Governments must adopt a more transparent approach in sharing data with fintech companies to foster innovation, according to former UK Prime Minister David Cameron. Speaking at Abu Dhabi Finance Week on Wednesday, Lord Cameron highlighted the importance of creating the right environment, regulatory framework, and digital transformation to attract startups and tech companies.

During a discussion with Ahmad Alwan, CEO of Hub 71—Abu Dhabi’s global tech ecosystem—Lord Cameron reflected on his experience leading London’s fintech evolution after taking office in 2010. “To succeed in this century, you must support startups and tech companies, not just through regulatory systems but by making it a core focus of government policies,” he said, referencing the development of Tech City and Tech Nation in the UK.

The former PM’s administration laid the foundation for Tech City in London, a hub for tech startups, which later expanded into Tech Nation in 2014, supporting tech innovation across the UK. “Many early startups thrived by leveraging open data, such as crime statistics, public transport performance, and other valuable information,” he noted. “An external policy alone is insufficient; governments must build ecosystems that drive success and demonstrate commitment.”

Cameron emphasized the pivotal role of government leaders, particularly prime ministers. “Politicians often discuss issues briefly before moving on, but with tech evolution, you need to set a clear path, involve your team, and implement policies, including tax incentives.” He expressed confidence in the UAE’s ability to rapidly enhance its regulatory framework to revolutionize its fintech ecosystem, praising the country’s efficiency.

Despite the UK’s achievements in becoming a global tech hub, Cameron acknowledged a significant gap. “The largest tech companies are American,” he said, urging British and global firms to catch up. However, he sees potential in the growing number of US tech companies seeking faster licensing in the UK for projects involving universities and healthcare providers.

Concluding his remarks, Cameron highlighted Hub 71’s natural advantages, including a thriving environment that attracts talent and fosters tech culture.

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