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As Regional Banks Chart their Digital Journeys, Should They Buy or Build Their Innovations?

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3 years ago

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By Nick Curran, Head of Endava MENA

In a study published last month, McKinsey showed banking to be one of the Middle East’s most digitised industries. The means of brand interaction among banking customers was 87% digital in the United Arab Emirates. This proportion of customers reported that their engagement was either fully digital or involved remote assistance.

This proportion of customers reported that their engagement was either fully digital or involved remote assistance. This proportion was even higher in Saudi Arabia (92%), anticipating that 70% of its payment transactions will be digital by 2030. The McKinsey study also showed Egypt’s banking sector to have 82% digital interaction.

The GCC has always been out in front of regional peers with the digitisation of the FSI sector. Dubai’s Mashreq launched Neo, the first digital bank in the Middle East. And Kuwait Finance House developed KFH-Go, the region’s first e-branch — an unstaffed business unit capable of providing more than 30 services. Each of these innovative project teams faced a common question in their journey to “pioneerhood”: build or buy?

Today’s consumers wait for nothing and no one. If you drag your feet for too long, you miss the boat. One of your competitors will have done it first. In the early years of the digital era, building was the only option, but today the region is strewn with FinTechs. Their offerings are often API-first, which makes them highly customisable. However, considering the strides in cloud technology and software-development methodologies that make in-house rapid deployment possible, we are back to the quandary: build or buy. Let us look at each in turn.

Buying: a no-brainer… with headaches
There is a comfort to be had from procuring a tool or platform that just fits. CIOs are spared nail-biting months of business analysis and user workshops. All that need be done is integrate a solution that has been rigorously tested, albeit in isolation of one’s own business model. In a cloud-native environment, this is even easier. Even if the bank runs core systems on premises, software-as-a-service (SaaS) solutions still end up being easier to bolt in and bed down. The cloud also adds a welcome element of predictability, not only for project management, but for upfront and ongoing costs.

Already, the “buy” option seems preferable. In a region with technology skills gaps, buying a ready-made solution — one that dozens may use if not hundreds of similar businesses across the region — is a great way of avoiding lengthy recruitment drives. But buying is not without its downsides. Try as they might, commercial off-the-shelf solutions (COTS) vendors design their products for a broad operational model and may not be a perfect fit. Even where the requisite customisation is possible, it may come with a list of unacceptable side effects, including a hefty price tag. COTS scaling is also challenging, as is its user-acceptance testing, maintenance, and upgrades, given the reliance on an external team.

Of course, I could write a separate article on the cybersecurity implications of having a third party in the technology mix. And that is before we have even begun to discuss the impact of multiple vendors and FinTechs — which may be necessary to bring the organisation’s digital vision to life. The bank would need to employ someone full-time to liaise with these business partners, negotiate and oversee SLAs, and police the fine line between these activities and regulatory compliance.

Building: a dream for the control-conscious, but where’s the talent?

What CIO doesn’t relish the prospect of complete control over the IT stack? Building their systems gives them that. Development and integration are theirs to command. Use cases can fully govern implementation rather than the twist and bend that IT has to go through to accommodate even 90% requirements fit with a COTS purchase. Stakeholders can join the dots from aspiration to value for each business unit. CIOs and their teams know the business inside and out. They can pivot from the needs of customers and customer-facing employees to cybersecurity and risk management and consider one while developing solutions for another — something COTS vendors cannot do to the same extent.

And then, there is deployment. It tends to be less invasive and more straightforward when its planners oversee the same production environment every day. DevOps and the CI/CD pipeline also allow the modern style of rapid development that helps meet market needs in time to reap the rewards. Building its solutions also allows the organisation to build its IP portfolio, giving it an edge in the market.

The caveats, then? There needs to be a rich in-house talent pool, including IT leaders and analysts who can scope large projects and price them accurately before a single line of code is written. Remember, one of the attractions of COTS solutions is the predictability of their costing models compared with the all-too-common tendency of self-builds costs to spiral out of control. Bringing in third-party expertise to plug these talent gaps is always possible. Failing this, the organisation’s HR team must go on a fastidious recruitment drive before any planning can occur. Low-code platforms and citizen developers may seem like fine options, but without the proper governance, this is a highway to nowhere.

Each to their own
Ultimately, the program’s needs will help make the build-or-buy decision. Despite the control it offers, building may still not be right for standard use cases such as CRM and HR, which an off-the-shelf solution can appropriately serve. On the other hand, if the organisation has a differentiating vision, then almost by definition, COTS tools will fall short. The decision maker must be as fluid as the decision and consider the benefits and drawbacks of each approach in the context of the specific use case they are looking to implement.

 

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ATHAR+ LAUNCHES 2ND HACK4IMPACT HACKATHON IN ABU DHABI

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3 days ago

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June 3, 2026

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Athar+, Abu Dhabi’s first purpose-driven hub dedicated to accelerating social impact, operated by the Authority of Social Contribution – Ma’an, has launched the second edition of its HACK4IMPACT hackathon, bringing together changemakers to develop practical solutions that address key social priorities and contribute to positive social impact across Abu Dhabi.

Launched in line with the objectives of the UAE’s Year of Family, this edition of the hackathon focuses on addressing family-related challenges through innovative and community-driven approaches. Taking place from 16-18 June 2026 at Athar+, the three-day programme brings together aspiring entrepreneurs, innovators, professionals, and community members to develop solutions addressing three family-centred priorities: building stronger family foundations, enhancing financial wellbeing for parents, and supporting families caring for aging parents.

Guided through a structured innovation journey, participants will apply design thinking methodologies to explore challenges, validate ideas, develop prototype concepts, and present their solutions to a panel of judges.

High-potential concepts emerging from the hackathon have the opportunity to be considered for further support through Athar+’s incubation ecosystem, enabling participants to continue developing their solutions beyond the event. Through these challenge areas, the initiative aims to advance family wellbeing, strengthen social cohesion, and support the development of solutions that respond to the evolving needs of families in Abu Dhabi.

This initiative aims to strengthen practical innovation skills among participants while identifying high-potential ideas and scalable concepts capable of addressing key social priorities. It also encourages collaboration by bringing together individuals from diverse backgrounds and expertise. The hackathon provides an accessible entry point for youth and first-time innovators to contribute to solving community challenges through entrepreneurship and social innovation, inspiring them to play an active role in shaping impactful and practical solutions.

His Excellency Salem AlShamsi, Executive Director of Social Incubation and Contracting at Ma’an said: “HACK4IMPACT reflects Athar+’s commitment to empowering innovators and aspiring entrepreneurs to develop practical solutions that address real social priorities and enhance quality of life across our communities. By empowering future talent through Athar+, we are strengthening Abu Dhabi’s position as a regional hub for social entrepreneurship while advancing the Authority’s vision of fostering a culture of giving, participation, and measurable social progress.’’

Aligned with the objectives of the UAE’s Year of Family, the initiative also supports broader national efforts to strengthen family wellbeing, social resilience, and community cohesion through collaborative innovation and inclusive engagement.”

Through dedicated workspaces, expert mentorship, professional services, and tailored growth programmes offered by Athar+, participants will be supported in transforming ideas into prototype concepts while gaining access to opportunities within Abu Dhabi’s innovation and entrepreneurship ecosystem.

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Standard Chartered Supports Pakistan’s First Panda Bond Issuance in Chinese Interbank Market

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3 weeks ago

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May 18, 2026

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Pakistan has successfully completed its inaugural Panda bond issuance in China’s interbank bond market, raising RMB 1.75 billion through a three-year transaction that marks the country’s first direct entry into China’s capital markets.

Standard Chartered (China) Ltd. Co acted as the only foreign bank serving as joint lead underwriter and joint book runner for the transaction, supporting Pakistan in broadening its international financing channels while strengthening financial connectivity between regional capital markets.

The issuance received strong support from multilateral development institutions, including the Asian Infrastructure Investment Bank (AIIB) and the Asian Development Bank (ADB), which together guaranteed 95 per cent of the bond’s principal and interest payments. The structure helped attract significant demand from Chinese banks, securities houses, and international financial institutions.

The transaction was reportedly more than five times oversubscribed, allowing Pakistan to price the bond at 2.50 per cent, the tightest end of the indicated pricing range.

Salman Ansari, Global Head, Capital Markets, Standard Chartered, described the issuance as a strategically important transaction that expands Pakistan’s access to global liquidity pools while demonstrating the growing relevance of regional capital markets within the international funding landscape.

The transaction also reflects the broader evolution of the Renminbi within global financial markets, as China continues expanding the role of its currency beyond trade settlement into cross-border financing and sovereign funding structures.

Jerry Zhang, Global Head of Banks & Broker Dealers and Head of Coverage, Greater China and North Asia at Standard Chartered, said the transaction highlighted the bank’s role in connecting international issuers with China’s domestic capital markets while also reflecting the continued internationalisation of the Renminbi.

The Panda bond market has increasingly attracted a wider range of sovereign, supranational, and institutional issuers in recent years as regional economies explore diversified funding channels and deeper access to Chinese liquidity pools.

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Standard Chartered appoints Michelle Swanepoel as Head of Financing and Securities Services Middle East and Africa

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4 weeks ago

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May 7, 2026

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Standard Chartered today announced the appointment of Michelle Swanepoel as Head of Financing and Securities Services (FSS), Middle East and Africa. Based in Dubai, she will lead the business across the region  effective 1 July 2026. Michelle succeeds Scott Dickinson, who will be retiring from the bank on 30 June after more than 40 years in financial services.

Michelle Swanepoel joined Standard Chartered in September 2017 as the Regional Head of Business Account Management for the Middle East and Africa and was appointed the Regional Head of Securities Services for Africa in May 2019. In September 2024, her role expanded to include Head of Markets for South Africa.

“Michelle has played a strong leadership role in the evolution of post‑trade servicing across Sub‑Saharan Africa, supporting capital market development, regulatory reform, enhanced investor access and market infrastructure, and is a recognised industry subject‑matter expert,” said Margaret Harwood-Jones, Global Head of FSS. “I have every confidence that Michelle will drive further momentum in the region, building on the solid foundation established by Scott.”

Scott Dickinson joined Standard Chartered in 2017 and he has led the Bank’s FSS franchise in MEA since 2019. During his tenure, he oversaw strong growth across the Middle East and Africa franchise, supported expansion into markets including Saudi Arabia and Egypt, and helped deliver the Bank’s first Digital Asset Custody capability in the Dubai International Financial Centre.

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