Wai Lum Kwak, Managing Director of Licensing and FinTech at the Financial Services Regulatory Authority of Abu Dhabi Global Market, expects the financial technology (FinTech) sector in the UAE to see strong growth in the next two to three years.

Speaking to Emirates news agency WAM on the sidelines of Abu Dhabi Financial Week, Kwok said the financial technology sector in the UAE and the world has seen great progress compared to eight years ago.

Kwok said the total number of companies registered on the Abu Dhabi Global Market is about 5,000 companies, of which 200 are active in the financial services sector.

Wai Lom Kwok explained that 20% of companies registered in the financial sector at the Abu Dhabi Global Market work in the financial technology sector, which confirms the importance of the sector and its future growth prospects.

As the largest gathering of financial technologies and offerings in the Middle East and North Africa region, Cook pointed out that the proceedings of the seventh session of the “FinTech Abu Dhabi” conference took place yesterday within the Abu Dhabi Finance Week activities. Specialized forums in the fields of artificial intelligence, blockchain, risks and security, in addition to lively discussions on economics, financial crime bring together key AI organizations in Abu Dhabi to discuss the emirate’s early commitment to AI.

The Financial Services Regulatory Authority of Abu Dhabi Global Market’s Executive Director of Licensing and Financial Technology said participants at “FinTech Abu Dhabi” highlighted the maturity of the cryptocurrency industry, initiatives and efforts to shape stability for digital currencies. Functional currencies that leverage the infrastructure of assets, digitization in the financial sector, and the broader impact of blockchain and the third-generation Internet.