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Wed, Dec 11, 2024 | Jumada al-Aakhirah 10, 1446 | DXB
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'UAE won't take long to revolutionise fintech ecosystem': UK's ex-PM Cameron in Abu Dhabi
David Cameron's government had laid the ground for Tech City in London to develop it as a hub for tech start-ups
Photo: Reuters file
Governments need to be more open with providing data for fintech companies so as to innovate, former UK Prime Minister David Cameron told Abu Dhabi Finance Week on Wednesday.
It is not enough for a country to say it wants to attract start-ups and tech companies without creating the right atmosphere, regulatory framework and becoming more digitalised, said Lord Cameron.
During a talk with Ahmad Alwan, Chief Executive of Hub 71 - Abu Dhabi’s global tech ecosystem, Lord Cameron shared his experience of leading London’s fintech evolution after taking office in 2010.
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“If you want to be successful in this century, you need to back startups and tech companies and design everything (accordingly), not just your regulatory systems, but also your government, it has to become the realm focus of your policies, and that is what we did with Tech City and Tech Nation.”
The former PM’s government laid the ground for the growth of Tech City in London as a hub for technology start-ups. In 2014, it evolved into Tech Nation, expanding its scope to support tech innovations across the UK.
“Many of the first start-up companies (to emerge at the time) were based on releasing a huge amount of data including crimes, success or failure of public transport, all this open data is incredibly valuable for business.
“You can’t just have an external policy, you will have to have a government that is creating an ecosystem to drive the success and to show that you are serious about it.”
He stressed that government leaders, particularly prime ministers, have a key role to play.
“Politicians often pick a subject, talk about it a bit, and then move on, but with this (evolution) you want to set your path and bring everyone in your office to work on establishing these policies and add tax policy incentives.”
The UAE, he said, wouldn’t take long to further develop its regulatory framework to revolutionise a fintech ecosystem.
“The speed of getting things done in this country is phenomenal.”
He said he was impressed when he arrived at Zayed International Airport, which started operating last year, at how quickly it developed. “That wasn’t here three years ago. In our country it takes longer.”
Despite the successes the UK made in becoming a global tech hub giving birth to many startups, fintech jobs and revolutionising education and health sectors, he said, "there has been a big failure to that".
“If we look at the biggest tech companies in the world all of those were American,” he said, urging British and worldwide companies to catch up.
Nonetheless, Cameron said he will benefit from the growing number of American tech companies that come to the UK for faster licensing procedure in projects he is working on with universities and healthcare providers on disease awareness.
“I think you most certainly have lots of natural advantages at Hub 71 that the tech culture requires, like this successful country that people want to live in,” he concluded.
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Haneen Dajani
Haneen Dajani is special correspondent in Abu Dhabi with over 15 years of reporting experience. She’s also a passionate athlete, full Ironman finisher, and mountaineer who loves to embark on unusual challenges.
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