Ministry of Finance Abu Dhabi and Arab Monetary Fund organizes fintech workshop

Abu Dhabi’s Ministry of Finance (MoF) and Arab Monetary Fund (AMF) together organized a workshop on the modern fintechs, its impact on the banking sector, and the challenges faced by Arab regulatory authorities. The workshop focus was to establish a suitable environment to adopt these technologies, as reported by WAM Emirates News Agency.

The fintech workshop had presentations on the banking aging network in a move to build modern financial technologies as well as the support mechanisms of regulatory authorities for the latest fintech systems. It was held in the presence of Younis Haji Al Khoori, MoF Under-Secretary, and Ali Hamdan Ahmed, Director of International Financial Organisations Department at MoF. The workshop also saw heads of departments from the Ministry and the AMF.

"The UAE continues to develop the infrastructure and the necessary cadres to develop the fintech industry and services, as per the directives of our wise leadership to become a smart government and encourage innovation. All concerned parties and legislative, regulatory, financial and technical entities, should collaborate to develop the fintech services and industry," Al Khoori stated as reported by WAM.

Al Khoori also stressed the important benefits of fintechs in terms of facilitating direct communication with dealers and reducing operational costs. Dr. Jalal Al Din Rajab, Deputy Director of the Economic and Technical Department at AMF started the workshop with his speech, which was followed by a work session. The session was presented by Sumayya Lutfi, an economist at the Fund, where she discussed the importance of the latest fintechs, developments, work systems and international practices.