Abu Dhabi launches FinTech RegLab
Written by Anthony Strzalek
Abu Dhabi Global Market (ADGM), the international Financial Centre in Abu Dhabi, has announced the launch of its Regulatory Laboratory (RegLab) with the implementation of its FinTech legislative framework.
ADGM have been pushing to make Abu Dhabi the FinTech hub of the MENA region. The RegLab is a regulatory regime for FinTech participants, designed to foster innovation within the UAE financial services market for both new market entrants and existing financial institutions.
The RegLab will allow participants to develop and test their FinTech proposition in a safe environment while not being burdened by certain regulations.
From today, the ADGM is open to applications from local and international FinTech participants and businesses to participate in the ADGM RegLab, with applications closing on 31 January 2017.
Richard Teng, CEO of ADGM, said: “We are very excited to launch the ADGM RegLab and it is encouraging that interests have been pouring in since we announced our plans. In these last eight months, we met with numerous FinTech stakeholders, local and global industry players, and global FinTech hubs to raise the profile of the FinTech community in Abu Dhabi.”