Bitcoin became a big name in the recent fintech forum between the Abu Dhabi Global Market (ADGM) and the UAE Banks Federation (UBF). Recently, the two banking organizations have decided to join forces in order to discuss how cryptocurrency could revolutionize the global financial services sector.
Fintech Forum Blockchain Focus
Based on information from the Emirates News Agency, the forum was filled with a rather energy-driven discussion using blockchain-related buzzwords as well as banking terms. In fact, the discussion touched on issues like big data, compliance, regulations, financial surveillance, and machine learning. This was to make sure that potential investors would be guaranteed their money’s worth.
There was also a discussion of how banks and financial regulators could collaborate for developing the necessary procedures that could possibly solve potential regulatory risks encountered in serving crypto assets businesses. These were all happening despite the fact that BTC was actually first manufactured in order to eliminate banks and regulators.
However, the fast-evolving dynamics of markets would mean that there should be a great collaboration between banks, financial institutions, regulators, and crypto asset companies. This is necessary in order to ensure that all types of financial services could actually continue to operate smoothly in an environment that is increasingly turning digital by the minute.
In fact, according to the Chairman of UAE Banks Federation, Abdul Aziz Al-Ghurair, there is a need for the development of new regulations and frameworks that can govern cryptos, since these are already rapidly growing technologies. Banks also need to keep up with rapid changes in technology in order to ensure a robust environment for the financial market.