Blockchain technology is leading a new technological revolution and industrial transformation which will look set to the world by storm. It is considered as the most promising and imaginative technological innovation in the world as governments are becoming more open to the concept of blockchain technology.
The UAE, a ubiquitous oil producing desert country in West Asia, is highly regarded as one of the world’s economic powerhouses. It is open to global blockchain technology and its’ government is looking into areas of the domestic financial sector to implement blockchain technology. Some areas include the development of cross-border payment systems, establishment of personal information and blockchain databases in the finance sector as well as blockchain financing channels, etc.
Dubai is the most populous city in the UAE. It is the financial nucleus of the Middle East and the richest city in the region. Blockchain technology was particularly well received and in 2018, several blockchain summits were held to explore the future development of the aforementioned.
The 8th Annual Middle East 2018 Banking Innovation Summit which was held from 17th to 18th September, explored emerging technologies, developments and trends in the blockchain industry as well as new opportunities for financial institutions across the UAE. The summit aimed to promote the accelerated development of global financial technology. In the past seven years, the Middle East Banking Innovation Summit has become the largest platform for the showcase of banking technology in the region. During this year’s summit, more than 450 senior industry experts and leaders gathered to discuss the changes and future trends of emerging technologies in the banking industry. Additionally, more than 800 entrepreneurial elites attended the summit.
The sponsors and partners of the summit are well-known companies that hail from the computer industry which included the likes of IBM, Microsoft, COMARCH, HITACHI, Wirecard, HCL and many other large firms much to the fanfare of the attendees. The company is very honoured that Rapidz was invited to participate in the summit as we successfully demonstrated the latest products of Rapidz. This enabled numerous people to witness the power and convenience of Rapidz, which helped the company penetrate the market.
Rapidz as the pioneer of blockchain innovation and entrepreneurship, has issued the digital currency Rapidz which is gaining mass popularity globally. Rapidz believes that the UAE is a hotbed for financial technology which has massive potential for growth, and the company is eager to enter the market. Participating in this summit is the herald to the company’s official entrance into the UAE market which marks an exciting prospect in the company’s development.
Some hightlights during our event.