Keeping pace with the ever-increasing digital environment around the globe, a number of financial authorities of the United Arab Emirates have played host to a joint forum on FinTech and crypto assets.
As reported by UAE’s official news outlet on March 17, entities including UAE Banks Federation (UBF) and Abu Dhabi Global Market (ADGM) have joined hands to facilitate the coming together of a panel of experts to gain more profound insights on the various challenges, opportunities, and advancements in global financial and crypto services sectors.
Keeping Up with Technological Changes
UBF Chairman Abdul Aziz Al-Ghurair underlined the importance of keeping up with technological developments for economic advancements. He also laid stress on the necessity for the development of frameworks and regulations governing recent advancements involving cryptocurrencies and crypto assets.
Keeping this purpose in mind, the event dealt with varying topics including ADGM’s regulations and supervisory approach towards crypto and digital assets, the role big data and machine learning can play in boosting the efficiency of financial transactions and how banks and financial regulators can come together to alleviate risks involved in the crypto assets business.
The session was also attended by Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM who paid note to the importance of a collaboration between regulatory authorities and financial organizations for bringing FinTech securely to the financial services sector.
Towards the conclusion of the forum, Hanan Mansour, Chairperson of UBF Compliance Committee and Head of Regulatory Compliance at First Abu Dhabi Bank, discussed the vital role technological advancements could play in the banking sector.
The Road to Walk Ahead Together
The event successfully underlined the importance of building a relationship between authorities and institutions for introducing technological advancements efficiently in the financial sector and for creating a blossoming international financial hub.