Technology is the great disruptor of all industries, and now it is the financial services industry that is feeling the impact. Technology is transforming the way financial service providers operate as well as the services clients are looking for.

A wave of tech-driven startups and evolving consumer expectations are changing how consumers bank, borrow and invest. Seasoned players are struggling to digitalize their services while new market entrants - such as automated investment managers, payment servicers, consumer lenders, mortgage servicers, PFM solution providers, and e-traders – are emerging and challenging the status quo. These new players in the banking and asset management business promise to make payments convenient, borrowing accessible and investing easier and - essentially - to deliver a better customer experience.

Along the way, they are turning the heads of long-established and larger institutions - squeezing margins, creating a myriad of new compliance issues and fraud risks, changing customer service norms, and forcing large corporations to rethink their business models.

We monitor the legislative landscape in which financial service providers operate and help clients find solutions rather than shying away from obstacles. Using the knowledge and resources of our extensive international network, our specialists provide a wide variety of services to help clients focus on their core business and stay ahead of competitors.

At BDO, we offer multidisciplinary professional services which includes financial auditing, tax consulting and compliance, business valuations, forensic accounting, financial outsourcing, merger and acquisition, due diligence, plus advisory on complex matters, including transaction advisory services, revenue recognition,  reserve estimations, technology issues, and risk management.

The United Arab Emirates' strategy to further lessen its economic dependency on oil revenues leverages the disruptive nature of technology. The Government has invested in specific initiatives to build attractive hubs to act as an accelerator FinTech companies. One of these initiatives includes the Abu Dhabi Global Market (ADGM), offering affordable licenses tailored to seed and emergent technology entities. Dubai International Financial Centre (DIFC) also has an ecosystem to support the growth of FinTech and is currently home to over 600 growth-stage tech firms. The FinTech Hive at DIFC, like ADGM, also has an affordable set-up structure and collaborative workspaces to foster creativity and innovation. Both ADGM’s Financial Services Regulatory Authority and DIFC’s Dubai Financial Services Authority are regulators of FinTech and BDO can support FinTech entities with their compliance.