The Securities and Commodities Authority (SCA) held a brainstorming session to discuss all of the innovative initiatives introduced in the field of securities industry, in response to the initiative launched by President H.H ShaikhKhalifa bin ZayedAl Nahyan to declare 2015 a Year of Innovation, and to implement the national strategy of innovation and the directives of the UAE cabinet under the chairmanship of H.H. Shaikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister, and Ruler of Dubai for all federal bodies to create an innovation-stimulating environment to improve the ranking of the UAE on all global indexes, most importantly innovation and creativity.  

 The brainstorming session, held to implement the outcomes of the Government Summit, recently convened in Dubai, focused on considering putting into action the ideas introduced by H.H. Shaikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs, and Chairman of the Ministerial Council for Services, to anticipate ways for upgrading the creative performance and making use of all of the resources available to entrench the culture of innovation, thus developing the business environment and advancing the UAE economy.

At the session, attended by SCA employees, H.E. Abdulla Al Turifi, SCA CEO, examined a methodology based on developing unconventional frameworks to promote the culture of  innovation. Al Turifi urged the employees to come up with innovative solutions, generate pioneering ideas, find unprecedented approaches to the issues faced by financial markets, design an innovative lab at SCA, and take advantage of the digital infrastructure of SCA and the financial markets, thus allowing the creation of innovation incubators, which contribute to improving the UAE investment environment and making the most of its relative advantages.

 The session discussed methods to encourage the development of an environment that helps to stimulate unusual solutions, generate innovative ideas, and promote a corporate culture that supports creative visions, in addition to a number of suggestions made by SCA employees. Also examined were a mechanism for viewing and assessing suggestions and innovative perceptions and the necessary tools to put into action the energies of SCA employees and staff.

At the session, an innovation team was formed and its head was appointed. Also reviewed at the session were the channels that promote the introduction of innovative ideas; the use of personal communication channels, technical innovations, and social media networks to make use of the ideas received from financial markets employees, investors, market participants, and all stakeholders; and the innovation aspects that may contribute to capitalizing on the relative advantages at SCA, particularly in relation to adopting creative programs in the fields of educating investors, introducing SCA activities, and offering guidance to market participants before they commit trading errors.

Also examined at the session were the innovative ways to provide investors with services, in response to the initiatives of the smart government and the electronic government, the criteria for selecting distinct and innovative ideas, the mechanism for honoring creative individuals submitting ideas that serve as solutions to the challenges markets face, and the appreciation of innovators who provide market participants with distinct services and complete all various transactions, such as issuance and licensing.