ABU DHABI- Abu Dhabi Global Market, ADGM, the International Financial Centre in Abu Dhabi, and YES BANK have signed an Memorandum of Understanding, MoU, to further foster cross-border exchange between the FinTech (Financial technology) ecosystems of the UAE and India.
The collaboration will enable fintech innovators from the Middle East region and India to apply into YES FinTech programmes and the ADGM’s Regulatory Laboratory (RegLab) and have the opportunity to expand into each other’s markets.
Richard Teng, Chief Executive Officer, FSRA of ADGM, said, “There is a lot of synergy in the way the UAE and Indian financial markets and fintech ecosystems complement each other. Both markets have a strong enterprising culture that are poised to drive the next stage of innovation-led economic growth. The knowledge and talent exchange facilitated by our respective innovation programmes will accelerate that. Already, we have seen great interest among Indian innovators participating in our RegLab. Through this partnership with YES BANK, we look forward to building on our strengths to enhance the connectivity between the two fintech ecosystems in a concrete fashion.
Rana Kapoor, Chief Executive Officer, YES BANK, said, “Our partnership with Abu Dhabi Global Markets will act as a springboard to create a borderless ecosystem for technology and talent, bringing in Fintech solutions from the GCC to India while providing GCC market access for Indian FinTechs. India can also benchmark the regulatory lab set up by ADGM, in its efforts to further scale up the Indian Fintech ecosystem.” The ADGM has announced that Mr. Kapoor will be delivering one of the first keynote addresses at the FinTech Abu Dhabi Summit which is taking place in Abu Dhabi on 22nd to 23rd October. The event is designed to support the Abu Dhabi Government’s overall growth strategy and its initiatives to advance its core sectors including financial services, innovations, entrepreneurship and local human talents.