As financial institutions around the world continue to transition towards becoming fully fledged digital platforms, banks and big tech firms are beginning to occupy much of the same space, creating both opportunities and challenges for legacy lenders. In the Middle East, lenders like Dubai-based Mashreq Bank - the largest private bank in the United Arab Emirates (UAE) - are among those leading the push to transform their operations, utilising cloud, Al and other technologies to adapt and grow their operations. "We are thinking about how we move from being a traditional bank to an open bank - to a digital bank," says Ellis Wang, senior executive vice president and group head of technology, transformation and information at Mashreq Bank. "After the bank goes to the open platform, it means we have more opportunity to work with different fintech and big tech to provide end-to-end customer service. So I think it is a good opportunity for banking - also for the fintechs - to work together," he adds.
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