Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, announced over the weekend it is opening applications for the third cohort of its Regulatory Laboratory (Reglab), with a theme focusing on enhancing access to financial services for the small-medium enterprise (SME) sector. According to the ADGM, RegLab is described as a bespoke regulatory framework which provides a controlled environment for FinTech firms to develop and test innovative FinTech solutions. Successful applicants can test their product according to regulatory requirements tailored to contain the specific risks and impact of their particular test.
The organization revealed:
“ADGM is of the view that the SME sector is a fundamental part of the UAE’s plans for economic transformation and diversification. According to UAE Ministry of Economy, the SME sector represents more than 94 percent of the total number of companies operating in the country and provides jobs for more than 86 percent of the private sector’s workforce.”
Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM, stated:
“It is encouraging that our RegLab today is the world’s second most active FinTech sandbox globally. The ADGM RegLab has grown from strength to strength, doubling the number of accepted firms in its second cohort and we are excited to open up for the third batch Serving the SME sector is a key priority for ADGM since we began operations. Being at the forefront of innovation, it is clear to us that providing easier access to better data through powerful technologies such as Open APIs and artificial intelligence could fundamentally change the way the financial sector engages with this crucial part of the economy. Our focus on SMEs further underlines our commitment to the principles of leadership, innovation and nurturing the younger entrepreneurs and generation which is aligned with the spirit of the Year of Zayed.”
The application period will close on May 10th.