The Future of FinTech Collaborations Seminar in the Middle East
18 Dec 2017
On Monday 13 November, Simmons & Simmons hosted an interactive seminar on the Future of FinTech Collaborations at FinTech Hive in the Dubai International Financial Centre.
Angus McLean, our London-based Global Head of FinTech, along with our award winning Middle East FinTech team, comprising Partners Raza Rizvi, Muneer Khan and James Coleman, provided exclusive analysis of key unpublished data from our Hyperfinance research around barriers to innovation. The team discussed important global trends and issues derived from the research, drawing upon local and international experience on how financial institutions can overcome the difficulties they face with getting the benefits of collaboration models.
The seminar followed the grand finale of the DIFC FinTech Hive accelerator programme to which Simmons & Simmons was an official legal partner. As well as the underlying data from the Hyperfinance research, the team discussed a wide range of legal and regulatory issues which impact the success of FinTech collaborations, including: effective multi-party JV governance, IP licensing models, open source software risks, agile development, monetization of data sets and regulatory trends affecting the sector.
The seminar brought together senior figures from the banking community, investment fund managers, VCs, regulators as well as FinTech enthusiasts from across the region to discuss FinTech collaborations.
Following the seminar, Raza Rizvi, head of the Middle East Technology practice commented: “We are seeing the collaborative environment in the FinTech sector take a strong hold in the Middle East. The slightly older narrative around FinTechs eating into the revenues of banks is now out of date and, as we have seen with mobile operators and OTT players, increasingly, the disruptors and the disrupted are leaning towards collaborative models to achieve better outcomes on FinTech projects.”