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ADGM in deal to help boost fintech ecosystem

ABU DHABI, October 21, 2017

Abu Dhabi Global Market (ADGM), the global financial centre in Abu Dhabi together with Abu Dhabi Commercial Bank (ADCB), a leading financial institution, have announced a new partnership aimed at promoting Fintech and building a vibrant ecosystem in Abu Dhabi and in the UAE.

The agreement ensures mutual exchange, consultation and collaboration to build an innovative and competitive environment, said Richard Teng, the chief executive of the Financial Services Regulatory Authority (FSRA) of ADGM after signing the deal with Ala’a Eraiqat, ADCB Group chief executive.

"ADCB and ADGM will also explore and participate in joint innovation projects on the development and application of technologies tackling real business including mobile and e-banking, digital value-added services, blockchain, flexible platforms such as APIs, automation, and other areas of new technologies," stated Tang.
 
Many high-calibre FinTechs are expected to participate in this journey of creating a leading place to foster Innovation into the UAE Financial Industry, he said.

"This partnership further complements its ongoing innovation and FinTech commitment to support entrepreneurs, start-ups and members of the ADGM Regulatory Laboratory (RegLab) - a regulatory framework that offers a controlled, supportive environment for FinTech innovators to develop and test their products and services with the regulator," remarked Teng.

On the tieup Afolayan Taylor, the head of Group Service and Customer Experience Management, at ADCB said: "We believe it will further strengthen our role to play a lead in the transformation of our industry by exploiting digital for the benefit of all our stakeholders – customers, employees, shareholders, and our other partners."

"We look forward to making this a success through the deployment of solutions that solve some of our common challenges," he added.

Teng expressed delight at collaborating with ADCB in areas and on programmes that serve to further bolster the financial market and enhance the Fintech ecosystem in Abu Dhabi.

"ADGM looks forward to working closely with ADCB to foster an enterprising environment that enables continuous development of innovative solutions that will address the needs of consumers and businesses in Abu Dhabi and regionally. Together, we can grow and strengthen the FinTech offerings and landscape in Abu Dhabi," he added.-TradeArabia News Service




Tags: ADGM | Fintech |

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