The International Chamber of Commerce-Kenya (ICC Kenya) hosted the 2nd ICC Kenya Banking Conference on 28th July 2023 at the Radisson Blu Hotel, Upper Hill Nairobi, Kenya. Themed “The convergence of banking and innovation: A new era of fintech and growth.”, the conference aimed at bringing together leaders, professionals and stakeholders from the finance and banking sector to deliberate on emerging trends in the sector.
The event covered a range of topics, including: Convergence of Banking and Fintech in the Face of Digital Trade Finance and Supply Chain Disruption; Debt Restructuring and Insolvency; Skilling for the Future of Banking and Finance: Preparing for the Digital Age; Arbitration in Banking – a Viable Alternative to Litigation; Global Banking Rules (URDTT Rules); Anti-money laundering and compliance in the fintech sector; and Green Financing and ESG: The Role of the Banking and Finance Sector in Accelerating the Continent Towards Net Zero.
In his welcoming remarks, Eng Patrick Obath – ICC Kenya Chairperson noted that ICC has been at the forefront of promoting and enhancing digitization and technology adoption in the finance and banking sector. He mentioned the recent launch of the Uniform Rules for Digital Trade Transactions (URDTT) Version 1.0, which are designed for a fully digital environment; to be neutral with regard to technology and messaging standards; and, to extend into the corporate space, including commercial transactions and the growing community of non-bank providers of financial services.
Eng Obath also noted that as the Kenya National Committee of the ICC, the organization is leading the region by ensuring that professionals are well-informed and trained in understanding URDTT rules. “We recognize the immense value of technology in providing greater access to finance for Small and Medium Enterprises (SMEs) through supply chain financing, trade finance, and empowering the underprivileged at the bottom of the pyramid with much-needed financial inclusion.” He noted.
ICC produces universally accepted rules and guidelines that help businesses to access financial needs that enable the trade of goods and services in a smooth, secure and efficient manner. “ICC is a pioneer in providing guidance for companies to perform responsibly, offering a wide array of tools and resources to help businesses tailor their approaches.” Remarked Mr Kenneth Miriti – Chair, ICC Kenya Banking Commission.
Mr Lotanna Julian – CEO, Advancly noted that fintechs are seizing the opportunities and innovating to close the gaps that have become too large to fill by the banks. “Many are of the opinion that there’s some sort of competition between fintechs and banks, the reality is however much different, this is not a competition, this is more of a convergence.” Said Mr Julian, while adding that at the core of the convergence is a shared goal of reclaiming African economies by innovating to bring financial inclusion and prosperity.
The event featured keynote presentations and high-level panel discussions with experienced experts as panellists where delegates shared and deliberated on various topical issues in the banking sector. In her closing remarks Ms Mary Mulili – Vice Chair, ICC Kenya Banking Commission emphasized the need for collaboration between the fintech sector and the banks while pointing out some of the benefits borne out of such collaboration that have ensured efficiency in the sector.
