Monday 24 October 2022- The Mohammed Bin Rashid Al Maktoum Knowledge Foundation (MBRF) organized two panel discussions as part of the KnowTalks 2022, in collaboration with the United Nations Development Program (UNDP) as the knowledge partner. These sessions were held during MBRF’s participation at the third day of the Frankfurt International Book Fair 2022, being held in Frankfurt, Germany from October 19 to 23, 2022, under the theme theme ‘Words Connect Worlds’, with over 7500 exhibitors from 100 countries around the world participating in the event.
Banks and Fintech in Platform Economies
The first session was titled ‘Banking and Fintech in Platform Economies’ in which Paolo Sironi, IBM Consulting, Global Research Leader, Banking and financial Markets, discussed the importance of banking and fintech in platform economies.
Sironi highlighted that there has been a change in the working policies of banks, owing to modern fintech. He further stated that banks have begun to dominate the international economy, leading to irrational wealth distribution, which was evident during the economic problem that arose in the US due to the lack of proper distribution of wealth.
He further said that ground services are impacted by virtual platform and the current banking system has the potential of causing a new global financial crisis. It is necessary to revamp banking models and mentality to be up to date with modern fintech. He stressed that the use of financial technology facilitates the process of decision making in borrowing and buying, and will further improve provisions of financial services.
Multidimensional Poverty: Implications of the Labor Market Policies
In the second session, titled ‘Multidimensional Poverty: Implications of the Labor Market Policies’, Kevin Hempel, Founder and Managing Director of Prospera, discussed means of fighting against poverty, and that it should not just address the issue of poverty alone, but also multidimensional poverty, which includes health care, education, and living. He discussed the 10 indicators of multidimensional poverty, and its potential to spread further in East Asian countries than in the rest of the world.
Hempel emphasized the necessity of addressing multidimensional poverty comprehensively as it will shed further light on the challenges of life and devise appropriate solutions to address them. He said that clear policies and frameworks must be established to ensure successful poverty combating programs.
Additionally, he highlighted that it is vital to address the problems in the labor market through workshops, training courses and creating job opportunities for beneficiaries to assist them in entering the labor market and being successful in it. Furthermore, he stated that social relations networks help link people with resources allowing them to be more effective in assisting to vulnerable communities.
MBRF’s participation at the Frankfurt International Book Fair has been successful, with a busy and varied schedule, with over 4000 events, panel discussions, and seminars hosting the most notable writers and figures in the publishing industry.