The economies in the Middle East and Africa region have been affected significantly by the events of 2015 and 2016 —the decline in energy prices and the UK’s decision to leave the EU stand out as events giving rise to uncertainty in the global economic outlook. Against the backdrop of Basel III implementation, risk managers across the banking industry in these regions have been prompted to upgrade their risk management functions, systems and processes, and incorporate scenario planning and stress testing mechanisms, to meet regulatory and market demands, both locally and internationally.
Technologies such as artificial intelligence and the Internet of Things have blurred the line between the digital and physical worlds. Big data has aided the analysis and aggregation of different platforms to strengthen banks’ regulatory mechanisms. Another significant addition to the industry is the blockchain technology that is being viewed by big businesses and banks as the way forward, due to the transparency and security of its computer network. The banking industry is bracing itself against future potential blows and growing its digital capabilities to better serve its customers and protect them against cyber risk, paving way for the futuristic robots in banks.
To discuss these latest trends and issues, The Asian Banker is organising the Future of Finance Middle East and Africa,which will bring together thought leaders in risk management, transaction banking and technology in a dialogue to discuss the following: