Dubai Future Foundation : Financial Technologies record a rapid growth in the region

Dubai Future Foundation : Financial Technologies record a rapid growth in the region

DUBAI, 17th May, 2020 (WAM) - The financial technology, FinTech, industry is widely expected to emerge stronger from the challenging risks of the COVID-19 pandemic as people turn to digital services according to a report "Life After COVID-19: Financial Technologies" by Dubai Future Foundation.. The report reviews the most prominent characteristics of this vital sector, FinTech, which is considered to be inherently well positioned to fight the crisis.. Global expectations indicate that the financial technologies industry is widely expected to emerge stronger from the challenging risks of the pandemic as people turn to digital services.. Although the use of digital currencies by governments to tackle economic crises is still under discussion, the advantages they could offer over traditional currencies are becoming more apparent.. The proposed currency will rely on the use of a blockchain database between the two central banks - the Saudi Monetary Authority and the UAE Central Bank - and participating retail banks.. Given that people cannot physically visit banks due to the precautionary measures taken to tackle COVID-19, easing their access to digital services will be critical..