SPECIALIST INSIGHT
unique to it that only FinTechs can meet quickly and efficiently .
Another trend is Buy Now Pay Later ( BNPL ). FinTechs are important to this as they help in identifying underlying risks quickly and they can pass on acquired contextual knowledge to banks to help them with BNPL .
The third trend is offers , specifically analytics and insights , which are distinct for an individual or company . This is driven heavily by FinTechs as well , as they have Points of Presence ( PoP ) around data .
Cryptocurrency is yet to enter the regular banking sector but I ’ m sure it will , and when it does FinTechs will also be a big player .
How has the UAE government supported FinTechs and wider organisations within the financial sector ?
There are a few ways the UAE government is supporting FinTechs . One is creating bases for start-ups , such as Hub71 in Abu Dhabi , meaning that there is now a welllaid-out plan of how businesses should setup and conduct their operations with as little friction as possible .
Business sustainability in the Middle East will depend on how the revenue streams are increased .
The second area is talent . The government has made it easier for foreign talent to acquire visas and they process them quickly . All Middle Eastern countries , to some extent , are dependent on external talent to address a skill shortage , but there is also a well-thought-out approach to building local talent . TCS is proud to play a part in this and support young talent coming out of the region . In fact , our flagship programme , TCS goIT , addresses STEM education in schools , particularly for young girls . This is being driven firmly by us throughout the UAE and KSA to tackle the regional skills shortage .
What are the innovation requirements specifics to this region ?
There are three specific innovation needs in the Middle East : transport , transform and transact .
Firstly , transact is based in blockchain and the innovations happening around it , such as the dealing of multiple currencies . I might need to pay someone in GBP but my local currency is USD , so I create that transaction by exchanging those currencies .
While transport is defined as doing an activity virtually without actually being present . For example , you can book an airline ticket sitting at home , but the ticketing is happening elsewhere – that is transportation because you are using the virtual world for something else .
Meanwhile , transform is the ability to make a contextual impact on a situation or a person . You look at a company ’ s ecosystem and its knowledge , draw from multiple sources and produce something specific to them . An example of this is walking down the street and getting a message on your phone for a shop 30 metres ahead with tailored , personalised offers for you . As such , you ’ re more likely to go into that shop and buy something . However , in the Middle East , we have mostly seen the first two in action , with transform yet to take off .
How has TCS built innovation ecosystems regarding these requirements and how are these aiding the aforementioned trends ?
Transport , transform , and transact are concepts we ’ re very passionate about . One example of transport is TCS designing a virtual training programme for engineering graduate trainees in Saudi Arabia . This large oil company had a complex series of
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