Memorandum of Understanding to promote financial technology in the UAE

Memorandum of Understanding to promote financial technology in the UAE
Memorandum of Understanding to promote financial technology in the UAE

The Central Bank of the United Arab Emirates announced today, Wednesday, the signing of a Memorandum of Understanding with the Dubai International Financial Center to cooperate in developing an integrated system for financial technology in the UAE by launching joint initiatives and activities..

The Memorandum of Understanding was signed on the sidelines of the “Future of the Financial System” conference, organized by the Central Bank during Expo 2020, on October 13 and 14, 2021. The Memorandum of Understanding was signed by Khalid Mohammed Balama, Governor of the Central Bank of the UAE, and Issa Kazim, Governor of the Dubai International Financial Center.

Under this Memorandum of Understanding, the Central Bank will work with the Dubai International Financial Center to develop a joint test environment program, which will allow fintech companies to test their innovative solutions within the framework of the existing digital test environment program. The memorandum also provides for cooperation in launching financial technology initiatives and activities between the two parties, including accelerators programs, competitions, workshops, seminars, conferences and projects..

On the memorandum of understanding, the Governor of the Central Bank of the UAE Khalid Mohammed Balama said: “The global financial system has witnessed a major digital transformation over the past few years. We firmly believe that one of the main ways to ensure a strong financial system is to develop a regulatory environment that helps innovation and encourages digitization. The Dubai International Financial Center is home to one of the largest fintech accelerators programs in the region and has played a vital role in accelerating the spread of fintech solutions in the country.We are confident that this MoU will create an environment that fosters the development of innovative solutions, in line with its ambitious economic growth plans. The state and its aspirations for digital transformation.

For his part, the Governor of the Dubai International Financial Center, Issa Kazim, said: “We are directing our focus towards establishing an advanced system full of valuable opportunities to unlock the maximum potential of the financial technology sector, based on our keenness to consolidate our position in the region as a leading global financial center and our position as one of the top 10 financial technology centers in the world. Through distinguished partnerships such as ours with the Central Bank of the United Arab Emirates, we will provide entrepreneurs in the field of financial technology with the capabilities that pave their way to achieve their aspirations and business goals, and contribute to the consolidation of Dubai and the UAE in general as a prominent global center in the financial technology sector..”

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