ADGM and UAE Exchange in FinTech partnership
Written by Anthony Strzalek
Abu Dhabi Global Market (ADGM) and UAE Exchange have entered into a partnership to support, develop and promote the FinTech ecosystem in the United Arab Emirates.
The partnership will see UAE Exchange collaborate with FinTech participants under ADGM’s Regulatory Laboratory (RegLab) to develop and deploy promising FinTech solutions in the remittance, foreign exchange and payments space.
ADGM RegLab allows FinTech entrepreneurs to test their solutions in a safe, controlled environment without facing a regulatory burden at the onset, and to progressively better their understanding of regulatory know-how and controls as they scale their business. ADGM will work closely with UAE Exchange to identify industry challenges which innovative FinTech solutions may be able to address and deliver an overall enhanced customer experience.
Through this collaboration, UAE Exchange and ADGM will participate in joint innovation programmes for the deployment of new offerings in areas such as emerging payments, blockchain and distributed ledgers, artificial intelligence and P2P solutions, amongst others.
Promoth Manghat, CEO of UAE Exchange Group, said: “Collaboration between established financial services providers and FinTech startups is necessary to build a sustainable innovation ecosystem. Our partnership with ADGM will nurture local FinTech innovation through incubator, accelerator and academic programmes.”
Richard Teng, CEO of the financial services regulatory authority at ADGM, added: “We are pleased to partner with home-grown industry leaders such as UAE Exchange to build up the FinTech offerings and infrastructure in Abu Dhabi and the UAE. This strategic partnership dovetails well with ADGM’s vision to establish a vibrant and well-functioning FinTech ecosystem that bolsters innovation, facilitates investment flows and supports greater growth of financial services activities.”
ADGM also recently successfully closed its second round of applications for its FinTech RegLab programme.
ADGM received 22 international applications from the UAE, Saudi Arabia, Egypt, Lebanon, India, Mauritius, Hong Kong, Singapore, UK, Canada and the US. The applicants’ solutions cover an array of innovation from virtual currency applications and payments solutions, to crowd funding, robo-advisory, InsurTech and RegTech.