UAE Central Bank, ADGM to jointly host FinTech Abu Dhabi

The Central Bank of the UAE, CBUAE, and Abu Dhabi Global Market, ADGM, have announced that they will collaborate, jointly host, and organise the fourth annual FinTech Abu Dhabi Festival, FinTech Abu Dhabi, which will be held from 24th - 26th November, 2020.

Bringing together international and local thought leaders and policy-makers, financial and technology institutions, FinTech startups, unicorns, investors, academia and innovators, the event promises a deep-dive into trending topics and business issues that will shape the digital economy of the future.

The event will be held in the Abu Dhabi National Exhibition Centre.

As CBUAE continues to play a critical role in shaping the future of financial services and innovations in the UAE, the FinTech Abu Dhabi partnership between CBUAE and ADGM reinforces the ongoing national focus and efforts in the financial sector and further accelerates the introduction of financial innovations and related technologies to better serve the UAE and the wider Mena region.

Commenting on the upcoming event, Abdulhamid Saeed, CBUAE Governor, said, “We are pleased to collaborate with ADGM to co-host FinTech Abu Dhabi 2020. ADGM’s goals are in line with the UAE Central Bank efforts solidifying our position as the regulatory body responsible for promoting healthy development of the financial services sector and market behaviour.” He added, “Through the establishment of the CBUAE FinTech Office, we aim to create an enabling and tech-friendly environment to facilitate financial technology innovations in the UAE, while continuing to enhance the concept of financial innovation. We look forward to working with ADGM and other strategic partners to achieve our common goals of advancing technological innovation and raising the level of customer experience and financial inclusion in the UAE.” To help build a mature FinTech ecosystem in the UAE, CBUAE has developed a FinTech Strategy and Roadmap which comprises five key pillars.

The pillars include: research and the application of potential FinTech solutions to address the needs of the financial services sector; development of an effective regulatory interface between market participants and regulatory functions of the CBUAE; and the establishment of a liaison platform to facilitate exchange of FinTech ideas and joint projects among key authorities and stakeholders.

Also, formulation of a FinTech Talent Development Program; and building a cross-border partnership model with key overseas regulatory authorities and stakeholders.

Commenting on the partnership, Ahmed Ali Al Sayegh, Minister of State and Chairman of ADGM, said, “We are honoured to co-host and organise the much- anticipated FinTech Abu Dhabi this year, alongside our partner, the UAE Central Bank. CBUAE plays an instrumental and significant role in the development of the financial services industry and the successful growth of the UAE economy. Together, we can better support FinTech innovation and strengthen the robustness of the FinTech ecosystem in the UAE and the wider Mena region.”

Since its inception in 2017, FinTech Abu Dhabi has introduced transformational initiatives that support the growth of start-ups, innovations and financial services in Abu Dhabi and the wider region.

Meanwhile, Abu Dhabi Agriculture and Food Safety Authority, ADAFSA, has carried out 5,190 inspection visits to the emirate’s food facilities since the beginning of Holy Month of Ramadan.

This comes within efforts made by ADAFSA to improve food safety standards in the emirate, and to ensure compliance of food facilities with hygiene requirements and precautionary measures to prevent the spread of COVID-19. The inspection visits aimed at monitoring and correcting wrong practices according to approved procedures, to ensure applying the highest food safety standards in the Emirate of Abu Dhabi, thus achieving the well-being and safety of community members.

The inspection visits resulted in ensuring compliance of 4,860 facilities with food safety requirements. In addition, 330 administrative actions were taken against facilities failed to comply with guidelines and requirements. Targeting restaurants, groceries and other food-related facilities, ADAFSA’s inspections resulted in issuing 252 final warnings, 21 notices, 50 warnings, and 7 violations.

ADAFSA’s inspection efforts covered food warehouses, distribution centres, suppliers and retail stores, to ensure that those facilities are able to meet consumers’ needs of food while applying the best food safety standards.

WAM