As the world continues to grapple with the outbreak of Covid-19, and the economic effects resulting from movement restrictions, we are now slowly seeing which changes have worked and those that haven't.
While countries are loosening restrictions now and governments are gearing up to reopen economies, there is still fear over what now and what next. As businesses gradually restart operations and people venture out cautiously, technology continues to take centre stage.
In normal times, adapting to new ways of living can take time but the pandemic has seen many adopt new technologies very quickly. This disruption has propelled businesses and institutions into an overdrive towards digitalisation.
FinTech is one such technological advancement – particularly across the Middle East and North Africa – with the Covid-19 outbreak accelerating this journey in a big way.
FinTech companies were involved in 2,693 deals in 2019 worth $135.7 billion (Dh498.4bn), according to KPMG's Pulse of FinTech survey. That is 3.7 per cent below the $141bn record set a year earlier. Nevertheless, the movement towards FinTech has gone full speed ahead and we will certainly derive the benefits of these headwinds.
There are 9.06 million people that use mobile internet in the UAE, according to Global Media Insight, making them all smartphone users. The report found web traffic across various devices is derived in the following way: 54.5 per cent from mobile phones, 44 per cent from laptops and desktops and 1.5 per cent from tablets.
Being extremely digitally connected means carrying out transaction-related activities through devices. The pandemic saw residents switch from being in-person purchasers to increasingly depending on online transactions, in turn accelerating the growth of FinTech in the UAE and the wider region.
This has come as a nudge for digital services in the UAE’s banking and finance sector, which continues to embrace the global trend where typically the banking sector has been slower to evolve than most as it remains dependent on traditional business practices.
There is also an increasing need for efficient and user-friendly digital banking solutions in the country to help with seamless and quick transactions. In the UAE, remittances to home countries are very important for many expatriate households. Many exchange houses and banks have taken this into account by increasing their digital offerings amid growing competition and making transfers more convenient during the movement restrictions.
There is also an increasing need for efficient and user-friendly digital banking solutions in the country to help with seamless and quick transactions
Although the restrictions are being lifted, the convenience of online banking and remittance services will continue to be adopted, even by traditional bankers. It saves time and is digitally documented for ease of reference. Mobile wallets like Apple Pay and Samsung Pay, among others, are also easy to use for consumers and offer contactless payments at a time when they are really needed.
According to KPMG’s UAE Banking Perspectives report, despite the challenges presented by Covid-19, there is an increasing focus on open, connected banking, and successful organisations tend to be those that put their customers at the heart of their strategy.
Banks are also increasingly exploring the concept of ‘banking the ecosystem’, which refers to an interconnected set of services, where customers can undertake a number of banking and financial needs in a single unified experience.
This integration may be small steps towards a more sustainable and holistic banking experience that can increase customer satisfaction and in turn help banks diversify and build additional revenue streams.
In an era of rapid digitalisation and FinTech being key to economic growth, the banking sector in the UAE must continue to innovate to remain agile and lead by example. The businesses and industries know and understand that customers and their needs should be foremost. To be able to serve better, they must transform in a way where transparency and agility is key.
Another early technological adoption the country has seen is the transition into distance learning. In May, for example, the Minister of Education, Hussain Al Hammadi ensured the continuity of distance learning for more than 1.2 million students in the UAE through the use of modern technologies.
With the UAE's preparedness showcased over the past few months, it remains to be seen what course the new normal takes. Now, more than ever, digitalisation and FinTech are propelling growth for many industries. There is so much more to be done, but the start is in the right direction. It is important to continue along this path, keep up the momentum and sustain it, as this is now the future, and it is here to stay.
Jamal Al Jassmi is the general manager of Emirates Institute for Banking and Financial Studies
Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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Autumn international scores
Saturday, November 24
Italy 3-66 New Zealand
Scotland 14-9 Argentina
England 37-18 Australia
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
World Cup League Two
Results
Oman beat Nepal by 18 runs
Oman beat United States by six wickets
Nepal beat United States by 35 runs
Oman beat Nepal by eight wickets
Fixtures
Tuesday, Oman v United States
Wednesday, Nepal v United States
The Byblos iftar in numbers
29 or 30 days – the number of iftar services held during the holy month
50 staff members required to prepare an iftar
200 to 350 the number of people served iftar nightly
160 litres of the traditional Ramadan drink, jalab, is served in total
500 litres of soup is served during the holy month
200 kilograms of meat is used for various dishes
350 kilograms of onion is used in dishes
5 minutes – the average time that staff have to eat
RESULT
Kolkata Knight Riders 169-7 (20 ovs)
Rajasthan Royals 144-4 (20 ovs)
Kolkata win by 25 runs
Next match
Sunrisers Hyderabad v Kolkata Knight Riders, Friday, 5.30pm
The cost of Covid testing around the world
Egypt
Dh514 for citizens; Dh865 for tourists
Information can be found through VFS Global.
Jordan
Dh212
Centres include the Speciality Hospital, which now offers drive-through testing.
Cambodia
Dh478
Travel tests are managed by the Ministry of Health and National Institute of Public Health.
Zanzibar
AED 295
Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.
Abu Dhabi
Dh85
Abu Dhabi’s Seha has test centres throughout the UAE.
UK
From Dh400
Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.
