Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and Al Ansari Exchange, a leading foreign exchange and worldwide money transfer company in the UAE, have established a new partnership to promote and support the growth of FinTech industry in Abu Dhabi and the United Arab Emirates. The collaboration was noted in a Memorandum of Understanding (MoU) signed today by Rashed Ali Al Ansari, General Manager of Al Ansari Exchange and Richard Teng, CEO of the Financial Services Regulatory Authority (FSRA) of ADGM.
“We are proud to be partnering with ADGM in their continuous effort to promote and grow the capital’s rapidly thriving FinTech industry,” stated Rashed Ali Al Ansari, General Manager of Al Ansari Exchange. This collaboration stems from our belief that the future belongs to those who successfully embrace technology. We look forward to share our experiences as well as learn from local start-ups and entrepreneurs to develop technologies that can support and enhance the financial service industry.
The MoU will enable ADGM and Al Ansari Exchange to collaborate on initiatives and activities that strengthen Abu Dhabi and the UAE as the regional hub for innovation in financial services. Al Ansari Exchange, founded in 1966 is one of the leading remittance and foreign exchange service providers in the UAE, will also look at opportunities to work closely with FinTech entrepreneurs and start-up firms in ADGM’s RegLab and other innovation programs to develop and deploy money services applications that are suitable and beneficial to the financial services sector in Abu Dhabi.
[clickToTweet tweet=”[email protected] signs MoU @ADGlobalMarket @fintechinsider_” quote=”We are proud to be partnering with ADGM in their continuous effort to promote and grow the capital’s rapidly thriving FinTech industry,’ stated Rashed Ali Al Ansari, General Manager of Al Ansari Exchange.”]
The ADGM RegLab is the region’s first regulatory framework developed for FinTech players to test innovative solutions and develop a regulatory track-record. RegLab participants operate in a closely-supervised environment under a tailored set of rules which reduce costs and regulatory burden for the firm without compromising on consumer protection and market integrity.
“We are pleased to partner with Al Ansari Exchange in our commitment to strengthen the FinTech offerings and infrastructure in Abu Dhabi and the UAE. At ADGM, we believe that strategic entities and stakeholders play a vital role in fostering a robust FinTech environment that continuously assist and enable FinTech entrepreneurs and innovator firms to succeed,” commented Richard Teng, CEO of ADGM’s FSRA. “We look forward to working closely with the Al Ansari Exchange team to take up joint efforts and initiatives to pave the way for the FinTech community.”
ADGM is gearing up for its first FinTech Abu Dhabi Summit on 23 October 2017.