The Central Bank of the UAE (CBUAE) announced the opening of its fintech office during the FinTech Abu Dhabi 2020, that the former co-hosted with the Abu Dhabi Global Market (ADGM).

The new office aims to develop a mature fintech ecosystem within the UAE and position the nation as a fintech hub regionally and globally.

On this occasion, H.E. Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank of the UAE, said:

“The UAE is no longer on the fringes of the global fintech revolution but moving toward the center of it. At the CBUAE, we have played a proactive role to build a mature fintech ecosystem in the country.”

H.E. Alahmadi added:

“We are proud to contribute to several of the UAE’s national objectives through the establishment of our fintech office as it is a pivotal element of the strategy for advanced innovation. This office will allow us to accelerate the transformation of digital payments and support financial inclusion. In addition, the CBUAE Fintech Office is mandated to execute the UAE’s fintech strategy which is centered on innovation and collaboration.”

The CBUAE fintech office will be working hand in hand with the industry and regulatory authorities to embrace innovation and digital transformation whilst promoting a culture of robust risk management.

Furthermore, the office will help to attract international and regional fintech companies as well as provide a platform for all market participants to collaborate and innovate.

This commitment is backed by two-pillars which are effective and balanced regulations as well as robust digital infrastructures.

These two pillars form a solid foundation for five core building blocks to allow continued development and innovation of fintech in the UAE, which comprise; research and application, regulatory interface, coordination and liaison between relative stakeholders, talent development in UAE and cross border collaboration.

Featured image credit: CBUAE