Hasan Fardan Al Fardan, the third-generation CEO of Al Fardan Exchange, sat down with The Fintech Times’ Mark Walker to discuss the company’s focus on AI and digital transformation.
As the head of a business founded by his grandfather in 1954 and expanded into a foreign exchange firm in 1971, Al Fardan shared his perspective on the evolving role of technology in the financial services industry.
Hasan Fardan Al Fardan, the CEO of Al Fardan Exchange
Acknowledging the hype surrounding AI, Al Fardan emphasised that at its core, the technology is about assisting and enhancing human capabilities.
“It’s a big buzzword. There’s a lot of hype in the media, but fundamentally, it is assisting us as human beings to look at certain aspects of our life, our corporations and our products in a slightly different way.”
He explained how Al Fardan Exchange is developing AI models to make digital touchpoints more accessible for customers who may be less comfortable with technology, particularly in the crucial remittance market across Southeast Asia. The goal is to drive financial inclusion by simplifying processes and transactions, freeing up time for customer service.
Innovation v regulation
When asked about balancing AI innovation with regulatory frameworks, Al Fardan praised the progressive approach taken by authorities in the UAE. He noted that while robust and rigid regulations are essential to protect the integrity of the global financial system, there must also be room for agility to accommodate technological advancements. Al Fardan shared how his company has successfully deployed AI capabilities within its compliance systems, improving both speed and accuracy without compromising on essential safeguards.
Looking to the future, Al Fardan anticipates that the discussions around AI and its applications will continue to evolve rapidly, with topics emerging that were unimaginable just a few years ago. He stressed the importance of remaining vigilant and not simply experimenting for the sake of it, but rather ensuring that any AI tools are genuinely enriching the customer experience and service delivery.
“Taking human capabilities and interpreting them gives us ways to be able to enhance our lives and service, which, at the end of the day, I would say, is designed to make people’s lives easier,” he said.
Driving innovation
Throughout our conversation, Al Fardan demonstrated a nuanced understanding of the role technology can play in enhancing traditional financial services. Rather than viewing AI as a panacea, he explained how it should be leveraged as an extension of human capabilities, complementing rather than replacing the personal touch that is so vital in the world of banking and foreign exchange.
The discussion also highlighted Al Fardan Exchange’s commitment to financial inclusion, with the CEO outlining plans to develop AI-powered solutions to assist those who may struggle with digital interfaces. This focus on accessibility and simplicity, underpinned by robust regulatory frameworks, reflects the company’s broader strategy of driving innovation while maintaining the trust and confidence of its customers.
As the conversation drew to a close, Al Fardan expressed confidence that the rapid pace of technological change will continue to shape the industry, requiring financial institutions to remain agile and adaptable. By striking the right balance between innovation and regulation, Al Fardan believes that AI and other emerging technologies can be harnessed to improve services, increase efficiency, and ultimately, make a positive difference in the lives of individuals and communities around the world.
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