As per the words stated by CBUAE governor Mubarak Rashid Al Mansouri, the UAE’s Central Bank will strive harder to building a ‘fintech office’ to create further Flexi space for regulations in the emerging financial, technological arena that would, in turn, support them in their overall growth. This latest Fintech office will as well have a thorough hold on the latest trending assets like Cryptocurrencies, AI-related financial graphs, etc.
Al Mansouri in a Middle East Banking Consortium stated that “the aim of the workplace is to position the financial organization because the central banks that act as coordinating authority will also be a prudent author of emerging market to conduct in all the regulative needs and as an enabler and as well as the supporter of fintech activities within the UAE.”
Mubarak Rashid Al Mansouri, as well stated in the Middle East Banking Forum in Abu Dhabi this Sunday that the “Fintech is recognized as a crux growth sector as the UAE’s Central Bank supports in the consolidation of handling in various departments taking the financial sector to a different dimension.
The unit also will scrutinize and examine the issues pertaining to cryptocurrencies, which the banking regulator does not approve of “at the moment”.
Al Mansouri added as well that “It can make sure that financial innovation continues within the banking sector with the support and facilitation from the national authorities”.
According to a fintech report from KPMG, investment in fintech surged nearly 120 percent to $111.8 billion before falling 40 percent to $37.9 billion during the first quarter of 2019.
The UAE is striving harder and is blazing all guns to actively develop a completely integrated, smarter, swifter Fintech Ecosystem-first and unique in the global scenario.
It has got ample and active support taken from Smart Dubai, the Dubai government office in tandem with economic free zones in Abu Dhabi and Dubai — the Dubai International Financial Centre and Abu Dhabi Global Market in the upbringing of Emirate’s smart transformation as well as in nurturing the sector.
In remarks to reporters, Al Mansouri as well added that the new entity won’t contend with different initiatives like the financial free zone hubs ‘sandboxes’, that alter corporations to figure along to make product furthermore as take a look at them.
“For FinTech’s to flourish, they must possess regulative acceptance, and this acceptance isn’t there for the onshore firms,” Al Mansouri was quoted to the National. “You are by default eliminating an enormous chunk of the countries irregularities in the financial sector and that their continuous effort is to collaborate with our colleagues so that we have a UAE approved regulative framework.”
The new workplace will examine assets like cryptocurrencies that Al Mansouri stated that the financial organization is not supportive of, at present.