Abu Dhabi Global Market (ADGM), an international finance center in Abu Dhabi, announced on Wednesday the launch of its new Fintech RegLab. This news comes seven months after ADGM revealed the development the center as the fintech hub in the MENA region.
ADGM stated the Fintech RegLab is designed to tailor regulatory regime for fintech participants and to foster innovation within the UAE financial service market for both new market entrants and existing financial institutions. The RegLab also allows participants to develop and test their fintech proposition without having to worry about undue regulatory burdens.
Richard Teng, CEO, FSRA of ADGM stated,
“We are very excited to launch the ADGM RegLab and it is encouraging that interests have been pouring in since we announced our plans. ADGM’s commitment to and pursuit of innovation have always been part of its DNA and culture as an International Financial Centre serving the business and financial aspirations of Abu Dhabi and the MENA region.”
Teng then noted:
“In these last 8 months, we met with numerous FinTech stakeholders, local and global industry players, and global FinTech hubs to raise the profile of the FinTech community in Abu Dhabi. We have developed a progressive regulatory environment to allow the establishment and growth of FinTech players at ADGM and to anchor their innovations in Abu Dhabi and regionally. We welcome FinTech applicants from the MENA region and beyond to take advantage of this platform to develop and fulfil their aspirations. Firms and stakeholders can continue to rely on ADGM to help them navigate through the challenging environment of today and tomorrow and accelerate their business growth in this region.”
Applications are currently open for the Fintech RegLab and will close on January 31, 2017.