ADGM and UAE Exchange team for fintech ecosystem

ADGM and UAE Exchange team for fintech ecosystem

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi and UAE Exchange have teamed up “to support, develop and promote the fintech” ecosystem in the country.

This includes the collaboration with fintech participants under ADGM’s Regulatory Laboratory (RegLab) to build and implement “promising fintech solutions in the remittance, foreign exchange and payments space”. Areas such as emerging payments, peer-to-peer (P2P) payments, blockchain and distributed ledger technology, and artificial intelligence (AI) will be tackled.

A memorandum of understanding (MoU) was signed to that effect.

Promoth Manghat, CEO of UAE Exchange, observes that collaboration between established players and start-ups “is necessary to build a sustainable innovation ecosystem”.

Richard Teng, CEO of ADGM’s Financial Services Regulatory Authority (FSRA), states that ADGM’s “vision is to establish a vibrant and well-functioning fintech ecosystem that bolsters innovation, facilitates investment flows and supports greater growth of financial services activities”.

The partnership will also “create a feedback loop for ADGM as a financial services regulator to fine-tune and enhance its rules and regulatory approach to financial innovation”, Teng adds.

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