The UAE Banks Federation (UBF) and Abu Dhabi Global Market (ADGM) have decided to work together in order to host a new fintech forum that will be focusing on how digital assets are currently changing the global financial services sector.
The information was released by the Emirates News Agency on March 17.
Fintech Forum Launched to Discuss the Complex Digital Environment
Both the UBF and the ADMG hosted a forum related to financial technology and digital assets as well. The main intention was to discuss how these virtual currencies and new technological trends are shaping the global financial services sector.
Some of the issues discussed at the event were ADGM’s regulations in the market, supervisory approach to digital assets, big data and also machine learning. Moreover, experts discussed how financial regulators and banking institutions can work together to develop policies that address regulatory risks.
The cryptocurrency industry is currently providing innovation to the financial sector around the world. Due to these fast-evolving market dynamics, banks and institutions have to play an important role in monitoring and keeping track of these developments. This will ensure that financial services operate in a robust and trusted way.
The Chairman of UAE Banks Federation, AbdulAziz Al-Ghurair, explained that the UBF is a recognized player in the UAW financial services industry. About it, Mr. AbdulAziz Al-Ghurair said:
“We strongly believe in the importance of collaboration to facilitate this transformation and ensure it takes place seamlessly and successfully. Given the rapid emergence of new FinTech such as cryptocurrencies and other crypto assets, it is essential that we develop frameworks and regulations that govern these technologies and developments.”
He went on saying that they have the aspiration to become one of the most important international hubs for finance.
In order to do so, they will have to ensure a robust monetary and financial market environment. They also want to protect consumer rights and safeguard the integrity of the financial market.
Richard Tend, the CEO of the Financial Services Regulatory Authority of ADGM, said that they are pleased to partner with UBF and create an opportunity to discuss the many challenges faced by the banking industry.
During the event, ADGM has also shared its policy objectives and key features related to a regulatory framework that could be implemented in the future.