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Seamless is a well-established fair that's been going on for 23 years and is active in a wide range of regions from the Middle East to Europe, South Africa to Asia, and beyond. The fair aims to bring together innovative and bright brands of payment systems, fintech, ID verification, banking, trade, e-commerce, and digital marketing. The fair has over 30,000 participants every year, and the crucial actors of these sectors join the event.
As Techsign, we attended this event for the first time and left the event with great pleasure. The event was at the Dubai World Trade Center and offered important opportunities for companies looking to do business with countries like India, Bangladesh, Saudi Arabia, and Pakistan. We made valuable contacts at the event and took important notes for our plans.
Here are a few highlights I'd like to share:
The Middle East, led by the United Arab Emirates, is undergoing rapid digital transformation across various sectors. More and more companies across different sectors are embracing digitalization in their operations. And not surprisingly, this digitalization process led to rapid growth in solutions for remote customer identification. In essence, the competition in the KYC market is strong and likely to intensify further!
Companies are adopting various methods to verify customers' identities remotely. These range from biometric feature verification, digital identity creation, digital fingerprints based on device usage, and more. While different sectors use different methods, verifying customer identity remains crucial for a secure digital transformation.
The most prominent sector of the event was undoubtedly payment systems! The event was mainly sponsored by Geidea, a payment firm from Saudi Arabia, which emphasizes the dominance of payment systems.
Payment systems have also embraced digitalization extensively. And it extends to various areas, including transportation systems, retail, cafes, and even school canteens. Our Pay-by-Face product, which eliminates the need for devices, garnered significant interest. Technologies like QR code payments, contactless credit card payments, and NFT payments are quite popular in MENA. However, facial recognition payments stand out for removing device dependency and offer great opportunities.
Transitioning physical payment systems to digital was remarkable, and the other spectacular thing was the rise of new-generation payment systems. As the crypto sector slows down, the number of companies facilitating easy payments and money transfers increases fast. The need for KYC solutions is getting higher in this domain, just like in the finance sector.
E-commerce and Digital Marketing
Seamless had also a segment for e-commerce and digital marketing. Although I couldn't explore this section in-depth due to the crowd, I observed that e-commerce might reshape traditional retail significantly. The rapid growth and transformation of this sector is nonignorable. However, this growth has also led to an increase in fraudulent activities. Both customers and sellers face issues, such as fake accounts and undelivered products. Preventing multiple accounts can be done with identity verification. Of course, e-commerce sites don't need strict regulations like finance. That's where we come in! Techsign provides end-to-end KYC solutions but also customized ones to specific needs.
In conclusion, Seamless DBX was a significant milestone for us in establishing the connections necessary to achieve our goal of global expansion in the MENA region. The rapid digitalization across various sectors in the MENA region emphasizes the importance of collaborating with our partners to counter fraud effectively.
