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UAE Central Bank to boost digital payments

Saturday, 11 28 2020, Category: Technology, Country: U.A.E
The Central Bank of the UAE opened a new FinTech office on Wednesday to fuel the growth of digital payments and improve financial inclusion in the country.

“This office will allow us to accelerate the transformation of digital payments and support financial inclusion,” Abdulhamid Alahmadi, governor of the Central Bank of the UAE, said. “In addition, the CBUAE FinTech Office is mandated to execute the UAE’s FinTech strategy, which is centered on innovation and collaboration.”

The FinTech office will also help in attracting international and regional FinTech companies to the country while providing a platform for all market participants to collaborate and innovate.

“The UAE is no longer on the fringes of the global FinTech revolution but moving toward the centre of it. At the CBUAE, we have played a proactive role to build a mature FinTech ecosystem in the country,” Mr Alahmadi said during his speech at the FinTech Abu Dhabi forum on Wednesday.

Digital payments and other online financial services are gaining traction across the globe as internet penetration and mobile usage increase. The Covid-19 out break has further helped the FinTech industry grow as movement restrictions led to a boom in online shopping and contactless payments.

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