Building the knowledge economy – News

Jamal Al Jassmi, Director General of EIBFS

From Decentralized Finance to Cryptocurrencies to NFTs and Metaverse, EIBFS Equips UAE Finance Professionals for Tomorrow’s Business Needs

Published: Mon 9 May 2022, 4:35 PM

Last update: Mon 9 May 2022, 4:37 PM

The banking and financial sector is undergoing a transformation like never before. As digital technologies reshape payments, lending, insurance and wealth management, which have been further accelerated by the global pandemic, the evolution of the financial services sector in many economies is also making more countries more diverse, competitive , effective and inclusive.

Technological advancement and innovation are the pillars of fintech development in the region and beyond and will continue to drive disruptive business models in the financial services industry. These key technologies and trends are increasingly intertwined and integrated, giving a massive boost to fintech and financial industry innovation.

Financial institutions will need to marshal their resources to stay on top of the growing wave of financial sector disruptions. And that requires finance professionals to up their game to meet the changing needs of the industry, both from a technology and skills perspective.

And this is where the Emirates Institute for Banking and Financial Studies (EIBFS) plays a key role, equipping the country’s finance professionals with the latest knowledge and skills and focusing on researching the evolution of the global and regional financial sector under the impetus of disruptive forces that have reached their inflection point.

Basic expertise in financial training

With its main areas of intervention on decentralized finance [DeFi]cryptocurrencies, digital currencies, virtual assets, NFT and Metaverse, the recent regulations in the UAE on virtual assets show the importance given by the UAE to these emerging futuristic fields.

Research has shown that financial institutions need to be aware of these dynamics and align their strategies and people skills in this direction. With this in mind, the institute is training finance professionals to see how financial institutions can take advantage of the web 3.0 ecosystem and explore potential opportunities in the metaverse and prepare for the challenges of the increasingly becoming DeFi ecosystem. increasingly popular and evolving.

Supporting the UAE vision

Through these efforts, the long-standing goal is to support the UAE government’s vision of building a knowledge-based economy, with a comprehensive national plan to train, retrain and upskill UAE nationals to ensure they remain up to date on current issues and capable of securing high potential jobs in the banking and finance sector.

With this in mind, the EIBFS 2022 Learning Plan reflects its futuristic vision for understanding the evolving nature of jobs and associated skills and competencies in the financial sector. Rapid advancements in blockchain, artificial intelligence, robotic process automation, and more. mean that the skills and competencies needed for future banking jobs could be very different from current skills.

As blockchain revolutionizes cross-border payments, machine learning not only helps banks protect themselves, but also helps identify advanced risk patterns.

High quality talent

With a portfolio of over 370 courses and approximately 1,000 programs, the 2022 plan will comprehensively meet industry needs. The learning solutions are aligned with the national vision of developing a pool of high-quality, future-ready Emirati talent, in close collaboration with the UAE Central Bank, the Ministry of Emiratisation, the ‘Authority of human resources and other stakeholders to acquire skills, improve their skills and retrain. the Emirati national in the financial sector.

Disruptive changes in the financial industry, driven by digital forces, have created the need for new skills and competencies for the current and future banking workforce. In addition to creating a future pool of highly skilled talent, the Institute is committed to its efforts to upskill and reskill the current workforce.

The new learning plan demonstrates his vision to create industry-leading benchmarks for professional excellence in all banking functions. Through its trainings ranging from awareness level to training senior management and board in this space, the effort is to support institutions in analyzing these trends and how they can align their strategies and people skills in this direction.

Core Skills

Building on its commitment to equipping UAE nationals, the institute has developed a comprehensive national plan to train, retrain and upskill UAE nationals. As a strategic partner of the government in its Emiratization strategy, it works to build a new generation of Emirati talent in specialist roles.

In the coming years, it will increasingly be Gen Z and younger cohorts who will reshape the banking and finance industry, with their skills in the world of technology and mobile, which will have ramifications for all. consumers, businesses and investors across the industry.

EIBFS has been integrated globally with various leading institutes and universities in the world including University of Oxford, Harvard Business School, Chartered Banker, UAE Human Resources Authority, UAE Ministry of Education, Chartered Insurance Institute , Dubai Judicial Institute, among others to bring and offer the best programs and courses in banking and finance in the UAE.

The contribution of all stakeholders, namely government, regulators, financial institutions, start-ups and investors, has become a key catalyst to build a robust fintech ecosystem and create an environment conducive to collaboration and dynamism. . The sweeping changes introduced by fintech start-ups are likely to have an impact that extends beyond the confines of the traditional financial services industry. Financial institutions are increasingly adopting a collaborative approach with fintech start-ups to provide personalized and engaged services to customers

For its part, the institute has made a significant contribution to the lives and careers of thousands of students and professionals in the field of banking and finance, supported by its highly qualified, knowledgeable academics and corporate trainers. and experienced. Despite the ever-changing learning landscape, the institute has made sure to always meet the learning needs of the industry in a holistic way – to shape the future of its partners and the nation also by developing a pool of talent agile and ready for the future!

Jamal Al Jassmi is the Managing Director of EIBFS

Donald E. Patel