Ministry of Finance signs agreement to establish FinTech hub in Abu Dhabi

Ministry agrees deal with ADGM and the International Bank for Reconstruction and Development

Abu Dhabi's ADGM has inked four deals with Chinese entities to increase economic cooperation and boost investments. Mona Al Marzooqi / The National

The Ministry of Finance has put the wheels in motion to establish an international technology centre in Abu Dhabi.

In a series of agreements with the Abu Dhabi Global Market and the International Bank for Reconstruction and Development, the ministry said the move aims to spur growth in the financial sector powered by FinTech services.

The signings came on the sidelines of the launch of the Gulf Economic Monitor initiative for Spring 2019, the news agency WAM reported. The event was held by the ministry in partnership with ADGM and the World Bank Group.

Younis Al Khoori, the Ministry of Finance Under-Secretary, said: "The International Technology Centre of the UAE will provide a platform that offers the exchange of experiences and best practices in the field of legislation and financial policies formulation."

The International Technology Centre will be established in the IBRD office in Abu Dhabi, the MoU read, and is anticipated to be the location for concluding financial partnerships and agreements and bringing together government and private sectors' companies.

The centre will also support FinTech and digital economy efforts in the Mena region.

Ahmed Ali Al Sayegh, Minister of State and Chairman of ADGM, said the move will further develop the technology start-up ecosystem and build a community of leading global and local technology companies.