United Arab Emirates (UAE) has been keen to adapt and change with the world and is now on the verge to become the global blockchain capital in 2020?
As the blockchain technology is being recognized all over the globe, the fintech sector of UAE has been making strides as it is collaborating with banks, as according to the Executive Vice President of Fintech Hive Raja Al Mazrouei at the two-day conference Finovate Middle East.
During the panel discussion which was headed by Al Mazrouei further stated that Finovate being a reliable global event taking place in worldwide fintech hubs and Dubai is a fundamental connection for the worldwide financial hubs.
The platform also acknowledges the prospects for Dubai in order to lead that region in innovative tech and fintech to become the global blockchain capital.
Global blockchain capital in 2020
Regardless of whether UAE sustains the position as global blockchain capital or not but it is going to enjoy the limelight in 2020 nevertheless. For the upcoming Expo2020, preparations of Dubai are at full blast. The blockchain applications in the financial sector are leading in the fintech predictions, and would likely be experiencing institutional adoption of the cryptocurrency for the facilitation of social supplies and financial requirements.
Furthermore, increased collaboration in Fintech between and among the startups would surely be forming a distinctive entity. The collaboration of big techs with Fintech would beat the banks at their consumer game.
The major findings of the conference included, a collaboration of Fintech with the financial institutions would create an enormous impact, as the banking sector is evolving and adapting financial innovations, thereby, moving towards collaboration would save time and resources with bigger and better outcomes.
Lastly, the blockchain adoption has seen a significant rise in UAE. The government of the UAE is promoting and endorsing the blockchain adoption all across the country. It has been mentioned in the Emirates Blockchain Strategy 2021 that it aims to shift 50 percent of the transactions of the government on the blockchain by the year 2021.
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