Article Series: The Benefits and Challenges of Digital Transformation in the Financial Sector: A Focus on the UAE

The ADGM Academy Research Centre brings together the ecosystems of academia, industry, government and technology to collaboratively explore solutions and bring insights to the challenges facing the financial sector in the UAE and beyond. We do this through research focused on five key topics: digital transformation, artificial intelligence, data analytics, fintech and cyber security. In this article series we provide an overview of each of these topics and their relevance to the financial sector. Here we look at digital transformation.

Digital transformation is reshaping industries worldwide, and the financial sector is no exception. The UAE has emerged as a hub for innovation and technological advancement. With its strategic vision, robust infrastructure, and supportive regulatory environment, the UAE is well-positioned to leverage digital transformation in the financial sector. The UAE Central Bank launched its Financial Infrastructure Transformation Programme (FIT programme) to speed up the digital transformation of the country’s banking sector, underscoring the commitment to fostering a digital economy.