Abu Dhabi to establish FinTech Hub with a green nod from MOF

Abu Dhabi is poised for establishing an International Technology centre, once it gets the clearance in ample support with MOF (Ministry of Finance). There are series of agreements that had been carried out with Abu Dhabi Global Market and IBRD (International Bank for Reconstruction and Development).

This move by MOF (Ministry of Finance) is aimed to spur the growth in the financial sector backed with powerful fintech services.

As per the report by the News agency WAM, “The agreement signings is based on government sidelines during the launch of the Gulf Economic Monitor initiative for Spring 2019, and, the event was conducted in active partnership with ADGM (Abu Dhabi Global Market) and the World Bank Group on May 1st 2019.

As per the words stated by Younis Al Khoori, the Ministry of Finance Under-Secretary, “International Technology centre of UAE, will chip in with a perfect platform that would enhance the exchange of experiences and best practices in field of legislation and that of the core financial policies formulation.”

The International tech. centre will be established in the IBRD office-Abu Dhabi as per read out by MOU, and it is anticipated as a location for:-

·  Concluding financial partnerships and agreements

·  Generate trust and to bring in together government and private sectors’ companies.

·  Enhance involvement of Public-Private partnerships and enhance the overall technological advancement adoption and maximum utilization.

This centre will also be guiding as well supporting the FinTech and digital economy efforts throughout the MENA region.

As per Ahmed Ali Al Sayegh, Minister of State and Chairman of ADGM, “This move paves way for developing and building up a secure technology start-up system that in turn will also allow to frame community of leading global and local technology companies.