Blogs

• Muneeb
• 0 Comments

Financial Literacy and Tech Transformation

Introduction

In a recent panel discussion at the Proptech & SmarTech Convention ’23, industry leaders including Mr. Muhammad Ejaz, CEO of Arif Habib Dolmen REIT, Mr. Sarfaraz Shahid Hussain, CEO of YPay Financial Services, and Mr. Muhammad Junaid, Program Manager at I Thrive ICAP, delved into the critical role of financial literacy in today’s technology-driven world. Amidst a backdrop of evolving property technology (PropTech) and smart technology (SmartTech), the conversation underscored the importance of understanding financial fundamentals as a cornerstone for both individuals and businesses.

Understanding Financial Literacy

Financial literacy, as defined by Mr. Ejaz, encompasses a comprehensive understanding of financial matters: from income and expenses to savings, investments, and the associated risks and returns. This knowledge is not just about numbers on a page; it’s about making informed decisions that align with personal or business goals and risk profiles. The dialogue highlighted how educational institutions and industries related to property technology are increasingly focusing on building this critical competency.

The Role of PropTech and SmartTech in Financial Education

Mr. Junaid emphasized the unique position of PropTech and SmartTech industries in bridging the gap between complex financial concepts and the average consumer. Unlike traditional real estate transactions, these technologies offer a platform for more direct interaction with retail customers, many of whom may lack a foundational understanding of investment principles. This shift presents an opportunity—and a responsibility—for businesses within these sectors to prioritize financial education as part of their customer engagement strategies.

Financial Literacy and Technology: A Symbiotic Relationship

The panelists agreed that financial literacy and technological advancement are increasingly interlinked. As Mr. Hussain pointed out, the evolution of technology not only transforms how we access and manage our finances but also raises the bar for consumer education. In the era of digital wallets, online investments, and blockchain, understanding the underlying assets and the principles of sound financial management becomes more crucial than ever.

Conclusion: Charting a Path Forward

The discussion at Build Asia makes it clear: as technology continues to reshape the landscape of industries, particularly in PropTech and SmartTech, financial literacy becomes not just an asset but a necessity. For individuals and businesses alike, the future will be shaped by those who not only embrace technological innovations but also possess the financial acumen to navigate this new terrain wisely.

To gain more insights into this enlightening panel discussion on financial literacy within the realms of PropTech and SmartTech, click here to watch the full video.