Financial services cannot develop away from technology: Kharbash

The banking sector is leading part of the development process in the region, said Dr. Mohammed Khalfan bin Kharbash, UAE Minister of State for Financial and Industrial Affairs.In a statement ahead of the 3rd Financial Technology Summit & Exhibition - Middle East, Kharbash said "Arab banks proved that they were able to compete and they became a pillar of economic development.He stressed that operating banks in the region have to intensify investments in technology to maintain their competitive edge adding that financial services are a vital sector which cannot develop away from modern technologies.Kharbash further highlighted the role of technology to overcome barriers to free international trade, free capital movement, competition and economic conglomeration.More than 100 Arab banks and IT companies will be participating in the 3rd Financial Technology Summit & Exhibition- Middle East will be held between 23rd -25th April 2007 and is patronized by Dr. Kharbash. Source WAM