Abu Dhabi Global Market, ADGM, and UAE Exchange have entered into partnership, to support, develop and promote the FinTech ecosystem in Abu Dhabi and the UAE.
An MoU was signed by Promoth Manghat, Chief Executive Officer of UAE Exchange Group, and Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority, FSRA, of ADGM.
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 an undue regulatory burden at the onset, and progressively better their understanding of regulatory know-how and controls as they scale their business.
Commenting on the partnership, Mr. Manghat said, “Collaboration between established financial services providers and FinTech start-ups is necessary to build a sustainable innovation ecosystem. Our partnership with ADGM will nurture local FinTech innovation through incubator, accelerator and academic programmes.” 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.
Richard Teng 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.” “In addition to delivering solutions that would benefit the financial services sector, the collaboration with UAE Exchange will create a feedback loop for ADGM as a financial services regulator to fine-tune and enhance its rules and regulatory approach to financial innovation. ADGM will continue to actively engage FinTech stakeholders and forge partnerships with them to bolster the FinTech ecosystem in Abu Dhabi and the UAE,” he concluded.