The region’s growing emphasis on the creation of a healthy and self-sustaining FinTech ecosystem to spur the economy hasn’t gone unnoticed by the global business community. And if everything goes as per plan, the ongoing developments in mobile payment and Blockchain technology are going to take things to a new high altogether.
In fact, the developments in both these fields have already ignited serious public interest in FinTech innovations, as the UAE Ministry of Finance said in a statement on Tuesday.
The government announced yesterday a new partnership with Finovate Middle East, a global FinTech conference series, to further its interest in the domain. During the announcement, Younis Al Khouri, Undersecretary of the Ministry of Finance, stated that all necessary support would be provided to the stakeholders in the industry to fuel innovations.
Al Khouri also pointed out that the Ministry of Finance was regularly conducting FinTech seminars to help bring new technologies to the forefront. “The ministry continues to be a key player in fostering investment environment in the UAE for tech entrepreneurs through the Mohammed bin Rashid Innovation Fund that is worth AED 2 billion.”
He also remarked that the new partnership between the government and Finovate Middle East would go a long way to expedite innovation and growth, besides giving a boost to investment in banking and payment technologies in the Middle East.
“We have seen FinTech enter the popular consciousness in a big way this year due to developments in mobile payment technology, and the introduction of blockchain technology that have ignited the public interest and pushed the sector’s growth.” Al Khouri said.
In a follow-up panel discussion, representatives from the government, banks, and FinTech companies discussed on the growing need for collaboration and new partnerships to drive a sustainable growth in the region’s FinTech ecosystem.