Abu Dhabi

Abu Dhabi

Abu Dhabi Global Market (ADGM) has approved its first batch of Regulatory Laboratory (RegLab) firms comprising five local and international fintech start-ups.

The start-ups were selected from a pool of 11 applicants and are now ready to further develop and test their innovations at the fintech regulation lab.

Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM, says it is “also a valuable journey for ADGM and the region as we guide the very first team of fintech companies through the regulatory environment to realise their innovations”.

The five start-ups are:

  • Now Money – UAE – Offers mobile technology for migrant workers. Helps with access to banking and remittance services via its app and service centre;
  • Titanium Escrow – UAE – Automated escrow service that aims to increase trust in counterparties and stabilise the cash cycle for small businesses;
  • CapitaWorld – India – Provides a digital platform that automates the loan value chain from application to credit appraisal, and post-disbursement credit monitoring;
  • Rubique – India – Online platform that connects banks and fund seekers/borrowers through smart financing processes;
  • Finalytix – US – A robo-advisory platform for wealth management, such as helping with risks, savings, holdings and identifying products and new investment opportunities.

The second batch of applications has just opened and the application period will close on 31 July 2017. ADGM can be contacted here.

ADGM says its RegLab authorises fintech participants for a period of up to two years to develop and test their propositions.