FinTech cooperation between the UAE and China
Saturday, 11 02 2019, Category: Technology, Country: U.A.E
Dr. Zhou Xiao Chuan, Vice Chairman of the Bo’ao Forum for Asia and President of the China Society for Finance and Banking, has said that there are numerous cooperation opportunities in various characters in China and the UAE, particularly in the fintech sector.
The UAE accounts for over 26 percent of Chinese exports in advanced technological products to Arab countries, he added, praising the overall economic development witnessed by the country, most notably by Abu Dhabi.
He also expressed his appreciation of Abu Dhabi Global Market's efforts to draft relevant legislation and attract companies from around the world, especially in the growing fintech market.
"We are confident that a fintech regulatory system can be deployed around the world. During our visit to Abu Dhabi, we have seen the support provided to FinTech and several companies wishing to do business in the UAE," he said.
"We are aware that the fintech market may be different in the UAE, due to the differences in population and demand for services," he added.
Along with the needs of consumers, a factor that affects the growth of the fintech sector is the availability of regulatory technologies that facilitate the use of data and artificial intelligence to help manage and regulate the sector, Dr. Xiao Chuan concluded.