In the competitive landscape of the UAE’s banking sector, financial institutions are increasingly turning to technology and niche markets to drive growth. Experts highlight that digital banks and financial disruptors can achieve faster expansion by focusing on underserved segments and leveraging advanced technologies to streamline operations. Saadaat Yaqub Bajwa, Director and Co-founder of Kamel Pay, emphasized the potential of targeting blue-collar workers, who constitute 50% of the UAE’s population. ‘They are underbanked and underserved, offering significant growth opportunities,’ he noted. Kamel Pay has expanded its offerings to include microfinance, loans, and B2B financing, catering specifically to this demographic. At the Banking Innovation and Technology Summit in Dubai, industry leaders discussed the rise of digital banks and open finance. Vibhor Mundhada, CEO of Neopay, stressed the importance of horizontal availability alongside niche focus, ensuring their platform supports diverse payment methods for merchants. Technology plays a pivotal role in scaling operations efficiently. Fazil Badrudeen, Head of Brand and Marketing at Vision Bank, explained how AI and automation have streamlined compliance processes, enabling the bank to handle transactions with a lean team while meeting regulatory standards. Mohamed Roushdy, CIO of Reem Finance, praised the UAE’s supportive regulatory environment, which facilitates the transition from financial services to full banking. The Central Bank’s proactive approach in approving fintech partnerships and licenses further underscores the nation’s commitment to fostering innovation in the banking sector.