MoF, Finovate join forces to drive innovation in region

DUBAI / WAM

The UAE Ministry of Finance (MoF) has joined forces with
a global fintech conference
series to drive innovation, growth and investment in financial, banking and payments technology in the Middle East.
The strategic partnership with Finovate Middle East was announced by Younis Al Khouri, Undersecretary of the Ministry of Finance, at an announcement event held in Dubai on Tuesday, with senior government officials, heads of innovation and CEOs from top global financial institutions, FinTechs and startups.
Younis Al Khouri said, “We at the Ministry of Finance have been committed, and will pursue our commitment to support and explore ways to inc- rease innovation within government and finance more broadly.” “We have seen fintech enter the popular consciousness in a big way this year due to developments in mobile payment technology, and the introduction of blockchain technology that have ignited the public interest and pushed the sector’s growth.”
“The ministry has hosted regular fintech seminars to help showcase modern technologies and their impact across the sector. It continues to be a key player in helping foster the investment environment in the UAE for tech entrepreneurs through the Mohammed bin Rashid Innovation Fund that is worth AED2 billion.” During the partnership announcement event, a panel discussion on ‘innovation versus digital disruption: Perspectives from Banks
and Fintechs’ featured speakers, including Jagadeshwaran Kothandapani, Managing Director, Cash Management Head, MENAT, Treasury and Trade Solutions at Citi; Sara Grinstead, Head of Innovation at RAKBank; and Michael Jesse, CEO and Co-Founder of RISQ.