'Techno Meet' sheds light on role of technology in financial sector

Sajjad Ahmad, Deputy Business Editor

The global remittance market has been growing steadily year on year by 5-6%, and breached the $900 billion mark last year, said Osama Al Rahma, Chairman of Foreign Exchange and Remittance Group (FERG).

He said, "The UAE is the second largest country of remittances exports after the United States and its remittance sector is growing as the country is attracting new global talent and visitors."

Speaking on the sidelines of 'Techno Meet' event, Al Rahma explained," The UAE remittances industry has shown remarkable growth in recent past and the sector is adopting latest technologies and introducing various solutions for its customers."

About the event, he said," This event is a platform for the exchange houses to discuss the upgraded solutions and compliance in the light of the Central Bank of the UAE's digital transformation initiatives to enable them to align with the government strategy. The event also aims to create more awareness for financial inclusion."

The Foreign Exchange and Remittance Group (FERG) successfully concluded the third edition of its flagship event, 'Techno Meet', held at the Shangri-La Hotel, Dubai. The day-long event created space for strategic dialogue on the intersection of technology, compliance, and financial operations, emphasising on the critical role of collaboration between exchange houses, banks, regulators, and fintechs in navigating the rapidly evolving digital economy.

The event kick-started with a keynote address by Jan Pilbauer, CEO of Al Etihad Payments, who highlighted the transformative potential of digital innovation within the UAE’s financial landscape. He outlined both the opportunities and responsibilities that come with accelerating digital transformation, emphasising the need for agile collaboration between institutions, regulators, and technology providers to build a future-ready financial ecosystem.

Speaking about the event, Osama Al Rahma said, “TECHNO MEET reflects FERG’s ongoing commitment to advancing financial innovation, regulatory dialogue, and sector-wide collaboration. With every edition, we strengthen our collective capacity to adapt, innovate and grow. I would like to thank all the speakers, partners, and participants who have made this gathering a catalyst for progress.”

The event featured panel discussions, technical presentations, networking sessions and live demonstrations, during which participants examined and discussed emerging solutions that are redefining cross-border payments, digital assets, and financial infrastructure.

Senior executives and experts from organisations such as Al Etihad Payments, Al Ansari Exchange, Lulu Exchange, Al Fardan Exchange, Fils, McKinsey & Company, EY, Thought Box, Zigram, HODL Consulting, BitOasis, Encryptus and Abhi shared practical insights and case studies, reinforcing the importance of data-driven decision-making, agile innovation, and a compliance-first approach to transformation. Attendees further explored how technology can improve operational efficiency, strengthen governance, and drive customer-centric service models.

The event concluded with an awards ceremony recognising key contributors, and a call to continue building bridges between tradition and technology through meaningful dialogue, policy alignment, and innovation partnerships.

The Foreign Exchange and Remittance Group (FERG) is a non-profit organisation based on the initiative of the Central Bank of UAE. FERG comprises companies engaged in the business of money exchange and remittances, from large sized companies in the UAE with over 100 branches, to single-branch outlets to join a common platform and work towards mutual benefits. FERG, as an organisation through its members, not only complies with the UAE’s financial regulations, but also plays a significant role in providing information to the entire industry and works closely with most of its members to ensure all requirements and implementation are being promoted.

The Group has also taken up issues that have led to favourable policy amendments by the Central Bank of the UAE, promoted Emiratisation, and supported the implementation of the Wage Protection System. FERG regularly liaises with national police departments to combat dubious financial transactions and works with the Central Bank to implement strict AML policies.