FinTech Becoming More Real: KPMG Tells WAM

FinTech is becoming more real; now talk is over and smart solutions are being made on the ground, Jan Reinmueller, Partner Head of Digital Village & Innovation at KPMG, a Singapore-based service group, told Emirates News Agency, (WAM).

By: Hatem Mohamed ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 18th Sep, 2018) FinTech is becoming more real; now talk is over and smart solutions are being made on the ground, Jan Reinmueller, Partner Head of Digital Village & Innovation at KPMG, a Singapore-based service group, told Emirates news Agency, (WAM).

KPMS, a global network of professional firms providing Audit, Tax and Advisory services to multinational corporations, governments and nonprofit organisations, partnered with Abu Dhabi Global Market last month to launch the second edition of FinTech Abu Dhabi Innovation Challenge in order to push ahead with efforts that drive innovation in the financial services industry. The company has recently announced its plan to set up its innovation platform --- KPMG Digital Village --- in ADGM, the first such presence outside Singapore.

"The more important thing in the second edition of FinTech Abu Dhabi 2018 is that we are talking about tangible solutions on the ground which is different from last year when we were talking only about Fintech as an idea. FinTech is becoming more real," Reinmueller said on the sidelines of the FinTech Abu Dhabi 2018 which concluded in the UAE capital yesterday.

"A lot of consumers are now using multiple apps, making payment, going to blockchain platforms, etc; so you don’t have any more to go in person to submit your papers to a state body or so.

There was a lot of talk in the past, but now the idea is being translated into real solutions," she elaborated.

Commenting on the company’s announcement to launch its Digital Village in Abu Dhabi, Kelvin Tham, Manager Financial Services Consulting, KPMG, told WAM, "The village is a new concept in Abu Dhabi. We have launched it here because we believe there are multiple firms in the country and in the region that need to have access to this digital innovation which is happening across the world. And we selected Abu Dhabi as it is doing a fantastic job in streamlining FinTech."

"Our Digital Village helps startups to further accelerate and grow to the next stage and equip corporate clients with the latest innovation technology. More so, it will facilitate the adoption of innovation and technology by businesses, to grow and be competitive at an international level," he added.

"For us, innovation begins with great ideas but it does not end there. We work with selected start-ups to help make sure that the ideas translate into real results for your businesses. KPMG operates as an international network of member firms offering audit, tax and advisory services. And in the UAE we are working with Etihad Airways, Abu Dhabi Commercial Bank and Suaa Capital to help them come up with innovative solutions that address their problems in real time."