The Ministry of Finance organises Fintech workshop

The Ministry of Finance, MoF, in collaboration with the Arab Monetary Fund, AMF, has organised a workshop on the modern technologies applied to financial services, its impact on the banking sector, and the challenges faced by Arab regulatory authorities to establish a suitable environment to adopt these new technologies.

The workshop was held in the presence of Younis Haji Al Khoori, MoF Under-Secretary, and Ali Hamdan Ahmed, Director of International Financial Organisations Department at MoF, along with heads of departments at the Ministry and the Arab Monetary Fund.

Mr. Al Khoori stressed the important benefits of Fintech in terms of facilitating direct communication with dealers, reducing operational costs, which in turn have led to a shift in the financial and banking sector. The Fintech landscape has played an important role in enhancing financial inclusion policies.

He added, "The UAE continues to develop the infrastructure and the necessary cadres to develop the Fintech industry and services, as per the directives of our wise leadership to become a smart government and encourage innovation. All concerned parties and legislative, regulatory, financial and technical entities, should collaborate to develop the Fintech services and industry."

The workshop commenced with a welcoming speech by Dr. Jalal Al Din Rajab, Deputy Director of the Economic and Technical Department at AMF, followed by a work session presented by Sumayya Lutfi, an Economist at the Fund, during which she discussed the importance of the latest financial technologies, developments, work systems and the best international practices. Participants also reviewed the experiences of leading countries in the Fintech industry.

The workshop included a presentation on the banking agent network in building modern financial technologies as well as the support mechanisms of regulatory authorities for the latest Fintech systems.