Fintech redefining banking landscape, says Ajman Bank CEO

Mustafa Al Khalfawi, CEO of Ajman Bank, said fntech has fundamentally redefined the banking landscape by introducing unprecedented levels of efficiency, accessibility, and innovation.

“At Ajman Bank, we recognise fintech as an enabler, strategically aligning our digital banking roadmap with fintech advancements to create a future-ready, customer-centric banking experience that meets the evolving needs of our clients, digital economy and industry partners,” Al Khalfawi told BTR.

Traditional banking was historically reliant on physical infrastructure and time-intensive processes. Today, fintech has enabled the digitisation of core banking services, allowing customers to transact, invest, and manage their finances with ease, speed, and security — all from their mobile devices. The integration of cutting-edge technologies — artificial intelligence (AI), blockchain, open banking APIs, and cloud computing — has eliminated legacy inefficiencies, enhanced security, and improved customer experience.

Moreover, fintech has democratized financial services, making them more inclusive by reaching underbanked and unbanked populations through digital wallets, microfinance solutions, and AI-driven financial literacy tools.

Shaping the future 

Al Khalfawi said fintech will remain the primary driver of digital banking evolution, shaping the future of financial services through hyper-personalisation, automation, and real-time decision-making.

“As Ajman Bank continues its digital transformation journey, we will continue to leverage fintech-driven innovations to enhance operational efficiency, customer engagement, and financial inclusion, ensuring we remain at the forefront of the Islamic digital banking sector.

We are witnessing several key industry trends:

Embedded Finance & Open Banking: Fintech will integrate financial services into non-banking ecosystems, enabling banking functionalities within e-commerce platforms, fintech super apps, and social media networks.

AI-Driven Financial Insights: Advanced predictive analytics and machine learning will personalize customer experiences, providing real-time financial recommendations, automated budgeting, and AI-powered investment strategies.

Blockchain & Decentralised Finance (DeFi): The adoption of blockchain for cross-border payments, digital assets, and smart contracts will enhance transparency, security, and cost efficiency.

RegTech and Cybersecurity Enhancements: Fintech will further strengthen compliance automation, fraud detection, and risk mitigation, reducing regulatory burdens and ensuring robust cybersecurity frameworks.

At Ajman Bank, Al Khalfawi said our fintech adoption strategy is driven by our commitment to speed, service, and specialisation. Several market forces and regulatory trends are shaping the rapid adoption of fintech across the banking sector:

Evolving Customer Expectations – The digital-first economy demands seamless, real-time, and frictionless banking experiences. Customers now expect instant transactions, 24/7 access to financial services, and AI-driven assistance.

Regulatory Compliance & Risk Management – With increasing regulatory scrutiny, fintech-driven RegTech solutions help banks enhance compliance reporting, KYC automation, and anti-money laundering (AML) frameworks.

Cost Optimisation & Operational Efficiency – Fintech enables banks to automate core banking functions, reduce processing costs, and improve transaction speed, enhancing overall profitability.

Competitive Disruption from Neobanks & BigTech – The emergence of digital-only banks, fintech startups, and tech giants (such as Apple, Google, and Amazon) offering financial services has necessitated a shift toward fintech-driven innovation to remain competitive.

Strategic Partnerships & Ecosystem Integration – Banks are increasingly collaborating with fintech firms to integrate solutions that enhance financial inclusion, drive innovation, and create digital-first banking ecosystems.

Reshaping Workforce

Al Khalfawi said fintech adoption inevitably leads to a structural shift in the workforce, but rather than replacing jobs, it is reshaping them. “At Ajman Bank, we believe in a balanced approach – leveraging fintech to enhance productivity while simultaneously empowering our employees to adapt and lead in the digital banking era.”

He said Automation and AI will streamline repetitive tasks, reducing reliance on manual processes, but this shift creates new opportunities in areas such as data analytics, cybersecurity, AI governance, and digital product development.

“The key challenge is ensuring that the banking workforce is reskilled and upskilled to meet the demands of the fintech-driven economy. Financial institutions must invest in human capital, ensuring employees are equipped with the technical expertise and digital fluency required to thrive in this new landscape.”

Additionally, while automation enhances efficiency, banking remains an experience-driven industry — the human element in relationship management, financial advisory, and high-value transactions will continue to be irreplaceable.

Elevating Digital Banking

Al Khalfawi said fintech will continue to elevate digital banking across the globe in coming years in line with the market trend and the peoples expectation of instant solution of their financial needs.

“Our 2025 strategy focuses on the Four P’s — Prospects, Products, Process, and People —ensuring that fintech remains a key driver of our growth and transformation. At Ajman Bank we remain committed to leveraging fintech’s full potential to drive profitability, enhance service excellence, and solidify Ajman Bank’s position as a leader in Islamic digital banking,” he said.

Over the next five years, he said fintech will further elevate digital banking by making it frictionless and  instantaneous, highly personalised, more secure and transparent, integrated and omnichannel.

“Fintech will seamlessly integrate banking into everyday digital interactions, from embedded payments in e-commerce to AI-driven voice banking and IoT-enabled financial services,” Al Khalfawi concluded.