Finoverse's Dubai office likely to boost blockchain co-operation between UAE and Hong Kong

Finoverse, a FinTech and Web3 community platform, expects blockchain co-operation between the UAE and Hong Kong to accelerate with the formal opening of its office in Dubai, its founder and chief executive has said.

Bridging two of the world's top business hubs will provide more avenues for entrepreneurs and investors to connect and grow the industry, Anthony Sar told The National at the Dubai leg of Finoverse Arabia on Sunday.

“There's a lot of complementary traits between the UAE and Hong Kong, and we've seen how rapidly the FinTech ecosystem developed,” he said.

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

However, activity will not be limited to between the two countries. Markets in their proximity can also tap into this partnership, such as Saudi Arabia and China, the biggest economies in their respective regions and ones that are at the forefront of technology.

“Hong Kong and the UAE bring together a lot of regional players … we want to be the one facilitating and helping stakeholders to exchange, learn and collaborate,” Mr Sar said.

Blockchain is the underlying technology behind cryptocurrencies and decentralised finance, which is generally considered to be 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 received special 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 for a lot of other technologies, so it's an alternative economy,” Marwan Alzarouni, chief executive of the Dubai Blockchain Centre, told The National.

“It's important to be at the forefront of technology and make the most out of it by practical examples, not by theorising and anticipating what is going to happen. You need to get deep into the technology by actually practising it.”

Mr Sar acknowledged that there were challenges within the blockchain sector, particularly in trying to address the unfamiliarity around it.

He said connecting markets and promoting the technology's use can help ease that uncertainty and advance the adoption of blockchain.

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

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

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

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