FinTech Abu Dhabi begins as Covid-19 pandemic brings digital payments in focus

Senior officials including the governor of the UAE central bank and chairman of ADGM will speak during the online event

The UAE has diversified its economy and embraced technology as it charts the next 50 years of development. The number of technology start-ups based at Abu Dhabi Global Markets has grown by 80% this yeShow more

FinTech Abu Dhabi begins today amid growing demand for digital payments and other financial technology services in the wake of the coronavirus pandemic.

A number of senior officials, bankers and investors including the governor of the central bank of the UAE Abdulhamid Alahmadi and Ahmed Al Sayegh, minister of state and chairman of Abu Dhabi Global Market will speak at the event, which is being held online this year due to the pandemic. Invite-only presentations were made on Tuesday, but the public event begins today.

“The FinTech Abu Dhabi Festival provides a glimpse into the future of the financial services industry by showcasing the innovative and creative developments of the industry in the past year,” Mr Alahmadi, said. “These developments have underlined the power technology harnesses in improving the way we conduct business. We are also beginning to witness the emergence of unicorn start-ups in the UAE, further reinforcing the UAE’s position as a leading FinTech destination.”

Abdul Aziz Al Ghurair, chairman of the UAE Banks Federation, Vanessa Colella, chief innovation officer at Citigroup, Edward Knight, vice chairman of Nasdaq and Nadya Hijazi, global head of digital at HSBC will also speak during the event.

“Our goal is to continuously develop a mature ecosystem that encourages entrepreneurship and creativity in the FinTech space, by leveraging pragmatic lessons and best practices provided by our peers from around the globe,” Mr Alahmadi said. “This is part of our broader vision to establish the UAE as an international hub for financial sector innovation and growth.”

Abu Dhabi is investing in start-ups to grow the innovation ecosystem in the capital as part of a broader economic diversification strategy. The government last year established Hub71, an international technology hub at ADGM and is channelling investments in start-ups through a Dh535 million ventures fund.

Demand for digital payments and other financial technology services has surged worldwide as more people use online banking services to transfer money as well as pay for purchases amid the coronavirus pandemic.

Amir Yaron, governor of Bank of Israel, will give a keynote speech on the “promise and potential of financial tech and innovation in bridging Israel and the Middle East", during the event.

Israel and the UAE have normalised relations following the signing of the Abraham Accord in Washington DC in September.