On August 12, 2017, Abu Dhabi Global Markets (ADGM) announced its partnership with foreign exchange and remittance company UAE Exchange to engage startups to participate in ADGM's Regulatory Laboratory.
UAE Exchange will provide assistance to FinTech participants in ADGM's regulatory sandbox, which will offer a controlled environment conducive to testing initiatives before they reach the marketplace. The joint effort between ADGM and UAE Exchange will expand development in the fields of blockchain technology, payments, artificial intelligence, and peer-to-peer solutions.
ADGM recently closed applications for a second RegLab program, consisting of 22 global candidates whose products range from virtual currency, crowdfunding, and robo-advisory to InsurTech and RegTech.
CEO of the Financial Services Regulatory Authority of ADGM, Richard Teng, commented on the cooperative effort. “This strategic partnership dovetails well with ADGM’s vision to establish a vibrant and well-functioning fintech ecosystem that bolsters innovation, facilitates investment flows and supports greater growth of financial services activities.”
A week ago, ADGM signed memoranda of understanding with the Swiss Finance + Technology Association, the International Financial Centre in Abu Dhabi, and the Responsible Finance & Investment Foundation to bolster FinTech development.
This October, ADGM will host the inaugural FinTech Abu Dhabi Summit, which will include an innovation challenge where 10 competitors will display their prototypes to a panel of experts. Participants can claim a $15,000 cash stipend, and be considered for a fast-track admission to ADGM's RegLab program.