Finoverse’s Dubai office is likely to boost blockchain cooperation between the UAE and Hong Kong

Finoverse, a FinTech and Web3 community platform, expects blockchain collaboration between the UAE and Hong Kong to accelerate with the formal opening of its Dubai office, its founder and CEO has said.

Bridging two of the world’s top business hubs will provide more opportunities for entrepreneurs and investors to connect and grow the industry, said Anthony Sar The national on the Dubai leg of Finoverse Arabia on Sunday.

“There are many complementary features between the UAE and Hong Kong and we have seen how quickly the FinTech ecosystem developed,” he said.

“The level of excitement, the level of commitment from the authorities, from the regulators and the general spirit of entrepreneurship gives us a lot of confidence in this part of the world for years to come.”

However, the activity will not be limited to between the two countries. Markets in their vicinity can also take advantage of this partnership, such as Saudi Arabia and China, the largest economies in their respective regions and those at the forefront of technology.

“Hong Kong and the UAE bring together many regional players … we want to be the facilitator and help stakeholders to exchange, learn and collaborate,” said Sar.

Blockchain is the underlying technology behind cryptocurrencies and decentralized finance, which is generally considered a safer way to conduct transactions and one that could end up replacing middlemen, such as brokers and banks, in the financial system.

The UAE has taken several steps to integrate blockchain into its economy, government and society.

Blockchain in particular has gained particular focus, with a number of government initiatives established, including the Emirates Blockchain Strategy 2021 and the Dubai Blockchain Strategy, as well as the formation of the Global Blockchain Council.

“Blockchain is an enabler of many other technologies, so it is an alternative economy,” said Marwan Alzarouni, CEO of the Dubai Blockchain Centre. The national.

“It is important to be at the forefront of technology and get the most out of it through practical examples, not by theorizing and predicting what will happen. You have to get deep into the technology by actually practicing it.”

Sar acknowledged that there were challenges within the blockchain sector, particularly in addressing the unknown surrounding it.

He said that connecting markets and promoting the use of the technology can help ease this uncertainty and promote the use of blockchain.

“The industry is new and changing, developing rapidly every day. So there is a lot of uncertainty, Sar said.

“This makes it even more important to have dialogues between regions so that companies and entrepreneurs can explore different markets and jurisdictions.”

Finoverse is based in Hong Kong but has offices in London, Paris, Shenzhen and cities across Southeast Asia.

The Finoverse Arabia conference will make stops in Abu Dhabi and Riyadh this week.

Updated: 9 May 2023 at 04.30