Abu Dhabi and Australia establish FinTech bridge
Written by Anthony Strzalek
Abu Dhabi Global Market (ADGM) and the Australian Securities and Investments Commission (ASIC) have strengthened their FinTech collaboration with a strategic partnership to further advance developments and initiatives that nurture FinTech.
The FinTech bridge aims to boost entrepreneurship and support innovation in financial services in Abu Dhabi and Australia.
The initiative is a fruition of dialogues and exchanges between the FinTech teams of ASIC and the Financial Services Regulatory Authority (FSRA) of ADGM.
The agreement establishes a strategic framework for both regulators to share relevant information on innovation, provide support through the application and authorisation process, as well as, to refer cross-border activities that benefit and add to the growth of the financial and FinTech industries in the UAE and Australia.
ASIC chairman, Greg Medcraft, said: “FinTech developments are not confined by national borders. Each country and region has a different experience with FinTech, and there is much we can learn from engaging with one another. This Agreement will help to connect Australian FinTech businesses with a range of exciting opportunities in a region ripe for further development.”
Mr Richard Teng, CEO of FSRA of the Abu Dhabi Global Market, added “We are pleased to partner ASIC and share the common interest in fostering an inclusive international FinTech hub that supports innovation in a safe regulatory environment. In MENA, the opportunities and potential for FinTech to advance financial inclusion, economic benefits and growth are enormous. With this FinTech collaboration, ADGM and ASIC are able to tap on the strengths and network of each other’s markets to support technology startups and innovators in advancing their creative solutions into new markets.”