How Abu Dhabi boosts FinTech industry in the UAE
When it comes to economic development, the capital city of the UAE, Abu Dhabi is paving the way in the region.
Earlier in the year the president of Abu Dhabi established a three year accelerator programme known as Ghadan 21. The programme aims to enhance competition within the region reducing its economic reliance on oil and gas.
Did you know? Abu Dhabi National Oil Company (ADNOC) currently provides 90% of the government's revenue.
As a result of the economic development plan, Abu Dhabi has seen a boost in growth for its Fintech industry, with Dubai International Finance (DIFC) registering over 100 Fintech firms across the MEASA region.
Adding to the region’s economic development, Geneva Fintech Association (GFA) and MENA Fintech Association (MFTA) signed a memorandum of understanding (MoU) - during the Abu Dhabi Fintech Festival (ADFF) - to promote inter-regional growth.
The new partnership between GFA and MFTA aims to build connections between the two regions to grow their respective cutting-edge Fintech industries. The two associations share the same goals of wanting to promote the development of new technology within the Fintech industry as well as supporting and developing education and providing an accessible platform for as many people as possible.
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Both GFA and MFTA commented on the signing of the MoU:
“The GFA and the city of Geneva have been exceptionally proactive when it comes to working to develop, educate and build relationships with key local and global Fintech players. Combining forces with MENA Fintech will allow for a growing global conversation, with the ultimate aim of staying ahead of the curve in this new and exciting era for the world of Finance,” said Sébastien Flak, President of the GFA and Director of Fintech Solutions at Geneva Management Group (GMG).
“The UAE’s development over the last decades has been nothing short of phenomenal. MENA Fintech is a natural extension of the development plan for the region and partnering with the GFA, with roots in finance going back hundreds of years, is indeed an exciting development. With our finalized plans with GFA with core focus on enablement and creating what we call a Fintech Trade Bridge we look forward to what we expect to be a fruitful and game changing partnership by setting new precedents,” said Nameer Khan, Chairman of the MFTA.
For more information on all topics for FinTech, please take a look at the latest edition of FinTech magazine.