Financial Authorities of UAE holds discussion on Fintech and cryptos

Financial authorities of UAE have mutually presented a discussion on crypto assets and Fintech as per a report surfaced on 17th of March.

The forum was jointly hosted by Abu Dhabi Global Market (ADGB) and UAE Banks Federation (UBF) has brought together the industry specialist to discuss on the Fintech and crypto assets. The focus of the forum was to understand how these two compelling trends are changing the face of the finance industry and also to understand the challenges and opportunities the sectors offer.

The chairperson of UBF has emphasized on the adoption and literacy of the digital assets to stay ahead of others. On this occasion he said, to be a global financial hub, they should keep up with the technological changes that are taking place throughout the sector. He also spoke about guaranteeing a strong monetary and fiscal market environment can be achieved only by protecting the customer rights and protecting market integrity.

The topics that were discussed in the forum include regulations and supervisory approach of ADGM towards the crypto assets, side by side harnessing the promising technology like RegTech for machine learning and big data that can transform the surveillance and management of financial transactions. They also discussed how different banks could come together and create a regulatory framework to address issues related to the market participation of crypto business.

The financial business is undergoing some dramatic changes in terms of modernization in the field of cryptocurrency and digital assets. The financial regulator and financial institutions will have to play an important part in this fast-changing scenario to keep up with the developments and monitor them. They have to ensure the fact that financial institutions can operate actively in the fast-changing digital environment.

The CEO of ADGM, Mr. Richard Teng has emphasized on trust building in a relationship that happens in such kind of forum. He said in these kinds of events highlights are on the power of collaboration of financial institution with the regulatory authorities. That is necessary to build trust and commitment to introduce the deviations in the FinTech industry.

In the introductory presentation of the ceremony, ADGM presented their objective and critical features concerning the regulatory framework for the crypto assets. The guest speaker who introduced the event includes Mr. Shu Pui Li, the advisor of the Central bank of UAE. He shared his views in regards to build the Fintech ecology in the UAE. The chairperson of UBF concluded the session.