FinTechs and banks unite for innovation at DIFC’s Dubai FinTech Summit Dialogues

Apr 12, 2023 | Business

Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region hosted the second Dubai FinTech Summit (DFS) Dialogues this week, powered by the Innovation Hub. Heads of 10 leading regional banks and FinTechs were invited to unpack the challenges facing the financial sector and deliberate on how the industry can de-risk and build resilient, sustainable financial institutions.

According to recent research by Report Ocean, the global FinTech Lending Market was valued at approximately USD573.05 bn in 2021 and is anticipated to grow with a healthy growth rate of more than 27.4% over the forecast period 2022-2029.

Hosting the roundtable, Mohammad AlBlooshi, Head of DIFC Innovation Hub and FinTech Hive, said, “As an industry predicated on confidence and trust, we are currently seeing the banking sector experience a time of disruption. Given global headwinds, we have an opportunity to build more resilient institutions through collaboration between banks and FinTechs.”

Commenting on the session he added, “Through conveners such as this roundtable and the first-ever Dubai FinTech Summit in May, we are facilitating dialogue and avenues of collaboration for long-standing financial institutions, regulators, and promising entrepreneurs to together map out how the sector can – and should – move forward.”

The age of Banks vs. FinTechs is behind us

The FinTech sector, widely recognised as a major competitor to banks, is expected to double in size from USD135.9 bn in 2021 to USD266.9 bn in 2027, according to DIFC FinTech Hive’s 2022 FinTech Report. Additionally, with approximately 50 per cent of the MENA region currently unbanked or underbanked, FinTechs have been playing a crucial role in promoting inclusive economic growth in the region.

However, a unanimous takeaway from all banks at the DFS Dialogue captured how both entities are in fact symbiotic.

Sanjay Sethi, Senior Managing Director, Head of Global Transaction Banking at First Abu Dhabi Bank, said, “This is an age of collaboration and co-creation where leading financial institutions and pioneering FinTechs can embark on a journey of innovative discovery together. This is especially true when we look at opportunities to expand into new geographies, improve product capabilities, grow revenues, or scale or optimise our business faster and more efficiently. Alongside this, FinTech solutions in transaction banking are growing in agility every day. As we look to the future, FAB will continue collaborating with pioneering FinTechs to deliver impactful advances across the financial industry.”

Earlier this year, the UAE Central Bank announced the implementation of its Digital Dirham digital currency strategy, which promises to be a critical step in the country’s payments industry, something that will deeply impact banks, FinTechs, businesses, and customers. “As such, the synergy between banks and FinTechs proves to be unavoidable as the industry inches towards a cashless economy,” added AlBlooshi.

Technology: Disrupting and enhancing trust

“As a FinTech services provider, the core, as with any tech player is to build an emotional connection with the end consumer,” said Raman Thiagarajan, CEO and Founder, Zenda.

As customers turn to technology, banks have been forced to adapt traditional trust-building to complement the digitisation of banking. Anand Krishnan, Head of Technology, Emirates Investment Bank, said, “It is increasingly important banks continue to invest more in technology that not only builds but maintains trust in customers across their entire journey.”

Google predicts that the financial services and banking industry will emerge as the primary spender for AI technology in the MENA. The industry will make up nearly 25 per cent of all AI investments in the region, with banking tech alone expected to contribute 13.6 per cent to the region’s gross domestic product by 2030.

Mehdi Tazi, Chief Operating Officer, Lean Technologies, stated, “I believe customers still trust banks more than FinTechs – they are larger more established institutions. However, something FinTechs do very well is streamlining processes when helping onboard customers into these larger banks. As a result, we are seeing a marriage between FinTech and banking that enhances the customer’s journey, ultimately building trust.”

The onset of Web 3.0 ushers in a transformative moment for financial services, capital markets and banking, shifting customer expectations and revolutionising the sector. The total transaction value of embedded finance is said to reach USD7 tn in 2026, as per Rakesh Reddy, CEO, Cloud4u, “This is particularly useful for Platform as a Service (PaaS) providers who will strongly benefit from this growth, undeniably becoming a key industry disruptor.”

Nilay Singh, Chief Executive Officer, State Bank of India, DIFC, pointed out, “We cannot ignore AI. It has to be adopted but cleverly and effectively, and this is where we need to understand what to outsource and when to collaborate.”

Dubai is gearing up for continued growth and innovation, so how can policymakers, entrepreneurs and investors come together to further advance during these volatile times? With a unified goal to enhance inclusive, stable banking solutions for the region, traditional financial establishments are increasingly optimistic in growing their partnerships with promising FinTechs to help bridge gaps and strategically stay ahead of the curve. Join the dialogue at the Dubai FinTech Summit at Madinat Jumeirah in Dubai. Visitors can now purchase tickets with early bird prices available until 15 April 2023.

About Dubai International Financial Centre

Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and an estimated GDP of USD 8 trillion.

With a close to 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.

DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of over 36,000 professionals working across over 4,300 active registered companies – making up the largest and most diverse pool of industry talent in the region.

The Centre’s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.

Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations. 

For more information, please visit our website: difc.ae, or follow us on LinkedIn and Twitter @DIFC.

For further details about the announcement, please contact:
Nupur Aswani
Head, Media, PR and Corporate Communications, Trescon
+91 95559 15156 | media@tresconglobal.com


Topic: Press release summary

The loan repayment rate by SHGs to Banks is 97.71 percent

Dec 7, 2022 | Business


In a written reply to a question in Rajya Sabha today, the Union Minister of State for Rural Development Sadhvi Niranjan Jyoti informed that the Loans are sanctioned by the banks in the name of Self Help Groups(SHGs). The distribution of loan to individual SHG members is done by the SHG, which is used by them for various activities. It is stated in the written reply that the loans outstanding to Self Help Groups (SHGs) as on 30th November, 2022 is Rs. 1,68,920.11 Crores.  The Loan repayment rate by SHGs to Banks is 97.71% as on 30th November, 2022.   


The Minister of State informed that the Ministry has commissioned several impact evaluation studies to understand the overall impact of the Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM). An impact evaluation study of DAY-NRLM was conducted during 2019-20 by the International Initiative for Impact Evaluation (3ie) with the support of the World Bank. The assessment covered 9 states with around 27,000 respondents and 5,000 SHGs across Bihar, West Bengal, Odisha, Jharkhand, Madhya Pradesh, Chhattisgarh, Maharashtra, Rajasthan and Uttar Pradesh. The evaluation indicates that an additional exposure to the Mission for 2.5 years led to:


  1. Increase in income by 19% over the base amount.

  2. Decline in share of informal loans by 20%

  3. Increase in savings by 28%

  4. Improved labour force participation – proportion of females reporting secondary occupation is higher (4%) in treatment areas.

  5. Improved access to other Schemes – Significant increase in number of social schemes availed by treatment households (6.5% higher over the base value of 2.8 schemes).


The State-wise details of loan outstanding with SHGs as per the data on the Bank Linkage portal of the Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM) as on 30th November, 2022 is placed is as follows-




(Amount Rs. in Crores)








































S.No

State/UTs

Loan Outstanding Amount


(As on 30th  November, 2022 )

1

ANDAMAN & NICOBAR ISLANDS

0.83

2

ANDHRA PRADESH

55897.82

3

ARUNACHAL PRADESH

12.46

4

ASSAM

2393.04

5

BIHAR

12275.30

6

CHATTISGARH

1249.59

7

GOA

49.22

8

GUJARAT

448.18

9

HARYANA

288.31

10

HIMACHAL PRADESH

173.55

11

JAMMU & KASHMIR

414.19

12

JHARKHAND

2502.91

13

KARNATAKA

19851.27

14

KERALA

7062.52

15

LADAKH

0.81

16

LAKSHADWEEP

1.31

17

MADHYA PRADESH

1958.14

18

MAHARASHTRA

5408.98

19

MANIPUR

24.22

20

MEGHALAYA

81.43

21

MIZORAM

48.64

22

NAGALAND

69.99

23

ODISHA

7067.64

24

PUDUCHERRY

159.01

25

PUNJAB

84.07

26

RAJASTHAN

1147.76

27

SIKKIM

26.99

28

TAMIL NADU

13025.00

29

TELANGANA

20224.75

30

THE DADRA AND NAGAR HAVELI AND DAMAN AND DIU

0.87

31

TRIPURA

255.97

32

UTTARAKHAND

106.11

33

UTTAR PRADESH

632.16

34

WEST BENGAL

15977.07

Total

168920.11


****


SNC/NR/PK/MS






(Release ID: 1881531)
Visitor Counter : 274













Outer Banks Real Estate Company Acquires CENTURY 21 The Realty Group in Greenville, N.C

Feb 23, 2022 | Books, Business

GREENVILLE, N.C. – Feb. 21, 2022 – PRLog — CENTURY 21 The Realty Group announced a change of ownership, in effect starting Feb. 14, 2022. Varthak Ventures is a boutique investment company based in Kitty Hawk, N.C. that owns real estate sales, real estate development, construction, and hospitality businesses. Greenville Realty Group, a part of Varthak Ventures, has acquired CENTURY 21 The Realty Group in Greenville, N.C.

CENTURY 21 The Realty Group has been a successful full-service real estate company in Greenville, N.C. since 1990. The company is well-known for providing professional and dependable real estate services. Its main office is located at 1420 B East Arlington Blvd, Greenville, N.C. 27858. The team consists of 24 real estate agents plus a support team.

Varthak Ventures CEO Raju Uppalapati said, “We are excited for this opportunity to acquire one of the top real estate brokerages in Greenville. With more than 25 years of experience in real estate, hospitality, marketing, and technology services in Eastern N,C., we are committed to serving the Greenville and surrounding markets and providing cutting-edge services to buyers and sellers working with us.”

Varthak Ventures plans to actively recruit more realtors to the team to become the top real estate company in the market. Their advanced marketing, technology resources, training, and support will help team members become top producers in the market. A sister firm under Varthak Ventures, Homes by Eillu, will develop new homes to fill the need for quality new single-family homes in the Greenville/Winterville areas.

Mr. Uppalapati said, “As a family-owned and operated business, we bring with us a great family-oriented culture to the businesses we are associated with.”

Furthermore, Varthak Ventures is grateful to have the opportunity to further its impact in the local community.

“Through our nonprofit, the Uppalapati Foundation, we are committed to making an impact in our local, national, and global community,” Mr. Uppalapati said. “We are excited to offer our resources and time to support the Greenville community.”

Gary L. Butts has been involved with the company for over 20 years.

“As owner of CENTURY 21 The Realty Group for 15 years, I am pleased Raju has recognized the strengths of the business as well as its future potential,” Mr. Butts said. Having worked with Raju during this process, I am confident his knowledge and experience will strengthen our position in the marketplace and bring future growth for CENTURY 21 The Realty Group. I plan to work with Raju over the coming months to ensure a smooth transition.”

About CENTURY 21 The Realty Group

They are an independently owned and operated franchise affiliate of CENTURY 21 Real Estate LLC (century21.com), franchisor of the iconic CENTURY 21® brand. Century 21 Real Estate LLC is comprised of approximately 14,250 independently owned and operated franchised broker offices in 86 countries and territories worldwide with more than 153,000 independent sales professionals. Century 21 Real Estate has numerous websites to help answer specific consumer needs. They are century21trg.com, century21.com, century21Global.com, commercial.century21.com, century21.com/finehomes, and century21espanol.com.

©2021 Century 21 Real Estate LLC. All Rights Reserved. CENTURY 21®, the CENTURY 21 Logo and C21® are registered service marks owned by Century 21 Real Estate LLC. Century 21 Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated.

http://century21trg.com/

When banks say no we say yes. Give us a chance to earn your business

May 13, 2021 | Books, Business

JACKSONVILLE, Fla. – May 11, 2021 – PRLog — CJC Lending Services LLC

Jacksonville Florida

CJC Lending Services LLC Offers Low-interest loans to Entrepreneurs Nationwide

Entrepreneurs can now Secure Low-Interest Business Loans Faster

Nationwide, businesses need finance to expand or develop new projects. Businesses find it hard to access low-interest loans faster thereby leading to financial choke holds. CJC Lending Services LLC now offers businesses access to lenders deep pockets faster. They help businesses push back on the rates and fees to ensure they are paying the lowest rates available, without having to pay excessive closing and banking fees. They offer high-quality services at the most affordable rates.

CJC Lending Services LLC is well-versed in every aspect of commercial finance and will provide a business owner with guidance on how to get a business loan. Additionally, they also have access to a large network of commercial lenders the connect clients to in order to receive the appropriate financing for their company. They also help the business owner negotiate the rates and terms of the business loan, to ensure the client gets the best rates possible. Their approach is engaging and affords the borrower flexibility.

No business wants to overpay for a loan due to inadequate information with regards to their options. They will help a business understand all the different funding options, and steer them to the best financing option that will make the business grow short, medium and long-term. They save the borrower much time during the application process and a potentially large amount of money over the life of the loan. Thousands of lenders abound and are willing to provide businesses with financing. But simply going from lender to lender, seeking the right type of loan is not only time consuming, but not guaranteed to grant success in finding the right lender. If businesses do find a lender that may be a good fit, they’ll have to apply with a lower-level position and hope that they’ll get approved by underwriting. CJC Lending Services LLC has connections within many lending institutions that can streamline the approval and underwriting process, and help them get a loan quickly.

They respond quickly to  borrowers needs and take them through the procedures faster. They make sure that borrowers fulfill all criteria for loan approval before submission. Most firms don’t check this thereby reducing the applicants’ chances of securing a loan faster.

CJC Lending Services LLC is a promising business loan brokerage firm that upholds the best of practices in every transaction.

About CJC Lending Services LLC

CJC Lending Services LLC is a business loan brokerage firm that works on a borrower’s behalf to find the lowest available loan programs through numerous lenders. They save the borrower much time during the application process and a potentially large amount of money over the life of the loan.

CJC Lending Services LLC

Website : cjclendingservices.com

Email : chris@cjclendingservice.com

Phone : 800-794-0313

Corporate Banks Can Speed Services to Customers with Oracle Cloud

May 10, 2021 | Business

Oracle has delivered two new cloud-native services that simplify the complex, fragmented processes that have hamstrung corporate banking. With Oracle Banking Corporate Lending Process Management Cloud Service and Oracle Banking Credit Facilities Process Management Cloud Service, banks can speed the completion of everyday activities, such as loan and credit processing. Built on the performance and scalability of Oracle Cloud Infrastructure (OCI), the offerings help banks grow their business and deliver exceptional customer service whilst reducing operational costs.

“In the coming years, it’s estimated that corporate banks will derive up to 30%[1] of their revenue from digital channels,” said Sonny Singh, executive vice president and general manager, Oracle Financial Services. “This requires banks to accelerate automation and digitization of paper-heavy processes so they can focus on retaining and expanding customer relationships. Built on our deep industry expertise, these new cloud-native solutions provide banks a quick, componentized option to modernize loan and credit management activities.”

Process management made easier in the cloud

With the services, corporate banks can streamline operations through automated workflows with the flexibility to customize various lifecycle processes. The solutions also offer persona-specific operational dashboards to enable bankers with real-time customer insights for smarter and faster decision-making.

Oracle Banking Corporate Lending Process Management Cloud Service enables banks to meet customers’ on-demand and custom-financing needs by accelerating the loan process from initiation through to closure—all without sacrificing user experience or transparency in the application process.

Corporate credit is one of the longest processes in corporate banking—it can take months for validation. Oracle Banking Credit Facilities Process Management Cloud Service can reduce that cycle to just a few days. Banks can accelerate credit origination and servicing, pre-qualify credit lines, track exposures to customers in real-time, and mitigate business risks.

These new services follow Oracle’s recently introduced corporate banking solutions for supply chain financing, liquidity management, and virtual account management. Each solution runs on the high-performance OCI Container Engine for Kubernetes and automated with OCI Resource Manager and Terraform across multiple Oracle Cloud Regions, which means global banks benefit from the highest levels of system availability, scalability, and data security.

Additional Information

Learn more about Oracle Corporate Banking Solutions here.

Learn more about Oracle Cloud Infrastructure here.

[1] Boston Consulting Group Executive Survey as reported in Business Chief Europe: https://www.businesschief.eu/corporate-finance/corporate-banking-sector-must-embrace-digital-transformation-says-new-report-1

About Oracle Financial Services

Oracle Financial Services Global Business Unit provides clients in more than 140 countries with an integrated, best-in-class, end-to-end solution of intelligent software and powerful hardware designed to meet every financial service need. Our market-leading platforms provide the foundation for banks and insurers’ digital and core transformations and we deliver a modern suite of Analytical Applications for Risk, Finance Compliance, and Customer Insight. For more information, visit our website at https://www.oracle.com/industries/financial-services/index.html.

About Oracle

Oracle offers suites of integrated applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.

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