HH Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, Member of Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office, yesterday attended the main session of the Abu Dhabi Financial Technology Festival (Fintech Abu Dhabi 2019) under the patronage of HH Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of the Executive Council. For the Emirate of Abu Dhabi.
The Chairman of the Union of UAE Banks, Abdulaziz Al Ghurair, on the sidelines of the summit «Vintec» that the performance of the economy and banking sector in the UAE, despite the best global market conditions.
Vintec Abu Dhabi 2019
HH Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office, witnessed yesterday the main session of the Abu Dhabi Financial Technology Festival (Fintec Abu Dhabi 2019).
His Highness toured the Executive Council at Vintec 50, the new initiative of the Abu Dhabi Financial Technology Festival (ADFF), to showcase the world's leading financial innovations for 50 specialized companies.
In turn, the Minister of State and Chairman of the Abu Dhabi Global Market, Ahmed bin Ali Mohammed Al Sayegh, announced the opening of a digital platform for the Abu Dhabi Global Market, a cloud-based environment designed for financial technology companies and banks, with the aim of participating in the creation and testing of products under the guidance of the parties. Regulatory.
The Chairman of the Federation of UAE Banks, Abdulaziz Al Ghurair, stressed that the UAE economy is stable and the banking sector, despite the global market conditions, pointing out that the situation in the UAE, whether at the level of the economy or banks, much better than other countries affected So they have negative interest rates.
Al Ghurair said in a press statement yesterday, on the sidelines of the summit «Vintec», that there are strong opportunities for the growth of the banking sector, despite the constant demand for funding at present for all sectors, and the lack of demand for new loans, pointing out that the reduction of interest rates negatively affect Banks are reducing their profits, due to the large volume of deposits, as well as capital and high liquidity.
He added that the Union of Banks is working with the Central Bank and the relevant authorities to establish sound rules for lending to small and medium-sized companies to ensure the absence of risks, and to preserve the funds of banks and protect the economy and ensure continuity.
Al-Ghurair pointed out that the Central Bank issued a new circular for the management of mortgages, and there is an ongoing discussion between banks and the Central Bank to determine the maximum financing for real estate in the portfolio of banks, which is currently estimated at 20% of risk-weighted assets, where they are considered raising up to 30% Under certain circumstances, this is currently being studied, considering that this percentage is subject to increase and decrease according to circumstances.
He pointed out that the mergers between banks are due to the policy of each bank, but must maintain the element of competitiveness in the market and the absence of monopoly, expecting the assets of the banking sector this year by 4%.
Khalifa Al Mansoori, Acting Chief Executive Officer of Abu Dhabi Securities Exchange (ADX), said the market has developed a plan to communicate with private and public sector companies to develop a roadmap for new listings.
He added that the market is considering with the Securities and Commodities Authority to increase the margin trading rate, so that investors have more liquidity to invest.
Anglo-Khaleeji Commercial Bank, the first digital commercial bank in the world, announced yesterday that it will provide a fast and distinctive service to open an initial digital account for qualified companies registered in the Abu Dhabi Global Market as of November.