UAE Banks Federation (UBF) and Abu Dhabi Global Market (ADGM) hosted a joint forum on FinTech and crypto assets, bringing together industry specialists to discuss how these compelling trends are shaping the global financial services sector, and the challenges and opportunities they present. The event, held in ADGM in coordination with UBF Compliance Committee, discussed topics ranging from ADGM’s regulations and supervisory approach to digital and crypto assets, harnessing RegTech such as big data and machine learning that can enhance the surveillance and management of financial transactions, to how financial regulators and banks can collaborate to develop processes and procedures to address regulatory risks in serving market participants operating crypto assets businesses.
The forum has enabled sharing of knowledge and gave our participants a first-hand understanding of the internal workings of FSRA in supervising FinTech and crypto asset-related activities. In addition, how the ADGM FSRA team has been supporting the digital transformation and adoption of financial innovation in Abu Dhabi and across the UAE financial services sector. Over the past years, financial institutions across the UAE have put in tremendous efforts to build and sustain the financial services ecosystem, and we will continue to pursue these endeavors together in the future.”
In the opening presentations, ADGM shared its policy objectives and key features underpinning its crypto asset regulatory framework --- one of the world’s first comprehensive framework launched in June 2018 for operators of crypto asset businesses including exchanges, custodians and brokers --- as well as surveillance tools in the market to mitigate the risks of financial crime in crypto asset transactions.
Among the guest speakers who presented at the event, Mr Shu Pui Li, Advisor – Banking Operations to the Governor’s Office from the Central Bank of the UAE, also shared his insights on building a sustainable FinTech ecosystem for the UAE.
The session concluded with a presentation by Ms Hanan Mansour, Chairperson of UBF Compliance Committee & Head of Regulatory Compliance at First Abu Dhabi Bank (FAB), which discussed the importance of cooperation and information sharing in relation to the technological advances to better manage the associated risks emerging in the banking sector.
