FinTech Abu Dhabi Startup News

The Middle East, North Africa, and Pakistan (MENAP) region, with Abu Dhabi and Dubai at the helm, is embarking on a fintech revolution. This vibrant landscape is fueled by a young demographic and bolstered by a surge in venture capital, particularly in the United Arab Emirates (UAE), Saudi Arabia, Egypt, and Bahrain. The UAE, driven by the strategic efforts of Abu Dhabi and Dubai, remains an attractive investment destination, securing 37% of total funding directed to the region in 2022.

In a bold move that amplifies the role of technology in global finance, the Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) have recently joined hands to strengthen their financial cooperation. The two monetary authorities held a significant bilateral meeting on May 29, aimed at enhancing collaboration between the financial services sectors of the two jurisdictions. The meeting saw a spirited discussion on several collaborative initiatives, with an agreement to enhance cooperation in three major areas - financial infrastructure, financial market connectivity, and significantly, virtual asset regulations and developments.