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CBUAE to establishes new office to bolster fintech innovation

The Middle Eastern fintech sector has witnessed substantial growth in recent years

CBUAE, the central bank of the Emirates, has established a fintech office to bolster the fintech ecosystem in the country. It is reported that the new office was unveiled at the event called FinTech Abu Dhabi 2020. The office expects to make the Emirates a prominent fintech hub globally and regionally.

The FinTech Abu Dhabi 2020, which is MENA’s largest fintech festival was co-hosted by CBUAE and Abu Dhabi Global Market. The new office will pave the path for market participants to innovate and develop partnerships, in addition to attracting regional and international fintech firms. Furthermore, the office will drive the transformation of digital payments and support financial inclusion and promote a culture of robust risk management.

Its is reported that the Middle Eastern fintech sector has witnessed substantial growth in recent years. The number of fintechs in the country have surged to 250 from 105 this year alone, while fintech startups in the MENA region have raised more than $100 million in funding over the last ten years.

The emirate’s youth population including underbanked people who depend on cash and the fresh development of a robust regulatory environment are the reasons for the substantial growth in the Middle East.

The outbreak of the Covid-19 pandemic has disrupted several Middle Eastern economies. However, there is a surge in locally developed apps in the emirates owing to lockdown measures. That said, people are transitioning to cashless and digital services to contain the spread of the infection.

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