ABU DHABI, 30th November, 2023 (WAM) -- Wai Lum Kwok, Senior Executive Director of Authorisation and Fintech at the Financial Services Regulatory Authority in Abu Dhabi Global Market (ADGM), has anticipated robust growth in the financial technology (FinTech) sector in the UAE over the next two to three years.
During the Abu Dhabi Finance Week (ADFW), Kwok told the Emirates News Agency (WAM) that the FinTech sector in the UAE and globally has seen significant progress over the past eight years. He highlighted that approximately 5,000 companies are registered in ADGM, with 200 operating in the financial services sector.
Kwok emphasised that 20% of the companies registered in the financial sector in ADGM are engaged in FinTech, underscoring the sector's importance and future growth prospects.
He highlighted the significance of the 7th edition of the "FinTech Abu Dhabi" conference, held as part of ADFW. The conference is the largest gathering for financial technology in the Middle East and North Africa, featuring specialised forums on artificial intelligence, blockchain, risks, and security. The event also hosted vital discussions on the economy of financial crimes, bringing together prominent institutions in Abu Dhabi to discuss the emirate's early commitment to artificial intelligence.