Governments should openly share data to help fintech companies innovate, former UK Prime Minister David Cameron said at Abu Dhabi Finance Week.
He explained that it’s not enough for countries to simply attract startups and tech companies—they need to create the right environment, develop clear regulations, and embrace digital transformation.
Speaking with Ahmad Alwan, CEO of Hub 71, Abu Dhabi’s global tech ecosystem, Cameron reflected on his role in shaping London’s fintech landscape during his term as Prime Minister, starting in 2010.
“If you want to succeed today, you must support startups and tech companies by tailoring your policies not just your regulations but the entire government structure,” Cameron said.
He highlighted initiatives like Tech City and Tech Nation, which his government established to foster growth in the tech industry. Tech City began as a hub for London’s startups and later expanded into Tech Nation in 2014, supporting innovation across the UK.
Cameron noted that many early startups thrived by using open government data, such as crime statistics and public transport performance. “Open data is incredibly valuable for businesses. Governments need to build ecosystems that prove they are serious about supporting innovation,” he said.
He emphasized the crucial role of government leaders, particularly prime ministers, in driving such initiatives.
“Leaders need to stick with these goals, align their teams, and introduce tax incentives to encourage innovation,” Cameron explained.
He praised the UAE’s speed in implementing changes, saying it wouldn’t take long for the country to enhance its regulatory framework to support a thriving fintech ecosystem. He cited his experience at Zayed International Airport, which was built quickly, as an example of the UAE’s efficiency. “In the UK, such projects take much longer,” he remarked.
Despite the UK’s success as a global tech hub, Cameron admitted there have been setbacks. “The biggest tech companies are all American. British companies need to catch up,” he said. However, he sees opportunities for growth as American firms look to the UK for faster licensing and partnerships in sectors like healthcare and education.
Cameron concluded by saying Abu Dhabi’s Hub 71 has many natural advantages for tech growth. “This is a country where people want to live, and it has the right environment for tech culture,” he added.
