UAE to play pivotal role in global FinTech revolution, says CBUAE Governor

Opens FinTech Office to promote mature ecosystem

Abu Dhabi/November 25-2020:  The Governor of the Central Bank of UAE (CBUAE), Abdulhamid M Saeed Alahmadi, on Wednesday said the UAE is no longer on the fringes of the global FinTech revolution, but moving towards the centre of it.

The Governor also said the CBUAE has played a proactive role to build a mature FinTech ecosystem in the country. He was talking at the FinTech Abu Dhabi 2020, MENA’s largest FinTech Festival, which is co-hosted by CBUAE and Abu Dhabi Global Market (ADGM), where the Central Bank of the UAE (CBUAE) launched the CBUAE FinTech Office.

FinTech hub

The CBUAE FinTech Office aims to develop a mature FinTech ecosystem within the UAE and position the nation as a foremost FinTech hub regionally and globally.

Alahmadi added, “We are proud to contribute to several of the UAE’s national objectives through the establishment of our FinTech Office as it is a pivotal element of the strategy for advanced innovation.”

He said this office will allow CBUAE to accelerate the transformation of digital payments and support financial inclusion.

In addition, the CBUAE FinTech Office is mandated to execute the UAE’s FinTech Strategy, which is centred on innovation and collaboration.

The CBUAE FinTech Office will be working hand in hand with the industry and regulatory authorities to embrace innovation and digital transformation whilst promoting a culture of robust risk management.

To attract overseas FinTech cos

Furthermore, the Office will be supporting in attracting international and regional FinTech companies and providing a platform for all market participants to collaborate and innovate. This commitment is backed by two-pillars – effective and balanced regulations; and robust digital infrastructures.

These two pillars form a solid foundation for core building blocks to allow continued development and innovation of FinTech in the UAE comprising research and application; regulatory interface; coordination and CBUAE Classification: Public liaison between relative stakeholders; talent development in UAE; and cross-border collaboration.

 

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