Banks globally spend over $250 Billion on technology, and this number is ballooning. Driven by the FinTech revolution, banks are investing in a range of products to meet customers’ needs, seeking instant solutions on a digital platform. The COVID-19 pandemic, that has gripped the world, has accelerated spends on technology and hastened partnerships with FinTechs.
The new decade will witness FinTechs offering products that will deeply overlap with that of traditional banking technology. Be it Payment, Analytics or the newer RegTech or Insuretech they are a force to reckon with.
Cedar has setup its FinTech lab called the CedarIBSI FinTech Lab in Dubai Internet City that will help FinTechs access that Middle East banking technology. This is a 178 bank big, $2 Trillion asset book size opportunity that spends $10 Billion annually on technology. This also provide banks, financial institutions and insurance companies an opportunity to test and experience radical business models and emerging technologies by global FinTechs within the region in an innovative lab environment.
How we add value
Cohort member benefits include:
- Market Access: Provide start-ups, emerging and recognized suppliers an opportunity to access banking opportunities within the region leveraging Cedar’s 20 year presence and markets connects assisting banks in developing & executing technology transformation.
- Virtual Sandbox: The Lab will offer a virtual sandbox (powered by Finastra’s Fusion Fabric) to banks & suppliers to allow for rapid product showcasing, but more importantly quick POCs supported by Cedar’s project management capability.
- Investor Access: Cedar will leverage its connects with family offices, private investment offices, VC, and PE funds encouraging them to carefully evaluate & potentially invest in FinTech firms seeking capital.
- Growth Enablers: Cedar’s strategy consulting teams can assist cohort members with regional and global corporate growth strategy leveraging its 30 year expertise in this area.
- Lab Facilities: The state-of-the art Lab facilities include private cloud, hot seats & conference room facilities, sanitized data sets of bank customer data that can be used in a POC, and range of other standard work space conveniences.
- Marketing: Be part of monthly marketing activities that include Webinars, Newsletters, and EDM campaigns to promote your offering.