Reflecting on the Announcements from Abu Dhabi Finance Week: From AI to Crypto to Regulation

Under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al NahyanCrown Prince of Abu Dhabi and chairman of Abu Dhabi Executive CouncilAbu Dhabi Finance Week (ADFW) 2024 began on 9 December 2024. In the third edition of the event which ended on 12 December, we reflect on some of the biggest and most exciting announcements made by ADFW.

This year saw Abu Dhabi Finance Week will bring more than 18,000 visitors, more than 600 speakers and more than 180 sessions. It improved on last year’s 46 breakout events by hosting more than 60 this year, including:

• Asset Abu Dhabi
• conflict
• Fintech Abu Dhabi
• Abu Dhabi Sustainable Finance Forum

In 2023, more than 40 announcements have been made by ADFW and with this year’s activities growing to new heights, even more will be made this year. Here are some announcements that recognize us:

Welcome to ADFW

The first day started with Ahmed Jasim Al Zaabimember of Abu Dhabi’s Executive Council, and chairman of ADGM (Abu Dhabi Global Market), the international financial center, which provides attendees with special address at ADGM’s ADQ Arena, highlighting the first objective of the event: Abu Dhabi’s Falcon Economy.

He commented: “In a world seeking stability and growth, Abu Dhabi’s Falcon Economy stands as an unwavering partner for businesses, investors, innovators, and visionaries alike, who welcome them to the ‘Capital of Capital’. Here, every investment and every relationship is supported by our commitment to build a future defined by trust, stability, and unlimited opportunity. As our jurisdiction expands and new milestones are reached, our community grows along with it.

“Through international platforms like ADFW, we invite the world to join us in shaping conversations that will outline a legacy of progress that transcends borders and generations.”

Fintech Abu Dhabi

Fintech Abu Dhabi returns for its eighth edition in 2024, attracting a dynamic mix of global technology leaders, technology innovators, banking institutions, developers, entrepreneurs, and investors who are shaping the future of finance. With a focus on payments, digital assets, digital security, and credit, the gathering also confirms Abu Dhabi’s position as a global hub for financial innovation.

Commenting on the event, Salem Mohammed Al I will giveADGM Authority CEO said: “Fintech Abu Dhabi demonstrates our dedication to innovation, bringing together global visionaries to shape the future of finance and technology. We aim to facilitate meaningful conversations that continue to strengthen -on a thriving ecosystem coupled with progressive frameworks and a dynamic business environment.

Through a series of thought-provoking sessions and high-profile forums, Fintech Abu Dhabi highlights key trends within this sector.

Improving regulation

ADGM showcased a series of recent regulatory improvements during Fintech Abu Dhabi that were welcomed by delegates.

The improvements include:

• A comprehensive framework for issuing Fiat-Referenced Tokens (FRTs) within the ADGM, expanding the range of digital assets available in a regulated environment
• The release of detailed guidance addressing IT Risk Management
• A consultation paper on proposed updates to the Virtual Asset Framework

Emmanuel GivanakisCEO of Financial Services Regulatory Authority (FSRA) of ADGM said: “ADGM’s development as a progressive international financial center is underpinned by the diverse and comprehensive initiatives it has undertaken on the regulatory front. As a forward-thinking jurisdiction, each new regulatory framework and change introduced demonstrates ADGM’s and the FSRA’s commitment to staying ahead of the curve.

“We continuously assess and respond to evolving risks as well as the needs of the digital asset ecosystem, while we remain committed to promoting responsible innovation within the financial landscape.”

Global Financial Regulators Summit

The focus on regulations continues at FSRA as it hosts the third edition of the Global Financial Regulators Summitconvened senior regulatory representatives from the MENA region, the European Union, the UK, and Asia.

This year’s assembly focused on the role of artificial intelligence (AI) in the financial services sector. The Summit provides a platform for global financial regulatory leaders to discuss the risks and challenges associated with AI adoption. Recognizing the significant opportunities offered by AI, the Summit also explored strategies to promote innovation while safeguarding customer protection, market integrity and responsible use of AI by licensed financial entities and regulators.

Supporting the growth of the insurance sector

The ADGM also announced the upcoming establishment of the Insurance Association within its jurisdiction. This initiative represents a significant milestone in the development of the insurance and reinsurance sector in ADGM and the UAE, which aims to create a unified platform to support industry growth and innovation.

The Association plays a key role in fostering collaboration among key stakeholders, advancing professional standards, and promoting best practices within the insurance industry. It will serve as a collective voice for the sector, engaging with regulators, policymakers, and industry leaders to address emerging challenges and opportunities while ensuring alignment with the ADGM mandate and the economic and financial development objectives of the UAE.

Arvind Ramamurthychief market development officer, ADGM said: “We welcome the proposal to establish an insurance association within ADGM, which emphasizes the continued development of the insurance sector and ADGM’s position as a leading financial center. The strong interest in insurance and reinsurance shows the potential of the sector and this association, promoted by market participants, will bring significant benefits to those operating within ADGM’s insurance ecosystem and those seeking to enter the market.

Commitment to the development of international relations

ADGM signed a Memorandum of Understanding (MoU) with Beijing Financial Street Service Bureauon the sidelines of the UAE-China Investment Summit presented by HSBC. This strategic agreement strengthens the mutual commitment to develop connections, especially in the areas of international development and industrial promotion, further promoting the growth of Beijing Financial Street and ADGM.

Commenting on the partnership, Lu Wuxingdirector general of the Beijing Financial Street Service Bureau said: “This collaboration uses the unique strength of the two parties. Through platforms such as the Financial Street Forum and Abu Dhabi Finance Week, we aim to enhance industry exchanges, encourage cross-border business establishment, and promote the coordinated development of Beijing as a National Financial Management Center and Abu Dhabi as an International Financial Center.”

Bringing USDC into the mainstream

Giants of the Crypto industry Circle Internet Group Inc. and Binance unifying force to expand adoption of USDC during ADFW. Through the partnership, Binance will make USDC more widely available across its entire suite of products and services, ensuring that more than 240 million global users can access and use USDC for trading, storage, and payment application. In addition, Binance will adopt USDC as an important dollar stablecoin for their own corporate treasury, a powerful signal about the world moving forward on-chain.

Likewise, Circle will provide Binance with the necessary technology, liquidity and other tools for Binance users to benefit from the trust and innovation that Circle has built for USDC. Circle will also work with Binance to build key relationships in the global finance and commerce landscape, as mainstream companies around the world seek to benefit from crypto infrastructure and stablecoins for a growing number of use cases. .

Encouraging investment in Hub71 startups

Hub71Abu Dhabi’s global tech ecosystem, unveiled its latest initiative designed to foster the growth of angel networks and enable angel investors to form legal investment structures within Abu Dhabi’s thriving startup ecosystem Dhabi: the Angel Investor Support Package. The package includes a financial incentive of AED 150,000, which opens up a range of benefits for angel investors to encourage investment in Hub71 at the early stage of the startup.

The Angel Investor Support Package offers a variety of benefits. Some of these include an office space for two years, reduced licensing and setup fees for establishing ADGM Special Purpose Vehicles (SPVs/ICC), and access to centralized back-office support services. services, including legal and audit.

Mohammed Al BinaliHub71’s value creation lead said: “By empowering the development of angel networks, facilitating bigger ticket investments, and encouraging early-stage startup investment, we aim to unlock the perfect potential of Abu Dhabi’s global tech ecosystem.”

The announcement comes a week after partnering with Hub71 Google to introduce Google’s startup program, Google for Startups, to the UAE.

Driving AI innovation in startups

Hub71 doesn’t stop there. During ADFW, it also announced the launch of Hub71+ AI, a specialized ecosystem designed to support startups leveraging cross-sector AI innovation. It provides AI startups with the necessary infrastructure and resources to thrive in the global economy. The initiative highlights Abu Dhabi’s commitment to the development of AI in priority sectors, which is in line with the broader economic vision of the UAE capital.

Ahmad Ali Alwanthe chief executive officer of Hub71 said: “AI is changing industries and rapidly shaping the future of our world. Abu Dhabi is not just keeping pace but setting the standard as a global leader in the development of AI for meaningful impact. Hub71+ AI is our commitment to bold, pioneering founders, providing startups with unparalleled access to resources, mentoring, and collaboration opportunities with technology giants and national champions.