enabled 60% test automation and ensured data integrity across millions of transactions. A robust governance model facilitated the successful resolution of over 500 post-go-live defects, resulting in no production issues. Maveric’s agile, platform-driven strategy ensured continuity, real-time performance and a seamless transformation at scale – reflecting DIB’s trust in their delivery excellence and marking a milestone in Islamic banking innovation.

Best Solution Design Collaboration RAKBANK and GBM

RAKBANK and GBM were honoured with the Best Solution Design Collaboration award for their successful partnership in designing and implementing a next-generation collaboration ecosystem seamlessly powered by Cisco’s advanced technologies.

Spanning RAKBANK’s corporate facilities, the ambitious project introduced a sophisticated collaboration ecosystem featuring intelligent video conferencing, immersive telepresence, smart room scheduling and secure, enterprise-grade communication tools. More than a simple tech upgrade, it represented a complete reimagining of how teams engage, innovate and stay connected across the organisation. Designed with a user-first approach, the solution supports hybrid work at scale, enabling seamless collaboration between remote and on-site teams. With intuitive interfaces and high-definition audio-visual experiences, it has redefined RAKBANK’s meeting culture—accelerating decision-making, reducing reliance on travel, and fostering cross-functional teamwork.

Digital Transformation Award in Corporate Banking Mashreq

Mashreq won the Digital Transformation Award in Corporate Banking in the Middle East, recognising its strategic efforts to modernise corporate banking services. At the core of this transformation was the significant expansion of Mashreq’s API platform, enabling real-time integration, improved scalability and streamlined client onboarding.

The initiatives have led to enhanced client experiences and widespread adoption, solidifying Mashreq’s position as a leader in digital innovation across the region. Designed to streamline treasury and financial operations, the centralised API Portal enables large corporate clients to access services such as payments, account balances and trade finance seamlessly from within their own platforms. For Mashreq, this model delivers scalable, repeatable onboarding, supports fintech partnerships and lays the foundation for banking-as-a-service (BaaS). Ultimately, this API-driven approach empowers clients with enhanced autonomy, efficiency and innovation in managing their financial ecosystems

Digital Transformation Leader of the Year

Thomas Cherian, Chief Information Officer, Commercial Bank of Dubai (CBD)

Thomas Cherian, an accomplished technology leader with over 20 years of global experience driving digital transformation across top-tier financial institutions, was presented with the Digital Transformation Leader of the Year award. As Chief Information Officer at Commercial Bank of Dubai (CBD), he has spearheaded one of the region’s most advanced digital overhauls, integrating next-generation hybrid cloud platforms, AIOps-driven infrastructure and real-time digital banking solutions. Under his leadership, CBD modernised its core systems, enhanced cybersecurity and achieved significant gains in agility, resilience and customer satisfaction. Cherian’s work has led to record financial performance, including a 25.5% year-on-year profit growth in 2024 and industry-leading operational efficiency. Recognised for his innovation-first approach, he has built strategic partnerships with BigTech and FinTech companies, fostered a culture of upskilling and agile practices, and advanced sustainability goals through cloud optimisation.

Technology Leadership Award

Gyan Prakash Srivastava, Global Head of Data, Advanced Analytics & AI Technology, Mashreq

Gyan Prakash Srivastava, a seasoned data and AI leader with over 20 years of global experience driving data transformation across financial institutions, was awarded the Technology Leadership Award.

As the Global Head of Data, Advanced Analytics & AI Technology at Mashreq Bank, he is spearheading the bank’s journey to become a fully data-driven organisation. With advanced qualifications from IIM Calcutta and IMT Ghaziabad, Gyan brings a rare blend of technical depth and strategic vision. At Mashreq, he has led the successful implementation of modern, secure and AI-ready data platforms, launched GenAI capabilities and integrated real-time analytics through platforms like Kafka. Srivastava has integrated data scientists and engineers into the daily work and core processes of the Business and Digital Transformation teams. With the increased adoption of advanced analytics, digital teams have made significant contributions to top-tier advancements within digital squads, resulting in higher customer satisfaction.

Payments Technology Executive of the Year

Vibhor Mundhada, Chief Executive Officer, NEOPAY

Vibhor Mundhada, the CEO of Neopay, one of the Middle East’s leading payments companies, was honoured with the Payments Technology Executive of the Year. Under his leadership, Neopay has rapidly evolved into a market pioneer known for driving innovation in digital payments – from biometric checkout and real-time infrastructure to customer-first solutions that enhance the payment experience. With a bold vision for the future of finance, Mundhada led Neopay through a landmark $385 million investment deal, securing a majority stake acquisition by Arcapita and Dgpays while Mashreq retained a minority interest. The milestone has accelerated Neopay’s regional expansion and reinforced its commitment to next-generation financial technologies.

Beyond Neopay, Mundhada plays a key role in shaping the UAE’s financial ecosystem as Chairman of the UAE Banks Federation Acquiring and Payments Committee. His work has been pivotal in advancing regulatory frameworks, interoperability standards and initiatives that promote financial inclusion.

Banking Technology Transformation CEO Award

Mohamed Abdelbary, Group Chief Executive Officer, Abu Dhabi Islamic Bank

Mohamed Abdelbary, the Group Chief Executive Officer of ADIB, was the recipient of the Banking Technology Transformation CEO Award in the Middle East. Abdelbary is championing the banking group’s exploration of expansion opportunities, underpinned by technology, and as a key part of ADIB’s Vision 2035 strategy, oversees projects such as the Generative AI (Gen AI) Innovation Challenge initiatives, led by the bank’s Chief Digital Officer. Through its partnerships with fintechs and regulators, ADIB is developing a future-ready banking model that strikes a balance between innovation, trust and compliance. The bank signed an agreement with Astra Tech in April 2024 to become the first bank to provide integrated financial services via the Botim app. ADIB also unveiled cardless cash withdrawals via Mobile App in April. The feature enables customers to access cash for themselves or send money using only their mobile phones. The experience is fully digital and designed for ease of use, offering a fast and secure way to access cash.

Digital Banking Provider of the Year Adria Business and Technology

Adria Business and Technology was the recipient of the Digital Banking Provider of the Year award in the Middle East. The award recognised ADRIA for consistently introducing next-generation features such as AI-driven personalisation, self-service banking, eKYC, dynamic product recommendations and embedded analytics. The digital banking solutions provider’s modular, agile approach allows the company to co-create with banks and launch impactful innovations quickly – from personal finance dashboards to cross-sell automation and real-time insights.

ADRIA ensures its clients are not just keeping up with digital trends but also setting them by redefining how banks engage with customers and manage operations. The company is turning innovation into measurable value.

With ADRIA Business & Technology as a trusted strategic partner, Attijariwafa Bank (AWB) took a significant digital transformation to enhance its banking services and meet the evolving needs of its clients.

Islamic Digital Banking Provider of the Year - UAE ruya

ruya was awarded with the Islamic Digital Banking Provider of the Year award for redefining Islamic digital banking in the MENA region, combining cuttingedge technology, ethical values and community-driven initiatives to set new benchmarks for customer experience, sustainability and financial inclusion. Launched in 2024, ruya embodies excellence in Islamic digital banking, which is underpinned by its rapid growth, high customer satisfaction and meaningful impact. Over the past year, ruya has made significant strides in its mission to deliver ethical and customer-centric Islamic banking solutions. Demonstrating strong market traction, the bank has acquired over 45,000 retail banking customers, a testament to its ability to meet the evolving financial needs of its customers. The ruya mobile app has seen impressive adoption, with over 180,000 downloads and a 4.5-star rating on Google, highlighting a seamless and satisfying digital banking experience for users.

Islamic Digital Banking Provider of the Year - Bahrain

GFH Financial Group

The Islamic Digital Banking Provider of the Year – Bahrain award was presented to GFH Financial Group in recognition of the latest iteration of its app, which features numerous new and innovative options, including sustainable and impact investing options, mobile payment digital and crypto wallet integration and AI-powered chatbots and Virtual Advisors.

The banking group’s Wakala campaign, launched through its innovative app, is a cornerstone of its comprehensive digital transformation strategy, which seeks to streamline client onboarding and enhance access to high-value investment opportunities. The Wakala campaign offers a fully digital experience, enabling clients to complete their subscription journey – from registration to payment – entirely within the app, thereby eliminating the need for in-person interactions. GFH is committed to continuously improving the app by incorporating advanced AI and machine learning features. The strategic integration will not only optimise user experience but also ensure that the app leverages the latest technological innovations, keeping it competitive and relevant in a rapidly evolving digital landscape.

Trend Micro was the recipient of the Best Cybersecurity Provider award in the Middle East for its cybersecurity platform that protects hundreds of thousands of bank customers in the region across clouds, networks, devices and endpoints.

The platform delivers a powerful range of advanced threat defence techniques optimised for environments such as Amazon Web Services, Microsoft and Google, as well as central visibility for better, faster detection and response.

Trend Micro’s XGen is a unique blend of cross-generational threat protection techniques and market-leading global threat intelligence. XGen endpoint security integrates high-fidelity machine learning into a comprehensive mix of threat protection techniques, eliminating security gaps and providing maximum protection against today’s and tomorrow’s threats across endpoints and users.

The company launched its Trend Vision One platform in the Middle East and Africa region in October 2023, marking a significant leap forward in enterprise cybersecurity.

Best Composable Banking Solutions Provider of the Year Infosys Finacle

The Best Composable Banking Solutions Provider of the Year award was won by Infosys Finacle in recognition of its functionally rich solution suite and composable architecture.

Though a global household name, Infosys Finacle retains the entrepreneurial vigour of a start-up, with its composable suite helping banks transform into agile, scalable and open enterprises, equipped to succeed in modern, hyper-competitive regional banking markets. Infosys Finacle’s cloud-native solution suite and SaaS services help banks engage, innovate, operate and transform better to scale digital transformation with confidence. Its solutions address the core banking, lending, digital engagement, payments, cash management, wealth management, treasury, analytics, AI and blockchain requirements of financial institutions.

The company’s solutions support various modern and traditional customer engagement channels, as well as enterprise capabilities, line-of-business components and business segments, including Retail, Wealth, Islamic, Business and Corporate banking.

Best Cybersecurity Provider Trend Micro Best FinTech Solutions Provider Geidea

Geidea was honoured with the Best FinTech Solutions Provider award in the Middle East. The award recognised Geidea for its integrated, scalable solutions, transforming how businesses engage in digital finance with its end-to-end fintech platform, which seamlessly unifies payment gateways, POS systems, SoftPOS, BNPL capabilities and digital invoicing.

The company’s role as the exclusive restaurant POS provider for Global Village (UAE) further demonstrates its ability to scale and tailor solutions. With operations deployed across 27 pavilions and hundreds of outlets, Geidea’s system supports complex F&B needs, including table-side payments, KDS integration, menu customisation and real-time inventory.

Further cementing its enterprise capability, Geidea partnered with HSBC to power the UAE launch of Omni Collect, a comprehensive digital payment solution for business clients. Integrated with HSBCnet, this platform consolidates payments across multiple channels and markets, with API-level integration for real-time transaction tracking and scalable accounting synchronisation.

Best Mobile Banking Services Provider Adria Business and Technology

ADRIA Business and Technology won the Best Mobile Banking Services Provider award in the Middle East for delivering exceptional mobile banking experiences through intuitive, feature-rich and scalable apps tailored to both retail and business customers. The banking solutions firm helps financial institutions launch fully branded apps that offer account management, card services, bill payments, fund transfers and loan applications. ADRIA’s advanced capabilities, including geolocation, real-time alerts, chatbots and wallet integration, make its mobile platforms stand out.

With a strong focus on UI/UX, multilingual support and rapid MVP delivery, they empower banks to meet the rising expectations of their customers for mobile-first engagement. ADRIA’s mobile platforms have accelerated digital adoption, increased user satisfaction and positioned banks as leaders in mobile banking innovation. With the strategic support of ADRIA Business & Technology, Crédit du Maroc has implemented cutting-edge digital banking solutions designed to enhance the customer experience, increase operational efficiency and improve service accessibility.

Cloud4C Services was the recipient of the Most Innovative Cloud Services Provider in the Middle East award for its partnership with a UAE-based bank that embarked on a transformative digital journey to revolutionise its retail banking, successfully allowing it to fast-track its digital banking vision.

Cloud4C’s end-to-end automation-driven, security-first container management solution allows banks to streamline the distribution and administration of their critical containerised workloads (Apps, databases, Platforms and AI modules) across multiple clouds and IT environments in compliance with central bank regulations and in-country data laws.

The company utilises a mix of industry-best technologies and open-source tools in sync with their proprietary Self-Healing Operations Platform (SHOP), one intelligent interface to migrate, modernise and manage ITOps across multiple environments and cloud ecosystems, paired with predictive threat modelling and preventive maintenance.

Most Innovative Cloud Services Provider Cloud4C Services Best Retail Payment Provider

The Best Retail Payment Provider award was presented to Checkout.com for supporting businesses to power their performance through payments by offering valuable insights that help merchants optimise their payments.

Checkout.com’s integration of native payment methods, Majid Al Futtaim, Careem, Alshaya, Al-Futtaim, OSN, Instashop, Qlub, Netflix, Temu, Talabat and Tamara, demonstrates their deep understanding of cultural preferences across the MENA region, contributing to superior user experiences. The payments solutions firm believes in building lasting, collaborative relationships. It actively engages with merchants in the region to gain insights into market trends and the payment experiences their customers expect. Checkout.com’s Intelligent Acceptance, launched in June 2023, is an AI-powered engine that is designed to optimise payment performance. The solution had already generated over $10 billion in additional revenue for merchants by March 2025. Leveraging insights from more than 20 billion data points across Checkout.com’s global network, the solution delivers multiple optimisations throughout the payment process, improving acceptance rates, reducing costs and unlocking new revenue streams.

Best Trading Infrastructure Provider Premium Technology

Premium Technology was honoured with the Best Trading Infrastructure Provider award in the Middle East for an end-to-end supply chain finance (SCF) platform that enables real, tangible improvements in how banks, corporates and suppliers do business. FinShare helped financial institutions worldwide streamline their SCF operations in 2024, processing more than 50 million transactions monthly and serving over 50,000 SMEs and corporates daily in over 100 countries.

Whether it is payables, receivables, syndication or embedded and ESG-linked financing, FinShare is built to simplify complex processes and make trade finance faster, more transparent and easier to scale. FinShare is trusted by leading institutions, including Citi, SMBC, MUFG, Techcombank and Krungthai Bank, all of which rely on the platform to improve speed, reduce manual effort and launch new trade products across multiple regions. Premium Technology has partnered with Saudi Arabia’s Public Investment Fund (PIF) to digitise supply chain finance and trade finance systems across several banks within its portfolio.

Best Corporate Banking Solutions Provider Infosys Finacle

The Best Corporate Banking Solutions Provider award was won by Infosys Finacle in recognition of its Finacle Corporate Banking Suite, a comprehensive solution suite that addresses the depositing, lending, cash management, payments, trade and supply chain finance, online banking and mobile banking requirements of corporate banks worldwide.

The suite’s corporate deposits solution provides a checking account that facilitates corporate clients in managing their short-term liquidity while also offering a secure means of storing cash through term deposits. The corporate lending solution offers a diverse range of loan products for corporates, including term loans, syndicated loans, overdraft facilities and Islamic financing with flexible drawdown management, restructuring and revocation facilities and the ability to act as a participant lender, agent bank and underwriter for syndicated loans.

The cash management solution offers front-to-back-office capabilities to help banks’ corporate clients identify, manage and optimise cash and liquidity better.

Best AML/KYC Solution Provider Fineksus

The Best AML/KYC Solution Provider award was presented to Fineksus for delivering practical, reliable and forward-looking compliance systems over the past two decades, serving financial institutions with innovative technological expertise and helping to safeguard the global financial system.

Fineksus’ AML/KYC platform is designed around three fundamental principles: vigilance, adaptability and usability. The AML solution provider equips compliance teams with end-to-end capabilities that cover customer onboarding, continuous risk assessment, screening, transaction monitoring and case management. The tools are purpose-built to allow institutions to detect suspicious activity early, manage investigations efficiently and respond to audits and regulatory inquiries with confidence. Fineksus’ system incorporates advanced AI techniques, including supervised learning, clustering, anomaly detection and link analysis, to uncover hidden threats and suspicious patterns across complex financial networks.

Best Testing, Consulting & Managed Services Provider

SR Intelligent Technologies

SR Intelligent Technologies (SRIT) was the recipient of the Best Testing, Consulting & Managed Services award in the Middle East. SRIT has established itself as a trusted partner with a distinguished track record of serving over 50 banks across the GCC countries and India.

Leveraging its expertise and deep industry insights, the company stands as a beacon of innovation and reliability in the IT services sector. It offers a comprehensive suite of services tailored to address the evolving needs of modern financial institutions. With a focus on innovation, customer-centricity and a dedication to upholding the highest standards of service delivery, SRIT forged enduring partnerships with some of the region’s most esteemed banks.

The company has a strong presence in the GCC region. It offers a comprehensive range of services, including software testing and quality assurance, application development, managed services, application support, production support, network and infrastructure services and consulting services.

Best Open Banking & API Solutions Provider GBM

The Best Open Banking & API Solutions Provider award was presented to GBM in recognition of their API Connect platform, which provides a web-based interface that enables banks to design and create APIs that adhere to open banking standards, such as the Open Banking Implementation Entity (OBIE) specification. API Connect is a comprehensive API management platform that helps banks and financial institutions create, run, manage and secure APIs for open banking. The platform enables banks to manage their APIs throughout their lifecycle, including versioning, deployment and retirement.

Moreover, API Connect offers a range of security features to help banks protect customer data and comply with regulatory requirements, such as PSD2 and GDPR. It also includes a developer portal that enables banks to create a developer community and promote their APIs to third-party providers.

The platform also provides real-time analytics and monitoring capabilities that enable banks to gain insights into API usage, performance and availability.

Most Innovative Payment Solutions Provider Eastnets

The Most Innovative Payment Solutions Provider award was awarded to Eastnets in recognition of Eastnets PaymentSafe, which simplifies payment operations for banks and financial institutions. PaymentSafe is designed with a clear focus on solving real-world operational challenges faced by financial institutions. Rather than juggling multiple solutions to manage SWIFT ISO 20022, gpi, SEPA, UAEFTS, KNPS, or Target2 standards separately, it consolidates these diverse payment channels and formats into one streamlined environment.

The platform automates the entire payment workflow – from message creation to validation, routing and final authorisation. A dynamic duplicate-checking feature further reduces operational risks and errors. Real-time integration with SWIFT’s Instant Payments standard ensures secure, compliant transfers, aligning institutions with evolving regulatory expectations. PaymentSafe includes advanced dashboards and reporting tools, delivering actionable insights into payment statuses and operational performance. The improved visibility allows banks to enhance control and reduce inefficiencies.

Best Integration Hub Solution R34DY

R34DY was the recipient of the Best Integration Hub Solution award for its cutting-edge AI-driven integration and orchestration platform, which empowers banks to seamlessly connect systems, automate workflows and accelerate digital transformation. Purpose-built for complex enterprise environments, the platform combines intelligent automation with low-code flexibility – enabling businesses to integrate applications, data and processes across legacy and modern infrastructures with minimal effort. R34DY leverages AI to optimise decision-making, detect anomalies and recommend workflow improvements in real-time. Its orchestration engine enables teams to design, execute and monitor end-to-end processes through a unified and intuitive interface. Whether managing multi-cloud environments, synchronising disparate data sources, or streamlining customer journeys, R34DY ensures consistent, secure and scalable operations. With prebuilt connectors, intelligent triggers and adaptive learning capabilities, R34DY reduces integration time and boosts agility – freeing up IT resources and accelerating innovation.

Best Integrated Payments Systems Provider

Skiply by RAKBANK

The Best Integrated Payments Systems Provider award went to RAKBANK for Skiply, a cutting-edge platform that enables more than 185,000 users to manage payments and activities for their educational institutions seamlessly. With over 350 educational institutions already onboard, Skiply has established itself as the leading app in the UAE’s educational sector. They developed their own in-house mobile application, ensuring adherence to topmost banking industry standards and compliance with UAE Central Bank regulations, further bolstered by a strong focus on safety and security plus unique Enterprise Resource Planning (ERP) integrations with over four vendors.

The customer journey for both parents and educational institutions is fully digital and seamless and for educational institutions, the system integrates the latest in payment technology to offer secure, efficient and streamlined payment processes. It supports fast transactions while upholding the highest standards of data privacy and security. The digital-first approach simplifies financial management for schools and enhances the overall experience for parents.

Best Accounting and Tax Solutions for SME’s Virtuzone

Virtuzone was the recipient of the Best Accounting and Tax Solutions for SME’s award in the UAE. The award honoured Virtuzone for its TaxGPT platform, the world’s first AI-powered corporate tax assistant programmed to help UAE-based businesses navigate the unfamiliar processes and regulations of corporate tax. Built on the AI model of Generative Pre-trained Transformer 4 (GPT-4), an advanced language model developed by OpenAI, TaxGPT is trained to provide instant, specific and complete answers to questions related to UAE’s corporate tax based on online publications released by the Ministry of Finance and the Federal Tax Authority.

TaxGPT is capable of learning over time, allowing it to provide up-to-date answers to corporate tax-related questions as updates and changes to the legislation by the two official sources of information about the UAE’s corporate tax.

Best User Experience Solution Provider Softserve

SoftServe was presented with the Best User Experience Solution Provider award in the Middle East. The recognition celebrates the company’s pivotal role in supporting the region’s banking sector through the successful deployment of cutting-edge technology for one of the Middle East’s largest banks.

The firm’s user experience (UX) solution capabilities are rooted in a humancentric approach that combines innovation, design thinking and cutting-edge technology to create intuitive and impactful digital experiences.

SoftServe leverages in-depth research, behavioural insights and advanced analytics to craft seamless interactions that not only meet but exceed user expectations. From ideation to execution, the company works closely with clients to ensure every digital touchpoint enhances user satisfaction, engagement and loyalty.

The firm’s UX team employs a multidisciplinary methodology, combining strategy, UI/UX design, prototyping and usability testing to deliver tailormade solutions across web, mobile and emerging digital platforms. Whether reimagining legacy systems or building new digital products from the ground up, Softserve ensures that functionality and form work in harmony.

Best Payee Verification Solution Provider Swift

Swift received the Best Payee Verification Solution Provider in the Middle East region. Swift’s presence in banking and financial services is indispensable, driven by the company’s ever-evolving services, including gpi and Go, which enhance payment processes.

The global bank messaging network unveiled its payment pre-validation service in 2021. Since then, the company has evolved its capabilities to pre-check account details against pseudonymised and aggregated data from more than 4 billion accounts, catching errors before a payment is sent.

The service performs an IBAN name check and allows users to confirm payee services, regardless of account format or location. Swift expect the process to save the industry millions each year in costs to fix failed transactions.

Best Open Banking Enabler Global Software Solutions Group

Global Software Solutions Group (GSS Group) was honoured with the Best Open Banking Enabler award, recognised with the prestigious accolade for its outstanding contributions to advancing open banking and open finance frameworks. With financial institutions embracing digital transformation, GSS Group provides the critical infrastructure that enables secure, seamless and compliant data sharing across the banking ecosystem. Designed to meet the demands of modern banks, regulators and consumers, GSS Group’s open banking solutions offer a flexible, API-driven architecture that supports real-time connectivity between financial institutions and third-party providers. The solution empowers banks to deliver more personalised, innovative services while maintaining full control over customer data and privacy. On the open finance front, GSS Group extends its capabilities to integrate a broader range of financial products and services, including insurance, investments and pensions, creating a unified ecosystem that benefits both institutions and end-users.

Best Digital Transformation Consultancy Firm Softserve

Softserve was honoured with the Best Digital Transformation Consultancy Firm award in recognition of its role as a forward-thinking digital advisor and technology provider. The company has established itself as a leading force in digital transformation consultancy, delivering tailored solutions that drive innovation, agility and long-term value for businesses worldwide. With a strategic blend of deep industry knowledge, cutting-edge technology expertise and a customer-centric approach, Softserve guides organisations through every stage of their digital evolution – from ideation and roadmap design to full-scale implementation and optimisation.

Softserve’s consultancy capabilities span across cloud modernisation, AI and machine learning integration, data analytics and enterprise platform development. By leveraging innovative technologies, the firm empowers clients to improve operational efficiency, enhance customer experiences and unlock new revenue streams.

Technology CEO of the Year

Omar Yassine, Chief Executive Officer, Geidea

Omar Yassine, the visionary CEO behind Geidea’s transformation into a leading fintech powerhouse across the MENA region, won the Technology CEO of the Year award. With over 20 years of experience in financial technology, Yassine has steered the company with a bold, customer-centric approach – driving innovation, expanding internationally and forging strategic alliances that are redefining the regional fintech landscape. Under Yassine’s leadership, Geidea has expanded its footprint to four active markets, including securing key licenses in the UAE and Egypt. He has led the development of groundbreaking technologies, including the Smart POS Terminal and SoftPOS, while also forming impactful collaborations with major players such as HSBC, Global Village and Noon.

Yassine’s leadership has earned Geidea multiple top industry accolades, including Best Overall Fintech Company and Most Innovative Tech Company 2025. The recognitions reflect his commitment to financial inclusion, digital empowerment and technological excellence.

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