Global FinTech Market projected to grow at a CAGR of 26.87% - GulfToday

Global FinTech Market projected to grow at a CAGR of 26.87%


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The Abu Dhabi Global Market Academy (ADGMA) in collaboration with the Centre for Finance, Technology and Entrepreneurship (CFTE) London, has announced 100 scholarships for those wishing to acquire advanced skills in finance and technology with half these scholarships for women, supporting SDG goal number 5 of Gender Equality.

FinTech or financial technology is nothing short of an economic revolution and is one of the fastest-growing sectors in finance today. The Global FinTech Market was valued at $7301.78 billion in 2020 and is projected to grow at a CAGR of 26.87 per cent.

Digital payments, big data analytics, automated lending, artificial intelligence, blockchain for finance, cryptocurrency, almost every tech buzzword today is associated with fintech. Naturally, there is an immense opportunity, and FinTech certification courses are the perfect way to begin the journey.

The ADGMA scholarship programme aims to help students and professionals from diverse backgrounds to obtain quality education so they are equipped to reinvent finance 2.0. The learners will utilise THINK, an e-learning platform to gain access to these advanced courses especially curated by over 200 finance experts who know what skills you must learn.

Each course offers a flexible learning approach covering diversified topics from Open Banking, Payments, Blockchain, AI, Central Bank Digital Currencies, RegTech and more aiming to plug a gaping hole in the industry’s talent deficit issues. Students will be provided unlimited access to short self-paced courses, exclusive fintech events, disruptive start-up journeys and a vibrant global community.

The courses will enable the learners with knowledge of the evolution and impact of fintech, trending customer needs, fintech ventures, models, ecosystems regulations and new initiatives.

Hamad Sayah Al Mazrouei, Managing Director of ADGM Academy, said, “UAE has identified Fintech development as a national priority and is leading the way in the Mena region. ADGMA understands the need to transform knowledge and skill development and provide an ideal environment for radical innovation in financial services. We are committed to helping the region become future-ready as financial leaders with an important role to play in the global economy. And the best way to achieve this vision is partnering with CFTE to provide world-class Fintech education.”

The launch of the scholarship programme is part of the commitment from ADGMA to promote and support diverse capability development in fintech and financial services and support the UAE National Agenda of 2021.

“By giving gender-focused scholarships we want women to know that our FinTech courses will open doors to higher-paying jobs and careers and leadership roles, develop their skills and confidence to launch their own businesses using the power of their phones and FinTech apps and provide an opportunity for economic independence,” Al Mazrouei said.

“We believe in levelling the playing field by making quality education in fintech accessible to people from different regions and backgrounds. Making the industry more accessible to women is also a big part of our mission. In this regard, we have supported several initiatives to help people benefit from FinTech education across countries,” said Tram Anh Nguyen, CFTE’s co-founder.

The training programmes also aim to facilitate the UAE’s objective of transitioning into a competitive, knowledge-based economy.

Meanwhile the Abu Dhabi Global Market, the leading International Financial Centre in Abu Dhabi, recently announced that it had achieved a “carbon-neutrality” status by offsetting its 2021 carbon emissions as an organisation, thereby reinforcing ADGM’s commitment to building a progressive and more sustainable economy, and in addition, positioning ADGM as the first IFC in the world to be “caron neutral.”

This development came following ADGM’s recent decision to transform the 4th edition of Abu Dhabi Sustainable Finance Forum (ADSFF) into a carbon-neutral platform and event in the UAE.

To obtain its carbon-neutral position, ADGM purchased and retired all its 2021 carbon credits via the Rimba Raya[1] project, one of the highest-rated REDD 1+ projects globally, based in Indonesia. This initiative was facilitated by AirCarbon Exchange, a digital carbon trading exchange based in ADGM Square.

At his opening keynote address at the 4th ADSFF, Ahmed Jasim Al Zaabi, Chairman of ADGM, said: “ADGM is glad to be the first international financial centre in the world to be carbon-neutral. ADGM’s commitment to ADSFF and being a “carbon-neutral” financial services hub dovetail well with its ongoing efforts to provide an innovative financial platform and progressive, holistic ecosystem that bolster Abu Dhabi and the UAE’s long-term economic development and sustainable growth. We will continue to foster meaningful collaborations with local and global businesses and play our part in supporting the UAE’s Net-Zero by 2050 Strategic Initiative, which is in line with the country’s Principles of the 50 blueprint. “

The ADSFF is an extension of the annual Abu Dhabi Sustainability Week and a strategic platform by the UAE financial sector to accelerate sustainable financing and investments and build up a more sustainable economy and future.

At this year’s ADSFF, a new cohort of 18 industry members joined the Abu Dhabi Sustainable Finance Declaration, bringing the total number of members 59. Together, these members seek to foster more sustainable financing activities and responsible investments, and address matters that affect the financial sector and long-term well-being of the UAE.

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