FinTech Abu Dhabi 2019 convention to boost the FinTech industry in the UAE

Regulated by Unbound and organized by Abu Dhabi Global Market, FinTech Abu Dhabi 2019 greeted more than 5,000+ representatives and members, associates and shareholders from over 70 nations to the capital city of UAE, MENA’s driving FinTech core. It was organized over three stages and it got a perfect platform as 130 industry experts shared their insight and awareness on principal issues and ideas that will drive the FinTech sector forward.

This 3rd edition of FinTech Abu Dhabi introduced a spectrum of fresh initiatives by leading experts followed by the FinTech50, a prestigious Awards Ceremony over ten categories.  It is the choice of rising global talent for this field.

Another segment for selecting the most innovative concepts was the Innovation Challenge, creating actual corporate challenges in the market and how to deal with them. Last and ending the remarkable event was the customary Urban Experience networking experience.

With FinTech Abu Dhabi 2019 reaching a conclusion, the best three takeaways from the occasion are stated below: –

1. The Belt and Road Initiative (BRI)

The Belt and Road Initiative (BRI) is China’s arrangement to interface Asia with Africa, Europe, and Russia. It expects to do so by means of land and sea systems to improve territorial collaborations, increment exchange, and animate financial development.

The activity features five significant needs: arrangement coordination, framework availability, unhampered exchange, monetary joining and associating individuals.

“The relationship has never been more grounded with key ties on all levels,” said Teng. “UAE is China’s top venture goal in the area with two-sided exchange expected to reach US$70 billion.”

2. Advancing patterns

During the celebration, Omar Christidis, Founder and CEO of ArabNet, talked about current difficulties FinTech firms are confronting including guidelines, customer information sharing, and open banking.

“Substances, for example, Global Financial Innovation Network (GFIN) are attempting to blend guidelines crosswise over nations so FinTechs can move rapidly from market to showcase. Dubai, Abu Dhabi, and Bahrain are a piece of GFIN, which shows how significant these business sectors are.”

Zeeshan Feroz, CEO of Coinbase UK and Steve Kirsch, CEO of Token clarified that banking is experiencing a spearheading shift. Feroz accepts, customary ledgers will be implemented with crypto accounts with Kirsch including that computerized money is inescapable and an uncommon open door for solidarity and upper hands against dangers.

3. Financial move – ‘Information is the new oil’ As per Mark Curtis, CFO at ADNOC, social advancement will enable the UAE to change its monetary dependence on oil to an information economy. Curtis featured that, schools ought to have more temporary positions and should direct new thoughts so as to get settled with committing errors and proceeding onward to make significant changes.

With variances in oil costs and worldwide economies moving Mohamad Elewa, Partner at Grant Thornton likewise included that establishing a strong framework in universities, schools, and new companies will be profoundly valuable for the UAE in 10-20 years’ time.