Abu Dhabi:

An International Technology Centre would be set up in Abu Dhabi for boosting fintech sector, it was announced on Wednesday.

The UAE Ministry of Finance (MoF) signed a Memorandum of Understanding (MoU) with Abu Dhabi Global Market (ADGM) and the World Bank in this regard.

“ADGM is pleased to work with the Ministry of Finance and World Bank to further develop the technology start-up ecosystem and build a community of leading global and local technology companies.

The UAE has been a strategic partner of the World Bank Group and through this MoU, ADGM will strengthen this partnership,” said Ahmad Ali Al Sayegh, Minister of State (UAE) and Chairman of ADGM.

The ITC centre is meant to support the efforts exerted for the application of FinTech and Digital Economy in the MENA (Middle East and North Africa) region.

The signing of the MoU came on the sidelines of the launch of the Gulf Economic Monitor for Spring of 2019 organised by the World Bank Group in cooperation with the MOF and ADGM. The event witnessed the publication of the biannual Gulf Economic Monitor report of the World Bank.