Middle East Digital Lending Summit 2022_Speakers
Speakers from the Middle East Digital Lending Summit 2022 | Image Courtesy: Verve Management

The Inaugural Edition of the Middle East Digital Lending Summit which recently concluded at Pullman Dubai Creek City Centre, Dubai, UAE, has offered tremendous promise in the opening of a potential opportunity for transformation and change the game in the financial sector when it comes to lending.

The day-long event which was a great success witnessed the participation of the industry’s key decision-makers from the consumer, commercial, and corporate lending spaces, such as CXOs, Heads of Lending, Wealth, Risk, Digital, and Investments. the Summit was also attended by representatives from the Commercial Finance, Alternative Finance, and Mortgage Finance sectors.

The first Middle East Digital Lending Summit 2022 featured a robust line-up of regional and international thought leaders from the financial and technology sectors who generously shared their insights, wisdom, and knowledge on the transformation of the lending industry in the region that is being cultivated and changing the atmosphere.

Middle East Digital Lending Summit 2022_Keynote
Mr. Ajmair Riaz delivering his keynote at the 2022 Middle East Digital Lending Summit | Image Courtesy: Verve Management

Mr. Ajmair Riaz, Head Transformation- CPB Africa, the Middle East, and Europe at Standard Chartered Bank, kicked off the summit with his unique insights. Answering one of the delegate queries during the session, Mr. Riaz remarked that, “leadership in any bank plays an important role in digital transformation, that leadership creates a big difference, and if you want to step up into the digital space, then first, change the mindset, and then, of course, everything will follow.”

Mr. Fares Kobeissi, Chief Executive Officer at Bluering, discussed some key points and solutions to the global credit scoring challenges that financial institutions, particularly banks, have encountered. One of the essential points Mr. Kobeissi cited was that the main problem with financial organizations’ expectations derived from the scoring system.

“It is undeniable that we, as an economic organization, have faced some issues with the scoring, but we cannot survive without it, so we need to keep on going, and we need to keep on looking on the best way to improve the productivity and to implement a proper insight,” the Bluering CEO added.

Panel Discussion

Some of the main highlights of the 2022 Middle East Digital Lending Summit were panel discussions that cultivated and opened up some important issues around the financial and tech revolutions regarding lending processes.

Middle East Digital Lending Summit 2022_Panel Discussion
Panel Discussion at the 1st Middle East Digital Lending Summit | Image Courtesy: Verve Management

At one of the intriguing panels, Mr. Danny Abla, Founder & CEO of Bankiom, returned on stage as a moderator and stirred up the conversation with the other remarkable panelists, particularly Mr. Suresh Lalwani, Managing Director and Head of Coverage, Commercial Banking at First Abu Dhabi Bank.

Later, Mr. Danny brought up an urban myth that banks were not giving out loans to companies that had not performed well in business for at least three years. Mr. Suresh reiterated that the myth persists; in his disagreement, the First Abu Dhabi Bank official added that even banks in the Middle East had accelerated their provisions and were willing to finance as long as the business could demonstrate that it would be able to repay the lender.

Another panelist, Mr. Dheen Dorai, Head of DTO, Digital Architecture & Engineering at Al Masraf, commented on his insights about the future of lending and stated that “the organization should ensure that they understand and properly implement hyper-personalization.”

Hearing some complimentary words from the delegates and speakers were nostalgic, like Ms. Gareema Kaaushik, Head of Product at YAP, who, in her interview with Verve Insider, stressed that, “I don’t see this as a networking event. I see this as an event where we learn, learn about other products, and learn from other people about how they are looking for certain activities, products, and solutions in the market today. The event also gave me insights on what I have missed in my line of work; it was an amazing event, and I loved it.”

The presence of some event sponsors overwhelmed the summit, like the associate sponsor, Earnix, a solution provider that enables insurers and banks to provide faster, wiser, safer prices, and personalized products.

The bronze sponsor, Bluering, a leading fintech company in the Middle East, specializes in delivering digital lending and credit risk management solutions to the banking sector.

The Middle East Digital Lending Summit 2022 is an initiative by Verve Management, supported by Al Etihad Credit Bureau.

Related: 2-day Breakbulk Middle East 2023 to kick off from 13th February