WEF: Importance of compliant solutions takes centrestage in discussion on financial inclusion.

As the world’s leaders, social scientists and business community converge on this year’s World Economic Forum (WEF) Annual Meeting, the key theme of ‘Cooperation in a fragmented world’, has resonated with stakeholders of MENA’s financial services sector.

UAE based LuLu Financial Holdings and Eastnets organized a special event around the role of fully compliant technologies in achieving financial inclusion.

Mr. Adeeb Ahamed, Managing Director of LuLu Financial Holdings, said that co-opetition, or competition through collaboration requires the collective action of all stakeholders, including governments, fintechs and traditional players.

He stressed on the role of fully compliant solutions in helping companies tap into each other’s benefits, adding, “The foundation of interoperable solutions depends on fully compliant platforms that adhere to regulations and simplify processes for interconnected entities. The significance of such platforms is set to increase as consumer behavior undergoes further evolution and regulations are put in place to ensure proper data ownership.”

Subject matter experts Mr. Hazem Mulhim, Founder and CEO of Eastnets, Mr. Christos Christou, Chief Compliance Officer of LuLu Financial Holdings, and Mr. Joel Lange, General Manager of Dow Jones Risk & Compliance, discussed the role of compliance in plugging gaps in financial services, especially cross-border remittances.

Mr. Christos said that the strategic role of compliant systems is gaining relevance, and companies such as LuLu Financial Holdings are enabling platform-based services to fintechs and traditional players, bridging the gap between the underbanked and technologically advanced financial products.

Calling for inclusion to be responsible and sustainable, Eastnets deputy CEO Deya Innab said in her closing remarks, that access to digital financial services should create financial stability and not lead to a debt trap situation. “Financial inclusion needs to be supported by consumer needs & financial education and should be guarded against fraud, data privacy issues and financial crime.”

The session was attended by dignitaries from the UAE government and financial services sector, including H.E. Abdulla Bin Touq Al Marri, UAE Minister of Economy, Mr. MA Yusuff Ali, Chairman & Managing Director, LuLu Group International, Dr. Shamsheer Vayalil, Founder & Chairman, Burjeel Holdings, Mark Büsser, Chairman, IMTF, Hatem Dowidar, Group CEO, E&, and Brooks Entwistle, SVP, Ripple Services, among others.