ADGM LAUNCHES ITs FINTECH REGLAB
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is pleased to launch its Regulatory Laboratory (RegLab) with the implementation of its FinTech legislative framework with effect from 2 November 2016. This follows ADGM’s announcement in March 2016 to develop Abu Dhabi as the FinTech hub in the MENA region, and after an extensive consultation and engagement with local and global FinTech industry stakeholders.
ADGM’s Reglab is a tailored regulatory regime for FinTech participants. It is designed to foster innovation within the UAE financial services market for both new market entrants and existing financial institutions. By taking into account the unique business model and risks of the FinTech participant and customising the test boundaries and regulatory requirements accordingly, the RegLab allows the participant to develop and test its FinTech proposition in a safe environment while not putting undue regulatory burden on the participant. As the first of such initiative in the region, ADGM’s RegLab authorises FinTech participants for a period of up to two years to develop and test their FinTech proposition.