Abu Dhabi, July 2, 2018:
Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has participated at the Arabian Business StartUp Academy forum as the programme’s Financial Education Partner. The event, attended by entrepreneurs and leaders from UAE startups, was themed around blockchain and cryptocurrencies, examining how emerging local businesses can harness these technologies to further their growth.
During the event, which was held at the Dubai Technology Entrepreneur Centre, Haytham Elmaayergi, Global Head of Transaction Banking at ADIB, provided a keynote speech on the future of cryptocurrencies, and their utility for regional businesses. In particular, he focused on how SMEs can use cryptocurrencies, underpinned by blockchain technology, to structure payments in an efficient and cost-effective manner.
Hicham El Khaoudy, Head of Global Transaction Banking Sales, WBG and FI at ADIB, said, “It is essential for SMEs to understand cryptocurrencies, and particularly their underlying blockchain technology. More and more transactions will be conducted through blockchain in coming years, as it provides a far more efficient mechanism to conduct payments, global trade and distribution, thus will be impacting the business operating model of many industries. This is particularly important for cost-conscious start-ups operating with tight margins in a fast-changing environment.”
In April 2018, the UAE government announced a strategy for the country to use database technology blockchain for half of government transactions by 2021. ADIB continues to lead the UAE in the development and application of technologies such as digital and mobile payments.
ADIB is a long-term sponsor of StartUp Academy events and has an established track record in providing financial support and guidance to SMEs helping them take the next steps in their development.
Speakers joining Haytham Elmaayergi at the forum included: Jan Grabski, director of enterprise scaling at Consensys; Osama Al Rahma, vice chairman of FERG and CEO of Al Fardan Exchange; and Tobias Young, head of hydrocarbons at Dubai Gold & Commodities Exchange.