AN ITP MEDIA GROUP PUBLICATION MARCH 2024 • ISSUE 02 Mastercard’s Amnah Ajmal on increasing women’s role in fi nancial decision-making, diversity and more REDEFINING THE FACE OF FINANCE fi nancemiddleeast.comMarch 2024 | 3 EDITOR’S LETTER W elcome to the latest edition of Finance Middle East! Following the resounding success of our inaugural issue, we are thrilled to present our newest edition with an even more robust lineup of stories and insights. Our cover story features an exclusive interview with Amnah Ajmal, Executive VP of Market Development EEMEA at Mastercard. Ajmal off ers invaluable insights into Mastercard’s pivotal role in driving innovation, sustainability and fi nancial inclusion. She discusses the company’s strategies and vision, highlighting its mission to empower economies and facilitate global connectivity with unparalleled effi ciency and security. In our spotlight feature, we delve into the transformative impact of fi ntech on various fi nancial services, including payments, lending and wealth management. Through improved system connectivity, enhanced computing power and reduced data costs, fi ntech is challenging traditional banking models. We also engage industry experts to gather insights into the future of fi nance amidst this disruptive wave. As we celebrate International Women’s Day this March, our special feature shines a light on some of the leading female leaders in the Middle East. We engage in conversations about diversity, gender parity and the pivotal role of women in fi nance. These inspiring leaders also share invaluable advice from their personal journeys, off ering insights into navigating and excelling in the fi nance industry. With that, I’ll let you get to reading. Nivetha Dayanand Editorfi nancemiddleeast.com4 | March 2024 CONTENTS 16 10 20 28 GCC NATIONS SET AN EXAMPLE IN CYBER RESILIENCE With cybercrime on the rise, the Middle East seeks to safeguard its investments HOW FINTECH IS TRANSFORMING FINANCIAL SERVICES LANDSCAPE Fintech is disrupting fi nancial services with new models, but slower growth highlights the need for collaboration and innovation for future success LEADING WITH PURPOSE Mastercard’s Amnah Ajmal on fostering innovation, driving fi nancial inclusion, sustainability and more AI, QUANTUM COMPUTING AND ETHICAL GOVERNANCE TO RESHAPE FINANCE AI futurist Zack Kass foresees ethical AI integration dominating the fi nancial sector 10 20 16 28fi nancemiddleeast.comMarch 2024 | 5 42 34 46 54 GENERATIVE AI: A BANKING REVOLUTION Mashreq’s Radu Topliceanu on new technologies and the power of personalised banking experiences WOMEN OF STANDARD CHARTERED Leaders you know, stories you don’t SHE’S THE CEO The women leading the Middle East fi nance sector INVESTMENT OUTLOOK 2024: DIVERSIFY AND STAY CAUTIOUS In 2024, navigating market shifts requires a strategic approach 34 46 54 42fi nancemiddleeast.com6 | March 2024 PO Box 500024, Dubai, UAE Tel: +971 4 444 3000 Web: www.itp.com Offices in Abu Dhabi, Dubai, London, Mumbai, Riyadh & Geneva ITP MEDIA GROUP CEO: Ali Akawi Managing Director: Alex Reeve EDITORIAL Group Editor:Kate-Lynne Wolmarans Tel: +971 4 444 3541 email: kate.wolmarans@itp.com Editor:Nivetha Dayanand Tel: +971 4 444 3887 email: nivetha.dayanand@itp.com Deputy Editor:Beatriz Valero Tel: +971 4 444 3413 email: beatriz.valero@itp.com Commercial Editor:Angitha Pradeep Tel: +971 4 444 3278 email: angitha.pradeep@itp.com ART Art Director: Amjad Ayche Art Editor: Tofi q Memon Contributing Designer: Muhammed Nahas ADVERTISING Group Commercial Director: Anup Nagpurkar Tel: +971 4 444 3573 email: anup.nagpurkar@itp.com Senior Commercial Manager: Ines Ben Rejeb Tel: +971 4 444 3223 email: ines.benrejeb@itp.com PHOTOGRAPHY Videographer:Muhammad Kaleem Senior Video Editor:Liju Cheruvathur Social Media & Production Manager: Andy Ruedas PRODUCTION Production Manager:Denny Kollannoor Production Coordinator: Manoj Mahadevan Senior Image Editor: Emmalyn Robles DISTRIBUTION Distribution Coordinator: Avinash Pereira Circulation Executive: Rajesh Pillai MARKETING Director of Awards & Marketing:Daniel Fewtrell ITP GROUP CEO: Ali Akawi CFO: Toby Jay Spencer-Davies The publishers regret that they cannot accept liability for error or omissions contained in this publication, however caused. The opinions and views contained in this publication are not necessarily those of the publishers. Readers are advised to seek specialist advice before acting on information contained in this publication which is provided for general use and may not be appropriate for the reader’s particular circumstances. The ownership of trademarks is acknowledged. No part of this publication or any part of the contents thereof may be reproduced, stored in a retrieval system or transmitted in any form without the permission of the publishers in writing. An exemption is hereby granted for extracts used for the purpose of fair review. PUBLISHED BY AND © 2024 ITP MEDIA GROUP FZ-LLC. WEDNESDAY 15 TH MAY 2024 DUBAI, UAE CELEBRATING EXCELLENCE AND INNOVATION IN THE MIDDLE EAST FINANCE SECTOR SCAN TO VISIT WEBSITE SPONSORSHIP ENQUIRIES Ines Ben Rejeb Senior Commercial Manager T: +971 4 444 3223 M: +971 54 429 6109 E: ines.benrejeb@itp.com NOMINATION ENQUIRIES Nivetha Dayanand Editor T: +971 4 444 3887 E: nivetha.dayanand@itp.com itp.events/FinanceMiddleEastAwards NOMINATIONS ARE NOW OPEN Deadline: Friday 29 th March 2024 NEWS fi nancemiddleeast.com8 | March 2024 Q atar Investment Authority (QIA), the country’s sovereign wealth fund, has announced its plans to launch its fi rst venture capital (VC) fund of funds, a strategic investment programme to foster innovation in Qatar. The fund of funds programme will invest more than $1 billion in international and regional venture capital funds to foster innovation, with a specifi c focus on the tech sector, including fi ntech, edtech and healthcare initiatives. “QIA is launching this programme to help ensure that innovative businesses can readily access capital and support from VC funds, enabling them to scale operations and expand market presence in Qatar, across the GCC and ultimately onto the international stage,” said Mansoor Ebrahim Al-Mahmoud, CEO of QIA. The programme will primarily invest indirectly via other VC funds but can make targeted co-investments with the participating funds. It will “not invest in private equity, debt, or any other funds”, according to the statement. The programme will attract leading international VC funds and entrepreneurs to Qatar and the wider GCC region, bringing deep startup expertise and contributing to the growth of a local and regional base of venture capitalists and founders. Fund managers wishing to raise funds must demonstrate a solid track record, including consistently strong commercial performance. They will also be required to show a commitment to Qatar and be set to play an active role in the GCC VC and startup ecosystem. Currently, Qatar does not have a pool of capital dedicated to supporting businesses that are past seed funding and are ready for Series A to Series C investment rounds. Qatar has recently made strides to foster innovation and digitalisation. The country’s central bank has recently launched an instant payments platform, and the country has signed a collaboration agreement with the World Economic Forum (WEF) to establish a Center for the Fourth Industrial Revolution (C4IR) in Qatar.NEWS fi nancemiddleeast.comMarch 2024 | 9 E gypt has signed Memoranda of Understanding (MoUs) with seven global developers, with expected investments in green hydrogen and renewable energy worth $41 billion over the next 10 years. DUBAI’S PARKIN TO OFFER 24.99% STAKE IN IPO EGYPT BRINGS IN $40 BILLION IN SUSTAINABLE DEVELOPMENT INVESTMENTS The company plans to list on the Dubai Financial Market on March 21 Egyptian Minister of Planning and Economic Development Hala Al-Saeed said that the agreements represent a new step for the Sovereign Fund of Egypt (TSFE) in its investment partnerships with major global companies to establish green hydrogen projects in the Suez Canal Economic Zone. She added that the agreements are expected to bring in investments of $12 billion for the pilot phase and $29 billion for the fi rst phase, for a total of $40 billion over 10 years. The agreements cover a wide range of projects, including the production of green hydrogen, green ammonia and renewable energy. P arkin, the Dubai-headquartered parking space operator, will off er a 24.99% in an initial public off ering (IPO) in the Dubai Financial Market (DFM). The company’s IPO will be the fi rst to take place this year in the UAE. The off er price range will be announced on March 5. Subscriptions will start on that date and end on March 12 for the fi rst tranche for retail investors and on March 13 for institutional investors. “The sale of 749.7 million ordinary shares with nominal value of AED 0.02, each representing 24.99% of the total issued shares in the company will be sold by the company’s sole shareholder, mainly, the Dubai Investment Fund,” the company said in a prospectus published in DFM. As part of the off ering, as much as 10% of the public fl oat will be off ered to retail investors, with a minimum subscription amount of AED 5,000. They will be guaranteed to receive a minimum of 2,000 shares apiece. Parkin plans to list on March 21, with the fi nal off er price set on March 14. The company’s 2023 revenue stood at AED 779.4 million, a consistent growth from AED 686.2 in 2022 and AED 590.6 million in 2021. Parkin’s 2023 net profi t was AED 414.4 million. Investors have shown interest in green hydrogen, green ammonia, and renewable energyNext >