Innovation is two-way street between fintechs and traditional banks, say panellists

[ABU DHABI] Innovation in the financial-services space is not just the work of fintech start-ups, but can also arise from the collaboration between these fintech players and traditional banks, said the chief executive of a bank in the United Arab Emirates (UAE) on Tuesday (Nov 15).

Raheel Ahmed of Rakbank, headquartered in the Emirate of Ras Al Khaimah in the UAE, said that the view that traditional banks are large and slow-moving is likely outdated; banks are rapidly innovating today and contributing to the sector’s innovation.

He was speaking at a panel discussion on how big banks drive innovation at the Abu Dhabi Finance Week 2022 on Tuesday (Nov 15). The event is an investment and finance forum held in Abu Dhabi from Nov 14 to 18.