Importance of compliant solutions takes centre stage in discussion on financial inclusion at WEF

As the world’s leaders, social scientists and business community converge on the ongoing World Economic Forum (WEF) Annual Meeting in Davos, Switzerland, the key theme of ‘Co-operation in a fragmented world’, has resonated with stakeholders of Mena’s financial services sector.
Building upon this message, 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 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 behaviour undergoes further evolution and regulations are put in place to ensure proper data ownership.”
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 & Compliance; discuss the role of compliance in plugging gaps in financial services, especially cross-border remittances.
Christou said 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, 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 and 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, the UAE Minister of Economy; Yusufali M A, 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.