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FinTech AD discusses latest developments, hottest issues, innovation in financial services

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ABU DHABI, 25th November, 2020 (WAM) -- On the second day of the FinTech Abu Dhabi Festival, FinTech AD, the MENA region’s largest event focused on innovation in financial services, a stellar line-up of speakers in the region globally discussed the latest developments and hottest issues in the FinTech sector.

During his keynote speech, Omran Sharaf, the Head of the UAE Space Agency’s Mars Mission, emphasised the importance of the Mars mission in the nation’s development, as well as its impact in catalysing further progressivity across all sectors of the economy, and ensuring the UAE’s youth are inspired to pursue opportunities in these sectors.

During his keynote speech, Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Teleworking Applications, highlighted the UAE’s digital transformation journey, which has taken shape since its establishment, championed by the late Sheikh Zayed bin Sultan Al Nahyan. Enabled by disruptive technologies, he highlighted the commitment to digitise and innovate across various sectors.

Addressing the Government FinTech Forum: The Digitalisation Agenda of the UAE Banking Sector, Abdul Aziz Al Ghurair, Chairman of UAE Banks Federation, emphasised that the fourth industrial revolution is here and the UAE banks federation is already part of the change, bringing forward partnership and collaboration opportunities that benefit the consumer and drive technological adoption.

Speaking at the "Government FinTech Forum: The Promise and Potential of Financial Tech and Innovation in Bridging Israel and the Middle East", Amir Yaron, Governor, Bank of Israel, outlined the economic potential between Israel, the UAE and the region, as well as the Israeli fintech sector and the Bank of Israel’s approach to innovation.

He emphasised Israel’s deep tech expertise as a key facet of the nation’s economy, which has afforded it international recognition while stressing the importance of technological solutions which have cushioned the technology sector, especially from the economic implications of the COVID-19 pandemic.

Dr. Ahmed Alkholifey, Governor of Saudi Arabian Monetary Authority, affirmed that suptech – or supervisory technology – as well as regtech – or regulatory technology – can aid in AML/CFT requirements, in accordance with best practices and international standards, as well as overseeing and ensuring risk identification and reporting.

He also emphasised on the risks of utilising regtech and suptech, such as cyber risk, which is global, given its interconnectedness, which regulatory authorities are ensuring is managed through development and training programmes.

Global Tech Investing, in the Next Decade Ibrahim Ajami, Head of Ventures – Mubadala, took part in a FinTech AD 2020 panel titled "Global Tech Investing, in the Next Decade" where the participants outlined the impact of the US elections on the VC landscape and the growth opportunities for tech investment across the region and globe.

Ibrahim Ajami said, "COVID-19 has demonstrated that innovation can happen anywhere, so as Mubadala, we always look to other hubs, such as Europe, the Middle East, and India, and we plan to be very active in China.'' Co-hosted by the Central Bank of the UAE, CBUAE, and Abu Dhabi Global Market, ADGM, the fourth annual festival, FinTech Abu Dhabi 2020, brings together 7,500 influencers and innovators.

MENA’S largest and leading FinTech festival is taking place from 24th to 26th November 2020, featuring major names from the global financial community and an extensive agenda of initiatives and activities.

WAM/Tariq alfaham/Hassan Bashir