UAE Central Bank launches new office to drive FinTech innovation

UAE Central Bank launches new office to drive FinTech innovation

The Central Bank of the UAE (CBUAE) announced on Wednesday the launch of a FinTech Office which aims to develop a mature financial technology ecosystem within the country.

The new office, announced during FinTech Abu Dhabi 2020, plans to position the nation as a foremost FinTech hub regionally and globally.

Abdulhamid M Saeed Alahmadi, governor of CBUAE, said: “The UAE is no longer on the fringes of the global FinTech revolution but moving toward the centre of it.

“This office will allow us to accelerate the transformation of digital payments and support financial inclusion. In addition, the CBUAE FinTech Office is mandated to execute the UAE's FinTech Strategy which is centred on innovation and collaboration.”

The CBUAE FinTech Office will work closely with the industry and regulatory authorities to embrace innovation and digital transformation while promoting a culture of robust risk management, a statement said, adding that it will also try to attract international and regional FinTech companies.

Abdulhamid M Saeed Alahmadi, governor of CBUAE

The FinTech sector in the Middle East has seen substantial growth over the past few years.

According to a recent report, the number of FinTech start-ups is estimated to have increased from 105 in 2015 to 250 in 2020, while FinTech start-ups