Fintech Abu Dhabi a global platform for financial technology solutions: Richard Teng

ABU DHABI, Richard Teng, CEO of the Abu Dhabi Global Market Financial Services Regulatory Authority, stated that “Fintech Abu Dhabi” is a global platform for gathering innovation leaders from around the world to discuss financial technology solutions, reinforcing Abu Dhabi’s position as a gateway to the region’s financial technology sector.

In his statement to the Emirates News Agency, WAM, on the sidelines of the second day of Fintech Abu Dhabi 2019, Teng said that the UAE is a key regional destination for foreign direct investment, FDI, in light of the launch of many strategic initiatives that aim to ensure ongoing investment growth.

These initiatives include the launch of an economic package worth AED50 billion to support economic development, the private sector and small and medium-sized enterprises, SME, in Abu Dhabi, the issuing of a law to raise the capital of the UAE Central Bank to AED20 billion, and the formation of a general reserve to support the stability of the UAE’s financial system and currency, he added.

He also stressed that the new federal decree on anti-money laundering and counter-terrorism has maintained the stability and safety of the country’s financial markets while pointing out that hosting the Expo 2020 Dubai will increase public spending and attract new investments.

Teng further said that the Abu Dhabi Global Market has many achievements since its establishment, most notably the launch of the first comprehensive framework in the region for managing capital risk funds, as well as the first real estate investment funds system and the first regulatory framework for Fintech start-ups.

In 2018, the UAE attracted FDIs worth more than US$10 billion, occupying the first position in the Arab region by accounting for 36 percent of total FDIs. The country also ranked the second in West Asia, accounting for 33.4 percent of total FDIs in the region, according to a 2019 report from the United Nations Conference on Trade and Development, UNCTAD.

Source: Emirates News Agency