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CBUAE has a strong foundation for Fintech framework in UAE

Fintech ecosystem requires a pragmatic, effective and sustainable Fintech strategy

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Abu Dhabi– Abdulhamid M. Saeed Alahmadi, Governor of Central Bank of the UAE, stated that the UAE apex bank has laid a strong foundation for a robust Fintech framework in the UAE underpinned by the belief that a strong Fintech ecosystem requires a pragmatic, effective and sustainable Fintech strategy.

”Our Fintech strategy is centred on innovation and collaboration. We are working hand in hand with industry and regulatory authorities, including partners such as the Abu Dhabi Global Market to embrace innovation and digital transformation, and we do that while promoting a culture of robust risk management. We are encouraging banks to embrace digitalisation and work with FinTechs to enhance consumer choices and tap into new market opportunities. Our commitment is based on two pillars: “regulation and infrastructure”, he said in his opening remarks for the second day of Fintech Abu Dhabi.

Held under the patronage of H.H. Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council, the MENA region’s largest event focused on innovation in financial services, the FinTech Abu Dhabi Festival (FinTech AD), is co-hosted by the Central Bank of the UAE, CBUAE, and Abu Dhabi Global Market, ADGM, featuring major names from the global financial community and an extensive agenda of initiatives and activities.

”Today we discuss Fintech in the background of unprecedented times that we have seen over 2020 with a pandemic of unseen scale and a negative impact of tremendous proportions to the global economy.” Talking about the FINTECH journey of the UAE where we stand, our ambitions and desires as we move forward in partnership with the Global Community. ”We are trying to take all enabling steps for the Fintech infrastructure and the community of participants to grow. We are creating an ecosystem where we use technology to improve efficiency, customer experience and risk management.” ”Additionally, we are currently working with strategic partners to develop several digital platforms: an e-KYC model, a funding solution for small and medium corporates and a distributed technology ledger trade finance platform, to name a few. These are examples of upcoming milestones of which we at the Central Bank of the UAE are very proud and excited about. These initiatives help us play a leading role in achieving the UAE’s Fintech Strategy while making great progress on the wider digital transformation and diversification ambitions,” he explained.

In the coming months, he added the apex bank will make further progress in areas that cover: Research and Application which will help us continue to work with stakeholders to conduct targeted Fintech research and development; deployment of an effective Regulatory Interface platform which allows better regulatory policy coordination and development, and co-sandboxing initiatives among regulators and the Fintech industry in the UAE and development of a Fintech Talent Development Programme for the UAE to ensure the continued supply of Fintech talents to the industry.

”We have come a long way in a very short time since the establishment of the Central Bank of the UAE Fintech office earlier this year. Since then, we have started witnessing progress from the implementation of the initiatives mentioned including several unicorn start-ups emerging in the UAE. All these achievements simply reflect an important reality: the UAE is no longer on the fringes of the global FinTech revolution but will soon be right at the centre of it. We move forward in partnership with the global community backed by strong Government Support and the will to make it happen,” he said in conclusion.-WAM

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