Zhou Xiaochuan, Vice Chairman of the Boao Forum for Asia (BFA), attended the opening ceremony of the FinTech Abu Dhabi 2019 on 22 October and delivered a keynote speech titled “Striking a Balance: FinTech Innovation & Containing Financial Risks”, at the invitation by Abu Dhabi Global Market.

Vice Chairman Zhou said that the rapid development of FinTech in the UAE and across the Middle East in recent years has played a positive role in improving financial services, promoting economic diversification and enhancing international competitiveness. Zhou also introduced to the participants the characteristics of China’s FinTech development, especially the extensive application of FinTech in the field of retail payment. He emphasized that FinTech is indeed driven by technological innovation, and more importantly, it is also affected by macroeconomic management and regulatory policies on exchange rate arrangement, capital flow, anti-money laundering (AML) and combating the financing of terrorism (CFT). Governments need to strike a balance between encouraging and nurturing FinTech innovation and strengthening policy coordination and risk control, so as to create a favorable ecosystem for the development of FinTech.

This summit was organized by Abu Dhabi Global Market (ADGM). His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council and Chairman of the Executive Office, H.E. Ahmed Ali Al Sayegh, Minister of State of UAE and Executive Chairman of ADGM, together with other guests attended the opening ceremony.

On the same day, Vice Chairman Zhou also attended a close-door Government FinTech Forum in Abu Dhabi.