Abu Dhabi Global Market Successfully Closed 2nd Batch of FinTech RegLab Applications
14 August 2017, Abu Dhabi, UAE: Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has successfully closed the application for its second cohort of the ADGM FinTech Regulatory Laboratory (RegLab) programme on 31 July 2017.
For its second batch, the ADGM RegLab attracted 22 local and international FinTech startups and innovators, doubling the number of applications as compared to its first cohort. The applicants’ solutions cover an array of innovation from virtual currency applications and payments solutions, to crowd funding, robo-advisory, InsurTech and RegTech. With ready solutions for testing, the 22 applicants seek the opportunity to be accepted into ADGM RegLab programme to advance and launch their innovations and become part of the FinTech community in the UAE and the region.
The applicants hail from various markets, including the UAE, Saudi Arabia, Egypt, Lebanon, India, Mauritius, Hong Kong, Singapore, the United Kingdom, Canada and the United States.
Mr Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM said,“We are very encouraged by the strong interest and pipeline of advanced solutions that the ADGM RegLab has attracted from the local, regional and international community. We have maintained an inclusive approach but robust assessment of FinTech solutions that have the most potential to contribute to the efficiency, growth and well-being of our financial sector and marketplace.
As the leading inclusive FinTech Hub in this region, the ADGM RegLab serves as a key innovation platform for co-creation and collaboration between innovators and financial institutions. The launch of ADGM’s first FinTech Innovation Challenge programme further sets the stage for our RegLab firms and FinTech start-ups in this region to interact with local and international leaders for guidance and further business opportunities.”
In November 2016, ADGM launched the FinTech RegLab – the first tailored regulatory regime for FinTech participants in the region. The RegLab was designed to foster innovation within the UAE financial services market for both new market entrants and existing financial institutions. The first cohort of ADGM RegLab programme comprises Now Money, Titanium Escrow, CapitaWorld, Rubique, and Finalytix. Since the programme started in May 2017, each ADGM registered RegLab has received dedicated regulatory guidance by the ADGM FinTech team, as well as focused mentorship and support by ADGM FinTech ecosystem partners.
As an IFC, ADGM has established and continues to build meaningful collaborations with accelerators, co-working business centres, academic, financial and technological institutions, regulatory agencies, industry associations and the start-up community to strengthen the framework and offerings of the FinTech ecosystem in Abu Dhabi.
For more details of the ADGM RegLab programme, please visit http://fintech.adgm.com/regulatory-laboratory/. The ADGM’s FinTech Abu Dhabi Innovation Challenge is now opened for applications till 25 August, please visit https://matchi.biz/Abudhabifintech or www.fintechabudhabi.comfor registration.
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre located in the capital city of the United Arab Emirates, opened for business on 21st October 2015.
In line with the Abu Dhabi’s Economic Vision, ADGM is a natural extension of Abu Dhabi’s role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, home to one of the world’s largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia.
ADGM’s three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.
Established by a UAE Federal Decree as a broad based financial centre, ADGM’s foundation is anchored on three of Abu Dhabi’s strategic strengths – private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.
Abu Dhabi Global Market is located on Al Maryah Island, a 114-hectare development that is home to world-class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, and grade-A offices spaces to meet Abu Dhabi’s long-term development and economic needs. All these complement ADGM’s international financial centre position as a vibrant destination in the capital city in Abu Dhabi. For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket, @FinTechAD, #FinTechAD, and Linked : ADGM