National Bank of Fujairah Holds Third Edition of NBF Knowledge Series Themed “Redrawing the Lines”
Emerging technologies like Blockchain and AI cause significant disruptions to businesses across all levels
Delivering on its aim to provide helpful advice and insights to its customers, National Bank of Fujairah (NBF) PJSC hosted the third annual NBF Knowledge Series themed “Redrawing the Lines”, a knowledge exchange platform focused on helping customers navigate the rapidly-changing business environment. The event brought together over 700 UAE business leaders and analysts to a series of one-day networking sessions across Fujairah, Dubai, and Abu Dhabi. Aimed at apprising the bank’s clients with the latest market developments, the discussions addressed an array of complex topics – including trends and emerging challenges facing businesses in the UAE.
Since its inception in 2016, the event has grown from strength to strength with the bank adding two panel discussions this year to provide views and perspectives from industry leaders. Experts speaking at the NBF Knowledge Series included senior analysts from Thomson Reuters, Encore & Partner - Derby Group, Gartner, and KPMG Lower Gulf.
This line up of speakers provided expert coverage of the significant issues weighing on the minds of business owners and shaping their businesses today namely, the regional and global economic outlook, changing environment of trade finance, digital business transformation, as well as updates on regional developments.
Sharing his opening remarks with the audience, Vince Cook, NBF’s Chief Executive Officer, said: “With the only constant being change, we are currently witnessing a business environment that is increasing in complexity at an unprecedented pace. Given this context, we are committed to developing long lasting partnerships and meaningful engagements with our clients beyond basic banking transactions. Our focus is on underpinning our actions with a sense of shared responsibility to support our clients in their individual growth journeys, through the inevitable ups and downs of life. As such, the NBF Knowledge Series aims at arming clients with the knowledge and guidance to inform their approach to best redraw the lines within their own lines of business in order to strengthen their capabilities and ensure they are in a great position to leverage the opportunities that the UAE continues to offer.”
Macroeconomic realities topped the discussion agenda considering the unfolding changes across the globe. While the global economy continues to perform well, experts expected monetary changes to increase the cost of funding and as such, businesses have been advised to hedge their risks accordingly. The discussions also focused on are encouraging signs to look at, such as the regional fiscal reforms and stimulus programmes which are expected to create growth pockets as economies press on efforts to take their diversification plans forward.
Being one of the leading banks offering trade finance solution, NBF shed light on the shifting patterns of trade shaping the industry as another key topic during the event. Trends like digitisation, e-commerce and evolving compliance requirements among others create a need for businesses to change what they provide to meet this ever-evolving environment.
With digital business transformation becoming today’s reality, panelists and clients reflected on innovation and challenges brought by emerging technologies like Blockchain and Artificial Intelligence. A key takeaway for businesses was the fact that technology alone cannot drive growth and instead, it should be a tool to drive the business outcome. As such, businesses were urged to re-consider their approach to harnessing technological innovation and transformation. According to experts, a first step is putting a strategy to attract the best talent in the market to align technologies with business goals.
Speaking on the immediate outlook, experts mentioned the plethora of government-led megaprojects across the region such as the Expo 2020 in the UAE and Neom City in KSA set to fuel more growth. In this context, a thorough understanding of the surrounding business environment is crucial to enjoy the benefits this investment will bring.
Closing the event, Vikram Pradhan, Head of NBF’s Corporate & Institutional Banking, said: “We are happy to see the growing turnout this year as it validates our success in offering clients knowledge-sharing platforms and exclusive access to industry experts. As a dedicated financial partner committed to catering to clients’ personal and professional needs, we strive to prepare them for forthcoming transformations and give them the tools to take their business to the next level.”
About National Bank of Fujairah PJSC:
Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options and Shari’a compliant services. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.NBF’s key shareholders include the Government of Fujairah, Easa Saleh Al Gurg LLC and Investment Corporation of Dubai. Rated Baa1/Prime-2 for deposits and A3 for counterparty risk assessment by Moody’s and BBB+/A-2 by Standard & Poor’s, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol “NBF”. It has a branch network of 18 across the UAE.