UAE Banks Federation Well Aware Of BTC’s Disruptive Power

The Abu Dhabi Global Market (ADGM) and the UAE Banks Federation (UBF) have joined forces to host an upcoming fintech conference in which the aim is to discuss how crypto assets are changing the global financial services sector.

According to a new article posted by Emirates News Agency, it seems as though the fintech conference was full of blockchain and banking related topics which would be enough to satisfy any enthusiast of this booming industry. Also at the conference was a discussion on regulations, big data, machine learning, compliance, regulations and financial surveillance to make everyone feel like they got their money’s worth at the event.

One of the topics that stood out was “how financial regulators and banks can collaborate to develop processes and procedures to address regulatory risks in serving market participants operating crypto assets businesses” despite the whole idea of Bitcoin to fight back against the need for collaborations from regulators and banks.

The participants of the event were all well aware of this but the article suggests claims that “fast-evolving market dynamics mean that banks, financial institutions as well as financial regulators have an important part to play to diligently monitor and keep abreast of such developments, and ensure financial services continue to operate in a robust and trusted way in an increasingly digital environment.” Essentially, legacy financial organisations don’t want to be sat twiddling their thumbs in the corner being rendered useless.

The Chairman of UAE Banks Federation, Abdul Aziz Al-Ghurair has stated “given the rapid emergence of new FinTech such as cryptocurrencies and other crypto assets, it is essential that we develop frameworks and regulations that govern these technologies and developments.”

Following on from this he said:

“With aspirations to become one of the foremost international hubs for finance, we must keep up with the rapid technological changes taking place across the sector. Ensuring a robust monetary and financial market environment is critical to this, and can only be achieved by protecting consumer rights and safeguarding market integrity.”

The CEO of the Financial Services Regulatory Authority of ADGM Richard Teng has given his thoughts too saying “this event highlighted the importance and power of collaboration between regulatory authorities and financial institutions” he continues saying that this builds “the trust and commitment needed to introduce FinTech activities securely into the financial services sector.”