MoF holds session to discuss innovation

Dubai / Emirates Business

The Ministry of Finance (MoF) held an interactive panel discussion that focused on the challenges facing financial operations and the solutions that can emerge from fostering a culture of innovation. Organised at the ministry’s headquarters in Dubai, MoF’s senior team were part of the session led by global innovation experts.
Ministry Assistant Undersecretaries, Directors and the ministry’s innovation team attended the session led by the Innovation Team and international Innovation Experts. The participants identified priority areas in innovation for MoF, and discussed best practices its departments could apply and the optimum operational strategy to improve service design and implementation process.
The session also delved into various innovation initiatives adopted by government entities similar to MoF, as well as their endeavor in anticipating and preparing for the future in cooperation with partners and stakeholders in the financial innovation sector.
HE Younis Haji Al Khoori reiterated the ministry’s commitment to achieving the UAE Strategy for the Future and National Innovation Strategy, as well as its keenness to exert all efforts to lead the forthcoming phase with a forward-looking vision on financial and social changes. He also stressed the importance of adopting a culture of innovation in government’s financial work methodology. These efforts are part of MoF’s role in enhancing the nation’s standing among the 10 most innovative countries globally by 2021.
HE said: “The world is witnessing major changes on various levels and governments are no longer limited to managing merely current and short-to-medium term strategies. Looking ahead and devising long-term plans is imperative to provide the best innovative services. MoF is committed to work towards realising the government’s vision and to elevate its financial operations to the best international standards, with a view to enhancing customer satisfaction and achieving the overall economic and sustainable development of the UAE.”
The discussion was opened by MoF’s innovation team, following which Richard Boxshall, expert in public and economic sector in the Middle East, spoke on the global best practices adopted by the Treasury Department in the UK. Boxshall also discussed with the participants the impact of innovation and its application within MoF’s services.
Bruno Lanvin, Executive Director of Global Innovation Index (GII), discussed global best practices in financial innovation and readiness for future opportunities, as well as the ministry’s role in supporting an environment of innovation and opportunities for future development. The ministry’s innovation team led two panel discussions – one on MoF’s direction in the next five years and the other on MoF’s action plan to achieve this goal.
MoF won the 2017 Mohammed bin Rashid Government Excellence Award in the category ‘Best Federal Entity in Innovation’, thanks to the Ministry’s tireless efforts to create and promote an environment that embraces innovation. In 2015, the ministry launched the Mohammed bin Rashid Innovation Fund to increase funding for innovation opportunities in the UAE.