According to reports by Emirates News Agency, the official news outlet in the UAE, the UAE Banks Federation in collaboration with ADGM, and the Abu Dhabi Global Market, held a Fintech and Crypto assets forum. The forum saw major industry specialists come together to discuss how the financial sector across the globe has been shaped by these trends as well as the challenges and opportunities that they come with.
UAE Aiming At Becoming An International Financial Hub
The event which was hosted in the ADGM and coordinated by the UBF Compliance Committee saw a wide range of topics being tackled such as the regulatory and supervisory steps taken by the ADGM in relation to digital assets. Other topics discussed included the use of RegTech like machine learning and big data in the enhancement of financial transactions management and surveillance and the possible collaboration between financial regulators and banks which would result in the development of procedures and systems that can tackle the regulatory risks that come with serving Crypto based businesses.
With the increasing innovation within the Crypto and digital asset space, the financial services sector is fast evolving unlike any other industry. This evolution requires that financial institutions and regulators have to be constantly monitoring the sector to ensure that the services offered are operating in a trust worthy manner within the ever digitizing environment.
Collaboration Crucial In Introducing Fintech Into Financial Services Sector
The head of the UAE Banks Federation AbdulAziz Al-Ghurair said that the Federation is strongly supporting the technology which has resulted in a disruption of the financial services sector in the UAE. Al-Ghurair stated that the Federation strongly believes in how crucial partnerships are in the facilitation of this transformation because they ensure that it takes place in a seamless and successful manner. The UAE Banks Federation Chairman went on to say that the emergence of Cryptocurrencies have brought with them the importance of developing frameworks and regulations which can be implemented in governing them.
He added that with the nation striving towards becoming a financial hub internationally, it was important that it keeps up with the technological innovations coming up within the sector reiterating that the protection of consumer rights which is the only way of enabling a thriving financial and monetary market which is critical to this.
The ADGM Financial Services Regulatory Authority CEO Richard Teng said that the Authority is pleased to be hosting the event with UBF. Teng added that the event has highlighted how crucial partnership between financial institutions and regulatory authorities are in the promotion of trust and commitment required to integrate FinTech activities into the financial sector.
Crypto Regulatory Framework And Surveillance Tools Discussed
In the opening of the event ADGM presented the key features and policies under which its crypto asset regulatory framework operate including the surveillance tools that can be utilized in the mitigation of financial crime risk within the sector. Hanan Mansour concluded the event by reiterating the importance of sharing of information in the management of risks in the banking sector.