< Previous30 Vol. 24/01, January 2023 Natural beauty There has been an increasing awareness of the many unique tourist attractions in the kingdom, including AlUla While was a great year for travel and tourism, will be even greater carrier, RIA, will launch next year, boosting ight routes within, to and from KSA. In the year ahead, Seera Group will leverage the many opportunities in the kingdom to further grow our busi- nesses, drive sustainable long-term pro tability of the Group, and serve the travel and tourism needs of the country. Seera Group will maintain its position as the enabler of national champions of the travel and tourism sector, supporting the tourism agenda of Vision which aims to attract million visitors annually by and drive forward KSA’s economic diversi cation. Continuing our strong trajectory of growth for Almosafer, we will drive growth in our consumer travel segment and focus on digitalisa- tion in our business travel segment. Through Discover Saudi, our desti- nation management company, we will widen our support of travel arrange- ments and ancillary services for the thriving entertainment sector while Mawasim, our Hajj and Umrah tour operator, will expand its offering directly to consumers. We will also be strengthening our partnerships, work- ing closely with tourism boards to promote key destinations offering unforgettable experiences to travellers from the GCC. While was a great year for travel and tourism, will be even greater. The Middle East led the recovery of the global travel and tourism sector, with international arrivals to the region in the rst half of reaching 76 percent of pre-pandemic levels of the same period in 9 and marking an increase of 87 percent compared to the same period in – the highest recovery globally. This growth was strongly driven by Saudi Arabia which has claimed the title of the most visited country in the Arab world in , with more than 8 million tourists visiting the country between January and October alone. The rise in tourism has been facil- itated by numerous factors. The Minis- try of Tourism streamlined the visa process with the resumption of visas on arrival for US, UK and Schengen visa holders while GCC residents are now permitted to apply for an eVisa, paving the way for international visitors. There has been an increasing aware- ness of the many unique historical, cultural and natural tourist attractions in the kingdom, from the UNESCO World Heritage Site of Hegra in AlUla to the hustle and bustle of Riyadh, and beyond. And there has also been a wealth of events and conferences taking place in KSA, such as Saudi Cup and Formula , Saudi Seasons and MDLBEAST, attracting travellers from both inside and outside the country. The year has clearly illus- trated that the human desire to travel, wander and explore remains undiminished. The resurgence in travel demand has helped Seera Group return to post-pandemic operating pro t in the third quarter of the , with Almosafer, Seera’s travel platform, achieving record- high levels of gross booking value and revenue for its consumer segment. This year promises to be an even stronger year for Seera Group and for travel and tourism to the kingdom more generally. Consumers plan to travel more and spend more next year, with global tourism arrivals set to increase by percent. For Saudi Arabia, it is projected that by the contribution of the travel and tourism sector to the economy could surpass Journey of growth This year promises to be an even stronger year for travel and tourism industry in KSA, Alnefaie believes pre-pandemic levels in 9 to reach nearly SAR 97bn ($79bn). And there is much to be excited for our national tourism sector. The Red Sea Project will welcome visitors from , the Red Sea International Airport is set to open in and a new national THE POWER IS IN OUR HANDS TO EMBRACE SUSTAINABLE BUSINESS & REDUCE THE IMPACTS OF CLIMATE CHANGE. © Emirates Nature-WWF @ews_WWF @EmiratesNatureWWF EmiratesNature_WWF @Emirates Nature-WWF business@enwwf.ae EmiratesNatureWWF.ae • Abu Dhabi Commerical Bank (ADCB) • Abu Dhabi Islamic Bank (ADIB) • Abu Dhabi National Insurance Company (ADNIC) • Accenture Foundation • AIMIA FZ LLC • Ajman University Al Dahra • • Al Tamimi & Company • Armani Boston Consulting Group (BCG) • • Choithrams • Carrefour - Majid Al Futtaim Retail Crescent Enterprises Limited • • Dubai Electricity and Water Authority (DEWA) • Umm Al Quwain Municipality • VISA Middle East • Emaar Industries & Investments • Emirates Foundation for Youth • Emirates NBD • Emirates Red Crescent • Environment Agency-Abu Dhabi (EAD) • Etihad Rail Fazaa • • Fine Fare Foods Market LLC • Fujairah Adventures • • Fujairah Environment Authority • Fujairah Tourism & Antiquity Authority • GMG - Urban Foods LLC • Gulftainer Company Limited • H&M - M.H. Alshaya Co. L.L.C. • HSBC Bank Middle East • HSBC Holdings PLC • LGT Bank • Linklaters LLP • Umm Al Quwain Tourism & Archaelogy Department • Live Nation • L'Oreal Middle East • Ma'an • Mastercard • Mubadala • Ministry of Climate Change & Environment (MOCCAE) • Ministry of Community Development (MOCD) • • Momentum Logistics • Pico International LLC • • RTA • ITP Media Group • • The Body Shop The Department of Economy and Tourism, Dubai Sea Hawk Marine Sports & Adventures LLC • Seddiqi Holdings WE WOULD LIKE TO THANK ALL OF OUR PARTNERS FOR THEIR SUPPORT IN 2022: Emirates Nature-WWF has been a pioneer in conservation in the UAE and a proud partner to government entities, corporations, organisations, and individuals who are committed to building a future where people and nature thrive. We thank you for your continued support in protecting our natural resources and the environment in 2022. It is clearly in our hands to embrace sustainable business and reduce the impacts of climate change so that we can move towards a more carbon-neutral, greener, UAE.32 Vol. 24/01, January 2023 BRAND VIEW | JUFFALI AUTOMOTIVE COMPANY (JACO) Having established a rm association with Daimler Benz AG in the 1950s, Juffali Automotive Company (JACO) remains the exclusive distributor for Mercedes-Benz passenger cars in the Saudi Arabia. CEO Chenghez Khan shares his views on the future of the company in line with the kingdom’s Vision 2030 plans Enhancing Saudi Arabia’s automotive landscape Partners in progress JACO has been an active participant in the government initatives of Saudi Arabia, says Khan and compare products and services. We take pride at Juffali Automotive Company in all the years of consistent development of our services, with a view to o ering a unique experience to our customers and building a sustainable relationship with them. We believe that customers are our ambassadors. We care that they positively reflect their experiences with our services and products to others around them. Throughout the past years, JACO has taken signi cant development steps with extensive refurbishment of our sales and service facilities and internal process re-engineering all with a view to enhance the customer experience from vehicle inquiry and sales to after-sales service. You mentioned the revolutionary evolution of communication worldwide, so what are your steps as the Mercedes-Benz passenger car distributor in Saudi rgarding this aspect? As a leader in the automotive industry in Saudi Arabia, how do you see the future of transportation from a local and global perspective? The transportation industry is one of the most signi cant and impactful segments in any economy. Therefore, there will always be a considerable focus on the industry from governments and global economic organisations. Saudi Arabia is following a strategic approach to growing the national economy with supporting regulations and legislation that aid in the evolution and growth of the automotive industry. The kingdom is allocating huge budgets to develop future infrastructure, including the gradual introduction of electric transportation. Companies and car dealers are competing to develop programmes and services to gain customers’ satisfaction regarding offers and after-sales services, so what do you think about that? Let’s agree on a focal point here: Consumer behaviour has changed - they have become smarter due to the communication revolution, which made it easier to access information arabianbusiness.com 33 Further investment plans in Riyadh city include the renovation to Mercedes-Benz MAR standards of our Khurais Road facility, which provides both a showroom and service centre. The service centre in Khurais is the largest Mercedes-Benz service centre in Saudi Arabia, with a functional space of over 16,500 sq m and a capacity to receive over 75 cars daily. In addition, over the past two years, we have developed our sales and service centres in Jeddah (Medina Road) and Dammam/Al Khobar to meet the latest Mercedes-Benz MAR 2020 standards with incorporated digital infrastructure. Further developments in Jeddah are also in the works to potentially open a Mercedes-Benz Service factory in the North of Jeddah by 2024/2025, which will be the most extensive service and body shop centre in the western region. Customers will be able to drop o their car at a specialised receiving and delivery center in central Jeddah for convenience rather than driving up to the service factory. Hand-in-hand with the development of our facilities is the development of our sta in all areas to meet the high standards expected by our customers. Let’s talk about your participation in huge events embraced by the kingdom, given the vision of 2030. Saudi Arabia has been through a signi cant change in the past four - ve years under the strategic umbrella of Saudi Vision 2030. There has been a quantum change in all aspects of life with Saudi Arabia becoming the hub for regional and global economic events, sports events, sustainability initiatives, cultural and entertainment events and technology initiatives. JACO has been an active participant in this initiatives through various events and sponsorships such as the Formula 1 event in Jeddah and the Formula E event in Diriyah as well a constant presence at the Saudi Design Festival. This is in addition to our various activities in exhibitions and events in the automotive landscape. We worked hard on early investments in elevating our digital services so we can be closer to our customers and use technology to know their opinions and suggestions to develop our services. We also collaborated in this regard with the biggest tech services companies to help us achieve our goals. This has been reflected in our clients’ positive reviews and compliments, in addition to the local and regional prizes we have won due to the development of our digital services. For example, we launched our integrated online service appointment system, which ensures minimal waiting time at vehicle check-in and a quicker service turnaround time. Saudi Arabia is moving forward with developing infrastructure, which includes electric cars. Will we witness full electric Mercedes-Benz cars soon in the kingdom? As you may know that Mercedes- Benz has developed and introduced numerous hybrid and fully electric models in the past few years and are at the forefront of the electric car revolution with a commitment to being a purely Electric car brand from 2030 onwards. In line with this strategy, JACO will be launching various fully electric cars starting with the EQS followed by the EQE, EQS SUV, EQA in 2023. In support of this we have developed strategic partnerships essential to providing home electric charging stations in addition to the stations at our facilities. You have focused on customer satisfaction in many areas of your talk; how do you evaluate customer satisfaction? One of our company’s strategic pillars is customer satisfaction and as such whatever we develop and implement is with an eye to this goal. We are a service provider and as such customer satisfaction is job 1. Customer satisfaction is measured at various stages of the customer journey, from vehicle purchase experience to after- sales service care. | JUFFALI AUTOMOTIVE COMPANY (JACO) Modernisation Saudi Arabia has been through a signi cant change in the past ve years under the strategic umbrella of Saudi Vision 2030, Khan believes What is new regarding the business network development in Juffali Automotive Company? We have a very aggressive and extensive network development plan for the coming three - four years, which includes building a flagship sales and service facility in Riyadh. This facility in Riyadh will be built on an area exceeding 13,000 sq m with an investment of over SAR100m ($26.6m). It will be made according to the latest Mercedes-Benz MAR 2020 standards with the creative use of digital technology. This facility will house the largest Mercedes-Benz showroom in Saudi Arabia, spread over two oors displaying over 30 cars, and a state-of-the-art Service center. This facility is scheduled to open at the end of 2023. $26.6M Juffali Automotive Company’s investment in its flagship 13,000 sq m sales and service facility in Riyadh We have a very aggressive and extensive network development plan for the coming three - four years IND USTRY | 34 Vol. 24/01, January 2023 Dubai real estate: A prosperous year ahead Buoyed by residency reforms, the future of Dubai’s real estate looks bright Global city Signi cant changes in Dubai’s legislation have continued to attract expats from all around the world Live, work and stay. Ever since Dubai opened its real estate sector to foreign investment, the city has been a boon for international investors to live and work. But they have never really chosen to stay. Until now. Why is that changing? Because investors in Dubai’s real estate sector are still getting more value for their money than any other city in the world. Prices are percent below what they should be and demand to live in the city has never been more buoyant. Last year was a record year for the emirate’s property market in terms of transactions and volume. Dubai Land Department (DLD) saw a 5 percent increase in sales volume in the last year with transactions up from 6 ,59 in to 87,9 5 in . What is it about Dubai that makes BY LEWIS ALLSOPP, GROUP CEO OF ALLSOPP & ALLSOPP arabianbusiness.com 35 45% The rise in sales volume of Dubai’s property market in 2022, according to the Dubai Land Department (DLD) It is my rm belief that in 2023, Dubai will continue to capitalise on what is happening in the rest of the world percent undervalued and that is why investors will continue to ock to the city to invest in 2023 and beyond. The other significant factor is interest rates. Despite ve interest rate hikes in the last 18 months, people are still purchasing property. It’s easy to see why when you look at how much rental rates have increased over the last 12 months. In the year to November 2022, average apartment rents increased by 27.6 percent while villas rose 25.4 percent, according to CBRE. Tenants are faced with two options; pay 30 percent more (and rising) to rent or buy a property. In many cases, resi- dents are choosing the latter. This is why residents are choosing to stay (and buy). In 2021, half of our residential sales at Allsopp & Allsopp were made by residents wishing to remain in Dubai. In 2021, we witnessed apartment sales rise 77 percent in Downtown Dubai, 90 percent in Jumeirah Village Circle and 102 percent in Business Bay, all indicating growing demand at the more a ordable end of the market. In premium locations where land is limited, demand was also high. Our apartment sales on Palm Jumeirah rose 68 percent in 2021 from 1,518 to 2,549 despite a 31 percent increase in the average sales price. They choose to invest in the city for several reasons. Firstly, they are being incentivised to stay in the country by the long-term visa options now avail- able. Secondly, they saw the 5 percent increase in the loan-to-value ratio increase in 2020, making it easier to purchase property. Despite the interest rate increases, monthly mortgage payments are still less than rent. Unlike many other countries around the world, residents on a salary enjoy a bu er of around 30-40 percent because they are not taxed on their income. Lastly, Dubai will only continue to get better. From a property perspec- tive, developers are o ering lifestyle communities with design on par with global cities around the world. It is my firm belief that in 2023, Dubai will continue to capitalise on what is happening in the rest of the world. it such an attractive place for real estate investors? The days of the city being considered a hardship post are long gone. Today, it is a world-class destination that o ers a fantastic life- style, safety and security, infrastruc- ture and an entrepreneurial spirit like no other. Signi cant changes in legislation in recent years have continued to attract expats from all around the world to work, set up businesses and raise their families in the city. The relaxation of the UAE’s visa rules in October have made it easier for expats to establish deeper roots in the country. Since the introduction of the golden visa scheme in 2019, Dubai has issued more than 150,000 Golden Visas. The introduction of retirement visas has had a similarly positive impact. Dubai consistently comes out on top in surveys that rank the best cities around the world to live and work. In November, Dubai was placed third and Abu Dhabi 16th globally for best cities to live based on ve key indicators - quality of life, ease of settling in, work- ing abroad, personal nance and an expat essentials list. It’s no wonder the city’s popula- tion reached 3.5 million in April 2022. A closer look at the nancial perfor- mance of essential utilities indicates the city is well on track to achieving its target of 5.8 million by 2040. Last month, DEWA said energy and water demand rose 5 percent and 6.4 percent, respectively, in the rst nine months of 2022. Similarly, revenue at telecom provider du rose more than 18 percent in the rst nine months of the year on the back of a rise in subscriber numbers. Which brings me to 2023. Dubai is driving sustainable growth from the very top. Continued investment in the city’s infrastructure fuelled by new non-oil streams such as the introduc- tion of VAT and in 2023, corporate tax, is making Dubai even bigger, better, smarter and safer. Its aspirations to become a city of the future have been realised. This upward curve is strikingly set against a backdrop of cost cutting and rising Industry expert Allsop says Dubai consis- tently comes out on top in surveys that rank the best cities around the world to live and work crime in many other developed cities. And yet, Dubai’s real estate sector remains woefully undersupplied. In 2021, only 27,000 new homes were handed over and only 30,000 in 2020. The maths is simple: more people are moving to Dubai but not enough prop- erty is coming onto the market. This in turn, will continue to drive up property prices throughout 2023. Prime real estate in London typi- cally commands AED9,800 per sq ft, Paris AED 8,200 sq ft and New York (Manhattan) AED8,200 sq ft. And yet, similar prime locations in Dubai don’t come close. A luxury apartment in Burj Khalifa is just AED3,000 sq ft while an apartment in the agship Atlantis, The Royal - a ve-star resort with interna- tional dining experiences, a beach and much more - is AED6,500 sq ft. In my mind, Dubai real estate is at least 20 IND USTRY | 36 Vol. 24/01, January 2023 Lessons in resilience Phygital experiences, sustainability and resilient supply chains will de ne retail in $9.2BN The projected value of the UAE ecommerce market in 2026, according to an analysis by Dubai Chamber Customer information Retailers with a developed ecommerce strategy are being rewarded with valuable data whose insights they can use to enrich the customer experience This expansion in the recent past has been spurred partly by the rapid growth of ecommerce. A Dubai Cham- ber report says ecommerce sales in the UAE reached $ .8bn in , compared to $ . bn in 9, as the Covid pandemic accelerated a global shift towards online shopping. However, unlike other markets in the west where online shopping has devastated physical shopping, brick- and-mortar retail remains relevant in the country where malls are an essen- tial part of the social fabric. Instead of online replacing physical stores, we have seen the emergence of a hybrid retail environment, referred to as phygital, that combines the strengths of online and o ine shop- ping and where both play a comple- mentary role. The challenge then for retailers in the new year is to make the ecommerce store feel like a brick-and- mortar store where staff reacts to BY MOHAMMAD A. BAKER , DEPUTY CHAIRMAN AND CEO OF GMG The UAE retail sector has put the country on the global map; its r obust post-pandemic rebound is a lesson in resilience. While rife with opportunities, the new year will require retail business lead- ers to make crucial decisions, partic- ularly toward digital transformation. arabianbusiness.com 37 The retail sector is a critical pillar of the UAE’s economy and its continuous evolution helps the country maintain its competitive edge often compare prices online to nd the best o er. This makes it more challeng- ing for brands to compete on price and highlights the need to consider other ways to attract their attention. Additionally, we see the rise of younger shoppers such as the Gen A that are more environmentally conscious and are a critical driver for the general rise in environmental and health consciousness among consum- ers. Retailers, therefore, need to align with social causes that resonate with their customers. Sustainability will take new impetus in 2023, particularly with COP27 and COP28 taking place in the region. E orts such as greening the supply chain and choosing sustainable products can motivate suppliers to develop eco-friendly products. Retailers should also demand accurate information on products’ sustainability credentials from suppliers through track and trace procedures. There are, however, some chal- lenges on the horizon. The pandemic strained global supply chains to near breaking point. Some of those disrup- tions remain, driven by a tense global geopolitical environment. The result- ing inflation will keep pressure on consumer spending across the region in 2023. It is, therefore, critical to build- ing resilient supply chains. These measures should include implement- ing decentralised supply chains and having an in-country presence. Modern eet management software can automate back-end and other administrative processes to optimise delivery. Research shows that AI-en- abled supply-chain management enables retailers to improve logistic costs by 15 percent, inventory levels by 35 percent, and service levels by 65 percent, compared with slower-mov- ing competitors. The retail sector is a critical pillar of the UAE’s economy and its contin- uous evolution helps the country maintain its competitive edge. As we head into 2023, the opportunity to inspire socioeconomic growth, herald a new sustainable future and support our communities is within reach. customers’ needs in real time. For this to happen, we will need to bridge the gap between physical and virtual retail experiences. Customers no longer distinguish between online and o ine shopping; they often start shopping in one and check out in either. I.e., retail- ers shouldn’t differentiate between online and offline because their customers won’t. Retailers with a developed ecom- merce strategy are being rewarded with valuable data whose insights they can use to enrich the customer experience. Improved access to advanced AI tools, even for smaller retailers, means they can leverage these insights to anticipate what consumers want, improve customer service at the individual level, and herald a new hyper-personalisation age. Therefore, we expect to see further investment in digital trans- formation in 2023 to lower costs, streamline supply chains and improve customer service. An ideal ecommerce strategy has the mobile at its heart, and we expect to see smartphones gradually replac- ing desktops as the shopping platform of choice in the new year and beyond. Indeed, the Dubai Chamber report highlighted the impact mobile devices have in ecommerce, used to drive $2.6bn in sales, accounting for 44 percent of the total ecommerce market value. Additionally, mobile retail sales are expected to record a 15.6 percent annual growth over the 2022-2026 period to reach $4.6bn. Moreover, smartphones have lowered the barrier to entry for cutting-edge technologies such as augmented real- ity (AR) and virtual reality (VR). Experts see AR/VR as the next evolu- tion in online shopping, allowing customers to do virtual try-ons for fashion, accessories and makeup in the comfort of their homes. Custom- ers have embraced these interactive, immersive experiences that turn shopping into a fun, shared experi- ence. These virtual try-ons also help reduce the burden of product returns, which costs $761bn annually to US retailers alone. Customer rst Baker says Gen Z shoppers are highly value-driven and often compare prices online to nd the best offer Mobile devices are also vital to unlocking the emerging social commerce (scommerce) opportunity, where the entire shopping journey takes place on social media platforms. Social media is near-ubiquitous in the region, with 98 percent of young Saudis surveyed by the Arab Youth Survey country saying they use Snap- chat daily. Social media’s interactive nature leads to higher sales conver- sions than traditional ecommerce. Snap Inc. research shows that the so-called Snapchat Generation possessed $425bn in spending power in MENA last year. The increased digitisation of retail is the key to attracting younger shop- pers. Gen Z overtook millennials last year, accounting for 32 percent of the global population. With almost $100bn in spending power, empowering this digital-native demographic with a streamlined digital shopping experi- ence is essential to thriving in 2023 and beyond. However, Gen Z shoppers di er fundamentally from previous genera- tions. They are highly value-driven and IND USTRY | 38 Vol. 24/01, January 2023 Where is the nance sector heading in 2023 It’s a good year to be in the ntech sector in the UAE Economic contributor Regulation of the ntech sector in the region is on the rise, with the UAE leading the way These are good days for tech entrepreneurs in the UAE. A white paper released by Mastercard during GITEX Global , showed that ntech startups in MENA recorded a percent growth in funding in , with most of the ntech funding deals ( percent) and funding capital ( 9 percent) focused on the UAE. This growth is being helped by a range of initiatives that place the UAE at the forefront of ntech adoption. Abu Dhabi Global Market (ADGM) has a developed ntech regulatory frame- BY RAMESH JAGANNATHAN , NYU ABU DHABI RESEARCH PROFESSOR OF ENGINEERING AND STARTAD MANAGING DIRECTORarabianbusiness.com 39 Capital gains The ADGM has a developed ntech regulatory framework and a highly active ntech environment The MENA region is expected to have 45 ntech unicorns by 2030, a tenth of global numbers by Tamkeen and anchored at NYU Abu Dhabi, I’ve had the privilege of seeing how these developments are aiding and catalysing startups in the region. New rules Moving forward, greater access and collaboration is needed between banks, regulators, and industry play- ers, including startups. Financial services will become more e cient, competitive, inclusive and decen- tralised as a result of these relation- ships and shared objectives. As previously mentioned, regula- tion of the ntech sector in the region is on the rise, with the UAE leading the way. The next stage is for cross-border collaborative partnerships to allow companies from one country to oper- ate seamlessly in the other. These developments will allow fintechs to disrupt and come to the market faster. Big organisations nd it very di cult to disrupt their business models, including banks. In contrast, startups are bringing sophisticated technology to the market, and Abu Dhabi is serving as a launch pad for global entrepreneurs to build and scale their business across the MENA and South Asia region. The MENA region is expected to have 45 fintech unicorns by 2030, a tenth of global numbers. Exciting times are ahead this year for businesses, and consumers will reap the rewards. work and a highly active ntech sand- box that provides a controlled environ- ment to develop innovative solutions. The UAE’s Securities and Commodities Authority established a system of laws for anyone who wishes to o er crypto assets within the UAE back in 2020, while the Dubai Finan- cial Services Authority (DFSA) in 2021 published a consultation paper, Framework for Regulating Security Tokens concerning DIFC’s regulation plan for the free zones. In May last year, the Dubai-based free zone DMCC launched its Crypto Centre, a hub designed to support businesses operating in the crypto and blockchain sectors. As a result of this continued build- out of infrastructure, the UAE houses almost 50 percent of the Middle East ntechs. The question now is how we build upon this infrastructure to bene t SMEs and the economy at large in the region. Banking on innovation We expect to see more innovations within banking in 2023. Demand for digital payments and other ntech services surged during the Covid-19 pandemic as more people used online banking and other contactless technologies. The UAE recently approved a new digital banking platform, Wio, backed by ADQ. Last year saw the launch of Yap, and other digital banking o er- ings such as Liv by Emirates NBD and Mashreq Neo. But what is really helpful for ntechs is the work being done to help resolve issues related to regulation, payments, raising funding rounds, among others. Abu Dhabi-based NymCard has partnered with Fintech Payment Solu- tions to bring end-to-end payment solutions in the region. This will help this new generation of neobanks deliver digital solutions to Emirati businesses and consumers. This summer, Abu Dhabi Islamic Bank (ADIB) launched its rst appli- cation programming interface (API) developer portal, allowing fintech Rising numbers The UAE houses almost 50 percent of the Middle East ntechs, Jagannathan says developers to build new products that interact with the lender’s platform. This will have enormous bene ts to ntech startups. As arti cial intel- ligence and machine learning contin- ues to develop, ntechs will be able to harness enormous amounts of data, creating a positive feedback loop of new products and services, under- pinned by information on their customers’ needs. As the managing director of startAD, the global startup accelerator powered Next >