GUEST COMMENT: The Middle East is still the wild west when it comes to financial technology
Moving from the City of London to the GCC was always going to be something of a culture shock, but moving here for a financial technology role was doubly so.
In the City, financial technology is a respected, sought-after career path, and is considered to be the cornerstone of any leading financial institution. Enterprise, energy and competitiveness were just a few of the attributes required to succeed in this industry.
The need for transformation
And then I moved to the Gulf. The value and place of sophisticated financial software in the region still has a long way to go before reaching the heights of the sector in London. Weaning organisations from spreadsheets and manual payments across to blotters and straight-through processing (STP) is very much a long-term work in progress in the region.
Currently, the main appetite for technology investment by financial services companies in the region is for treasury solutions, and to some extent market data and core banking systems. However, as the market develops, buy-side firms are also realising the value of pouring money into IT.
But the challenge as a financial technology professional moving from a western location isn't just about convincing regional firms about the benefits of investing in more robust technology. It's also about adapting the way you work to the business environment over here.
A gentleman's agreement
From London, I moved from a world of segmented, pigeon-holed job functions where meetings, negotiations and business had to be more accurate and efficient then the internal mechanisms of a Smith & Derby clock. Now, I'm in a region where the days seem longer, business is an integral part of your personal life, and deals are done via handshake and gentleman's agreement rather than a hard contract in some cases.
As a professional, you either buy into this culture or you get out. Amid the different languages, nationalities and salary bands, common mannerisms such as trust, commitment and a willingness to learn and succeed almost break down the barriers. Attitudes and behaviours define how you do business and ultimately whether you succeed or not.
As a financial technology professional in the region today you have the opportunity and responsibility now to develop the standards, benchmarks and expectations that will define tomorrow's industry, which for any professional is an exciting prospect.
Tariq Hajwane is back office regional lead for financial technology vendor Sophis in Dubai
