UAE MoF to review global trends in blockchain technology

The Ministry of Finance (MoF), in collaboration with First Abu Dhabi Bank (FAB) and the e-Dirham team, held an interactive session during their participation in GITEX technology week, in which the ministry reviewed the global trends in blockchain technology.

HE Younis Haji Al Khoori, Undersecretary of MoF stressed the importance of digitally restructuring financial procedures to ensure the success of both government and private entities in achieving their operational objectives. HE Al Khoori said they should study and evaluate user actions and transactions, and develop innovative, unified, integrated digital systems to create a unique experience for all users and meet their needs and requirements.

HE said: “Applying FinTech services brings significant benefits to both the country as a whole and society, as it reduces the need for intermediaries, enables real-time processing and completion, and reduces the cost of the infrastructure needed to manage operations, resulting in financial savings for enterprises. FinTech brings way for tremendous development to the financial and business sector, backed with upgraded technologies as a result of the digital revolution, especially regarding the management of portfolios, the provision of digital banking services, the enhanced confidentiality of user-data, and the privacy of their transactions.”

The interactive session discussed the steps of digital transformation, rapid growth of Fintech services, blockchain fundamentals, its uses in financial operations, advantages and benefits it offers to its users, such as asset purchase, financing and guarantees, and insurance. That, in addition to the benefits it offers when handling procedures with the involvement of many different parties such as manufacturers, suppliers, customers, service providers, regulatory bodies and tax authorities.

During the interactive session, the principles of artificial intelligence, including risk management, combating fraud and compliance, and the importance of data in the management and optimization of artificial intelligence were also discussed.

During GITEX Technology Week, MoF is organising a series of specialized workshops, which reviews the ministry’s certificates of business activities and services to suppliers, in order to enhance effective communication with customers, monitor their needs and respond to all their queries. The ministry also plans to hold three interactive dialogues to discuss topics including technical innovations and artificial intelligence initiatives, as well as signing technical cooperation agreements and memorandums of understanding.