Abu Dhabi: The Central Bank of UAE hosted the Government FinTech Forum in Abu Dhabi on Wednesday at the FinTech Abu Dhabi Festival 2020.
The FinTech Abu Dhabi Festival is co-hosted by the CBUAE and Abu Dhabi Global Market (ADGM).
“Despite the changes the global economy has undergone, the United Arab Emirates is committed to strengthening its position as a global financial centre and creating opportunities in the Fintech sector, in accordance with international standards and best practices,” said Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank of the UAE.
“It is encouraging to now witness the emergence of start-ups in the UAE, further reinforcing the nation’s position as the epicentre of the global FinTech revolution.”
Despite the changes the global economy has undergone, the United Arab Emirates is committed to strengthening its position as a global financial centre and creating opportunities in the Fintech sector, in accordance with international standards and best practices.
Addressing the forum the central bank governor said CBUAE aims to play a proactive role in building an ideal environment that allows for further advancements in the FinTech field, which may not be achieved without integrating the expertise and best practices adopted by central banks across the globe, while working hand in hand with industry and regulatory authorities.
“As an International Financial Centre and regulator in Abu Dhabi, ADGM will continue to work closely with the UAE Central Bank to proactively stimulate and foster innovation that offer positive outcomes for the financial sector, as well as, safeguard the stability and integrity of our marketplace and economy,” said Ahmed Ali Al Sayegh, Minister of State (UAE) and Chairman of Abu Dhabi Global Market.
The Government Fintech Forum hosted leaders and governors of central banks and monetary authorities. Amongst the speakers was Mr. Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, who contributed to a panel discussion titled ‘How Tokenisation and Digitisation of Payment Instruments Can Address the Pain Points of Cross-Border Payments’.
ADGM will continue to work closely with the UAE Central Bank to proactively stimulate and foster innovation that offer positive outcomes for the financial sector, as well as, safeguard the stability and integrity of our marketplace and economy.
Dr. Ahmed Abdul Karim AlKholifey, Governor of the Saudi Arabian Monetary Authority, gave a keynote speech on supervisory technology and the benefits, challenges and key enablers of these advancements. Alongside this, Ravi Menon, Managing Director of the Monetary Authority of Singapore, highlighted digital finance as a method of promoting inclusiveness and sustainability. Lastly, Amir Yaron, Governor of the Bank of Israel, discussed the promise and potential of FinTech and innovation in bridging Israel to the Middle East.
Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, delivered a keynote speech on the UAE’s digital transformation. The UAE banking sector’s digitalisation agenda was also discussed by Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation.
The Forum’s agenda encompassed several topics, including digital assets – the regulatory approach, the era of sustainability and a green financial future, as well as the role of regulators in financial innovation.