Davos 2023: Importance of compliant solutions take centrestage in discussion on financial inclusion

The subject gained prominence during an event hosted by UAE based LuLu Financial Holdings and Eastnets in Davos

Experts at the panel discussion in line with the WEF's ket theme 'Cooperation in a fragmented world in Davos. The UAE-based LuLu Financial Holdings and Eastnets organised this special event around the role of fully compliant technologies in achieving financial inclusion. — Supplied photo

A Staff Reporter

Published: Thu 19 Jan 2023, 4:17 PM

Last updated: Thu 19 Jan 2023, 4:18 PM

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.

Building upon this message, the UAE-based LuLu Financial Holdings and Eastnets organised a special event around the role of fully compliant technologies in achieving financial inclusion.

Speaking at the event, 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 and said 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,” he said.

The session also saw subject matter experts Hazem Mulhim, founder and CEO of Eastnets; Christos Christou, chief compliance officer of LuLu Financial Holdings; and Joel Lange, general manager of Dow Jones Risk and Compliance, discuss the role of compliance in plugging gaps in financial services, especially cross-border remittances.

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

Calling for inclusion to be responsible and sustainable, Hazem Mulhim said 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 Abdulla Bin Touq Al Marri, UAE Minister of Economy; Yusuffali MA, chairman and managing director, LuLu Group International; Dr Shamsheer Vayalil, founder and chairman, Burjeel Holdings; Mark Busser, chairman, IMTF; Hatem Dowidar, group CEO, e&; and Brooks Entwistle, SVP, Ripple Services, among others.

— business@khaleejtimes.com