During a panel discussion on FinTech at the Investopia investment conference in Abu Dhabi, Eric Anziani, the president and chief operating officer of cryptocurrency exchange Crypto.com, stated that the United Arab Emirates (UAE) has a conducive environment for cryptocurrencies and that the government has a strong willingness to invest in blockchain and Web3. Anziani also noted that the regulatory framework in the UAE is fit-for-purpose, which has contributed to the growth of digital assets in the country.
Anziani highlighted the importance of stablecoins in emerging markets such as Latin America and Turkey, where customers are seeking refuge from hyperinflation. Stablecoins help preserve value in these markets, and governments must keep up with these developments in order to protect customers.
Investopia, which was launched by the UAE in 2021, is being held this year under the theme of “Envisioning opportunities in times of change” in partnership with the Abu Dhabi Department of Economic Development. The event is one of the initiatives announced by the government in 2021 to accelerate the country’s growth over the next five decades.
The UAE is the second-largest economy in the Arab world and is exploring future investment opportunities. The Covid-19 pandemic has accelerated the adoption of advanced technology and has raised the need for sustainable growth. The global FinTech market is expected to grow at a compound annual rate of 11.9% between 2022 and 2027, according to a report by Expert Market Research.
According to data from Magnitt, FinTech start-ups led in both funding and the number of deals in the Middle East, Africa, Pakistan, and Turkey region last year, with funding standing at $2.25 billion across 351 deals in 2022. Sameh Al Qubaisi, a board member of Abu Dhabi-based digital lender Wio Bank, noted that the pandemic has hastened the adoption of FinTech, with mobile adoption in the UAE standing at almost 90%, making the country a leader in technology usage globally.
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