GITEX Global is one of the biggest tech events in the world. Taking place from the 17th-21st October at Dubai World Trade Centre, GITEX brings together global industry leaders, startups and game-changers to unveil the future.
The 41st edition of the event has seen the participation of over 3,500 exhibitors from over 140 countries and brings together innovators in artificial intelligence, 5G, Cloud, cybersecurity, blockchain, fintech and more. These themes are explored across six events – Gitex Global, Ai Everything, Gitex Future Stars, the Future Blockchain Summit, Fintech Surge and Marketing Mania – which come together to showcase the technology sector.
Here at The Fintech Times we have been covering the latest announcements from the companies who have been attending through the week. Here is just a selection of some of the top news announced at the event.
Sheikh Mohammed Visits Gitex 2021
As well as seeing thousands of visitors attend, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, visited Dubai Gitex 2021 on Wednesday, October 20.
On Twitter, he said, “GITEX represents our national aspirations for the future economy.
“GITEX also represents the UAE in bringing together the East and West of the world to formulate their future technical aspirations.”
Hub71 Announces Winners of the Outliers Program
Hub71, Abu Dhabi’s global tech ecosystem, announced the outliers that rose to the challenges set by Hub71 corporate and government partners. The first edition of Hub71’s The Outliers program, an annual initiative that bridges entrepreneurs with corporate and government entities to promote innovation and address industry challenges, has gathered exceptional talent from more than 40 countries. Each startup will benefit from up to AED 100,000 in cash grants to fund the development of their proof of concepts (POCs) that will solve challenges of leading major corporate and government partners in Abu Dhabi.
Six challenges were set, and seven startups were selected to build and scale their POCs. Each startup will now work alongside their respective partners to develop their corresponding tech products at Hub71 and take them to market.
Mashreq Bank selected two winners of its challenge to become a Value Added Services partner. The bank selected Zoko from India, which makes it easy for online merchants to conduct sales, marketing and customer support using WhatsApp, and Letswork, a startup dedicated to the future of co-working spaces.
Mastercard selected SEDRA, which provides cutting-edge payments and software solutions to enterprise businesses that simplify their services using blockchain; machine learning and AI; data analytics and science.
Finally, Thales targeted the services of startups to develop a hands-free voice-activated chatbot to guide experts during radar maintenance procedures. The company selected AR Engineering, a UAE-based company that deploys interactive augmented reality (AR) virtual reality (VR), mixed reality and extended reality (XR) to improve the user experience and bring the physical world closer to a remote setting.
Hub71 and AWS Accelerate Startup Growth on the Cloud
Hub71, is also collaborating with Amazon Web Services (AWS) to provide tech startups with support to build scalable and secure cloud-based services that accelerate their growth. The collaboration offers Hub71 startups access to AWS Activate, a program that provides tools and resources to help startups innovate and scale faster. Through AWS, startups can experiment frequently and optimise business performance, while reducing technology costs. Hub71 startups will benefit from AWS Activate credits worth up to US$100,000 for each, in addition to AWS Support credits. They will also have access to technical support and architectural guidance from AWS Cloud support engineers, as well as technical and business success training by AWS experts.
Jida Itani, Chief Operating Officer, Hub71, said: “Our support infrastructure for the startups community continues to expand the more we learn about our founders’ needs. Joining forces with Amazon Web Services unleashes a multitude of opportunities for our startups, who will be able to take more advantage of cloud solutions as they look at scaling their businesses. Marc Andreessen once said in an interview that ‘software will take over the world’, and today we see that, with all our successful startups with robust tech stacks that are shaping the technological landscape and contributing to a notable economic shift.”
Trend Micro lauds DDA’s efforts for its excellence in cybersecurity
Trend Micro Incorporated, a global leader in cybersecurity solutions, recognised the Department of Digital Ajman (DDA), for placing cyber security at the centre of its strategy, vision, and commitment to enhance the competitiveness of the Emirate.
During GITEX Global 2021, Trend Micro presented DDA with a special award for its excellent contribution in championing to secure the Emirate’s digital transformation journey, in line with the Ajman vision.
“The pandemic has forced the world into a digital era where cyber security becomes a critical component to protect our society at large,” says H.E. Mrs. Dina Fares, Acting Director General at DDA, “With our continued efforts to pursue the Ajman vision, we strive to transform the Emirate into a modern and integrated city, and that calls on us to choose trusted partners that will protect our digital journey. Trend Micro has provided us with exactly what we needed to enhance our security posture. This partnership has accelerated DDA’s digital strides and will continue to support our future efforts as we work towards achieving our vision.”
Crypto Sector Requires ‘Ethical’ Growth to Drive Opportunities Across Multiple Sectors
The transformative potential of multi-industry Blockchain technologies and fintech was in the spotlight as the 4th Future Blockchain Summit and inaugural edition of Fintech Surge got underway as part of GITEX.
Dr Farzam Kamalabadi, president of the Future Trends Group and Executive Chairman of Hyper Optimum Organisation (HOO), a Blockchain assets service platform, emphasised the need to evolve the sector in an ethical way in his address.
Dr Kamalabadi discussed his own ambition to create a framework and system that would offer potential for multi-dimensional growth while onboarding non-crypto communities. He said: “Through a methodology of what I call vortex creation, the swap of shares and hubs and extraction coins, we can create clusters and grow into conglomerate creation, bringing in many more projects and increasing traders.
“Through multi-linear and multi-dimensional growth, organisations can multiply quickly, and help others to progress in the correct way. The industry currently has a mix of correct and incorrect ways of operating; it is full of successes and many more failures. We want to reduce those failures and increase the successes by sound methodology and wealth generation that contributes to society, spreading the wealth generation to more than a few institutions.”
PROW Implements Solution for United Arab Bank to Enhance Network Detection and Response
PROW, a Dubai-based provider of system integration and professional IT and ICT services, has implemented the Reveal(x) solution from ExtraHop, the leader in cloud-native network detection and response (NDR), for United Arab Bank (UAB) to ensure unrivalled visibility within its network and improve cyber security across its applications and services.
Ayman AlQudsi, Chief Information Officer at United Arab Bank said: “We are delighted to be recognised for being the first bank to implement the NDR solution from ExtraHop in the region. At UAB, client-centricity is at the forefront of our priorities, and we are adopting cutting-edge technologies to provide the best possible experience for our customers.”
The ExtraHop Reveal(x) 360 platform uses the power of cloud intelligence to help security teams eliminate blind spots and detect threats other tools miss. Built on cloud-scale AI, Reveal(x) 360 decrypts and analyses all network and cloud traffic in real-time to expose advanced threats like supply chain attacks, zero days, and APTs. Indexed records and a streamlined investigation workflow enable users to investigate and quickly remediate threat activity.
Aqarchain showcases First Global blockchain platform offering fractionalised NFTs for Properties
Aqarchain.io, a leader in Proptech, FinTech real estate and hybrid real estate investment, has showcased the first global blockchain-powered real estate crowdfunding marketplace, where investing in real estate is as easy as investing in shares on the stock market. Aqarchain.io has presented the first global blockchain platform to offer fractional NFT for properties during Future Blockchain Summit in Dubai UAE.
Waqas Nakhwa, Founder and CEO of Aqarchain states, “The Aqarchain platform, our flagship product, is a crowdfunding investment platform that aims to make investing in real estate as easy as investing in shares in the stock market. Our real estate fractional NFTs will be issued on the Polygon Chain, but in the future we will be able to bridge them to other chains including Ethereum, Binance, Tezos, and Polkadot depending on how our DAO (Decentralized Autonomous Organization) token holders vote. In doing this, we will be offering a bigger secondary marketplace to trade these NFTs.”
Fujairah Finance Department in cooperation with the Fujairah E-Government sign a strategic agreement with JAGGAER
JAGGAER and The Finance Department for Fujairah Government in cooperation with Fujairah E-Government has officially announced a new seven-year partnership during a signing ceremony which took place at GITEX. The partnership will see the government department transform their sourcing and supplier management processes through the implementation of JAGGAER’s source-to-pay platform, JAGGAER ONE.
The intuitive platform will enable better sourcing decisions, faster cycle times, and streamlined data processes for enhanced collaboration and supplier relationships through capabilities including electronic sourcing and supplier and contract management.
H.E Sheikh Eng. Mohammed Bin Hamad Bin Saif Al Sharqi Director, Fujairah E-Government Department, said: “JAGGAER’s SaaS-based source to pay solution was the ideal fit for our requirements and aligned perfectly with our business strategy.
“Autonomy and connectivity across our entire procurement supply chain are of the utmost importance – the JAGGAER ONE system provides the tools to develop more insightful supplier relationships with a flexible and intelligent system. We can also ensure on-time delivery through their sourcing technology, which enables us to deliver the best services while also driving additional value.”
Policybazaar UAE is integrating with Al Etihad Credit Bureau to run real-time Credit Score eligibility checks
PB Fintech FZ (‘Policybazaar UAE’), an online financial aggregator has entered into a technical/API integration with Al Etihad Credit Bureau (AECB) to implement real-time eligibility checks for credit card applications based on the AECB Credit Score and banks’ approval criteria. Customers of Policybazaar UAE can now apply for credit cards having an immediate indication of the chance of their application to be pre-approved based on their AECB Credit Score, which will be pulled automatically by the system. This pre-eligibility check will help enable banks to approve the application faster. Policybazaar.ae will bear the costs of the AECB Credit Score, which will be displayed real-time on-screen and delivered to the applicants via email by AECB.
Marwan Ahmad Lutfi, CEO of AECB said: “This new access channel will make our credit scores easily accessible by individuals through multiple digital distribution channels. Our system now allows marketplaces, aggregators, and potentially any digital platform to integrate with AECB’s systems through APIs. This will enable individuals in the UAE to obtain their AECB Credit Scores through digital channels thereby facilitating access to credit information and making the credit score an integral part of business practice.”
WORKS No-Code Platform helps simplify complex business operations
As constantly evolving innovation compels Middle East organisations to rebuild their business process, WORKS No-Code Platform – which allows for the construction of high-quality, enterprise-grade tailor-made applications without coding –showcased at GITEX Global.
Unlike other low code platforms, WORKS allows businesses to handle complex operations by setting up a simple interface from which they can build intelligent and agile business-aware applications.With WORKS No-Code Platform, clients define their business needs and the functionalities to be computerised, then make the settings in WORKS by simple mouse operations and without coding. They then start using the application immediately without any compilation or deployment.
Yassir Houmame, WORKS, Co-Founder said:“Digital disruption is no longer speculation on possible future outcomes. The traditional software coding era has come of age and the industry shift is already here. Software creation will never be the same again.”