UAE Finance Innovation Draws Global Attention
Description:
The United Arab Emirates recently participated in the fourth G20 Finance Ministers and Central Bank Governors Meeting in Washington, D.C., showcasing its advancements in digital infrastructure and financial innovation. The UAE delegation, led by Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini, emphasized the country’s efforts in promoting financial inclusion and supporting micro, small, and medium enterprises through advanced financial technologies.
UAE’s Commitment to Global Financial Cooperation
During the meeting, Al Hussaini highlighted the critical role of multilateral development banks in fostering cooperation with local partners. He stressed the importance of establishing regional centres for these banks to strengthen their presence in beneficiary countries and facilitate joint investment opportunities. The UAE reaffirmed its commitment to the Paris Agreement’s objectives and announced the publication of a semi-annual transparency report as part of its efforts to uphold global environmental standards.
Advancing Financial Inclusion and Innovation
The UAE delegation showcased the country’s progress in digital infrastructure and financial innovation, emphasizing efforts to promote financial inclusion through advanced financial technologies. Al Hussaini discussed initiatives supporting micro, small, and medium enterprises in the UAE, as well as efforts to leverage digital tools to facilitate access to necessary financing for these businesses. The G20 members also explored strategies for improving countries’ operational readiness in managing large financial inflows and promoting financial inclusion through digital tools to support MSMEs.
