KHALEEJ TIMES, Saturday, Nov 28, 2020 | Rabi Al Thani 13, 1442
UAE Central Bank launches FinTech Office to develop a mature industry ecosystem
Emirates:
“We are beginning to see unicorn start-ups emerging in the UAE, which is
evidence, I would assert, the UAE is no longer on the fringes of the global
FinTech revolution but moving toward the centre of it. At the Central Bank, we
have played a proactive role to build a mature FinTech ecosystem in the
country,” said Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank of the
UAE.
“This Office will allow us to accelerate the transformation of digital payments
and support financial inclusion. In addition, the Central Bank’s FinTech Office
is mandated to execute the UAE’s FinTech Strategy which is centered on
innovation and collaboration,” said Alahmadi.
The Office was launched at FinTech Abu Dhabi 2020, Mena’s largest FinTech
Festival, which is co-hosted by CBUAE and Abu Dhabi Global Market.
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.
The Office’s objectives are to put in place effective and balanced regulations
and robust digital infrastructures.
“At the Central Bank of the UAE, our mission is to play a proactive role in
building a mature FinTech ecosystem, in part by drawing on the pragmatic lessons
of peers from around the globe,” said the governor.
He added it is essential for the Central Bank to offer clarity and enable a
level playing field for all market participants, creating an environment that
facilitates innovation whilst managing risks effectively.
“In recognition of this, we at the Central Bank of the UAE have recently issued
and will continue to issue a series of regulations, where over the coming months
you will see more recommendations from us,” he said.
Moreover, the Central Bank is working with strategic partners to develop a
number of 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.