Abu Dhabi, UAE: Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi together with Abu Dhabi Commercial Bank (ADCB), a leading financial institution are proud to announce a new partnershipaiming at promoting Fintech and building a vibrant ecosystem in Abu Dhabi and in the UAE.
The Memorandum of Understanding (MoU) was signed by Mr Ala’a Eraiqat, Group Chief Executive Officer at ADCB, and Mr Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM at ADCB Digital Transformation Studio located in its Head-Office.
This MOU ensures mutual exchange, consultation and collaboration to build an innovative and competitive environment.
Through this agreement, ADCB aims at partnering with the FSRA on a range of FinTech-related initiatives and activities. This partnership further complements ADGM’s ongoing innovation and FinTech commitment to support entrepreneurs, start-ups and members of the Abu Dhabi Regulatory Laboratory (RegLab) — a regulatory framework that offers a controlled, supportive environment for FinTech innovators to develop and test their products and services with the regulator.
ADCB and ADGM will also explore and participate in joint innovation projects on the development and application of technologies tackling real business including mobile and e-banking, digital value-added services, blockchain, flexible platforms such as APIs, automation, and other areas of new technologies.
Many high-caliber Fintechs are expected to participate to this journey of creating a leading place to foster Innovation into the UAE Financial Industry.
Afolayan Taylor, Head – Group Service and Customer Experience Management, at ADCB said: “We believe this partnership will further strengthen our role to play a lead in the transformation of our industry by exploiting digital for the benefit of all our stakeholders – customers, employees, shareholders, and our other partners. We look forward to making this a success through the deployment of solutions that solve some of our common challenges.“
Mr Richard Teng, CEO, FSRA, of ADGM, said: “We are delighted to be collaborating with ADCB, one of the most progressive banking leaders, in areas and on programmes that serve to further bolster the financial market and enhance the Fintech ecosystem in Abu Dhabi. ADGM looks forward to working closely with ADCB to foster an enterprising environment that enables continuous development of innovative solutions that will address the needs of consumers and businesses in Abu Dhabi and regionally. Together, we can grow and strengthen the FinTech offerings and landscape in Abu Dhabi.
ADCB is well positioned to partner with Fintechs as it has a culture anchored on innovation and digital transformation as recognised by the Mohammed Bin Rashid Al Maktoum Business Innovation Award. “
About Abu Dhabi Commercial Bank (ADCB):
ADCB was formed in 1985 and as at 30 June 2017 employed over 4,500 people from 78 nationalities, serving retail customers and corporate clients in 48 branches, 3 pay offices and 2 branches in India, 1 branch in Jersey and representative offices in London and Singapore. As at 30 June 2017, ADCB’s total assets were AED 259 billion.
ADCB is a full-service commercial bank which offers a wide range of products and services, which include retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate and currency derivatives and Islamic products, project finance and property management services.
ADCB is owned 62.52% by the Government of Abu Dhabi (Abu Dhabi Investment Council). Its shares are traded on the Abu Dhabi Securities Exchange. As at 30 June 2017, ADCB’s market capitalisation was AED 36 billion.
About Abu Dhabi Global Market:
Abu Dhabi Global Market (ADGM), an international financial centre located in the capital city of the United Arab Emirates, opened for business on 21st October 2015. In line with the Abu Dhabi’s Economic Vision, ADGM is a natural extension of Abu Dhabi’s role as a reliable and responsible member of the global financial community. Strategically located in the heart of Abu Dhabi, home to one of the world’s largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia.
Established by a UAE Federal Decree as a broad based financial centre, ADGM’s foundation is anchored on three of Abu Dhabi’s strategic strengths – private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace. As an IFC, ADGM comprises three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts. Together, the three Authorities enable registered companies to conduct business efficiently and operate confidently within an international regulatory framework that has its own independent judicial system and legislative infrastructure based on the Common Law.
Overview of ADGM’s FinTech Achievement and Commitment
As an IFC and FinTech Hub, ADGM has accomplished notable milestones and established strategic partnerships to bolster the FinTech ecosystem since March 2016. ADGM is the first financial centre in the MENA region to establish a dedicated regulatory framework in November to licence FinTech stakeholders and launched a Regulatory Laboratory (Reglab)* initiative to offer a controlled environment for FinTech innovators to develop and test their products and services.
To-date, ADGM has established about eight FinTech bridges with key IFCs and jurisdictions in the recent six months. These cross-border partnerships enable ADGM to maintain a practical, open and inclusive global FinTech centre that has been serving the communities in Abu Dhabi and the greater MENA region.
As a global FinTech Hub, ADGM continues to enhance its international network with the MENA region, Asia, Australia, US, UK, Europe to facilitate greater access to markets, capital and regulatory recognition for FinTech players. ADGM actively engages its stakeholders, forge partnerships and collaborations to develop a conducive and effective FinTech ecosystem.
ADGM will be hosting its first FinTech Abu Dhabi event, under the auspicious patronage of His Highness Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council, from 22 to 23 October 2017.
ADGM is located on Al Maryah Island, a 114-hectare development that is home to world-class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, and grade-A offices spaces to meet Abu Dhabi’s long-term development and economic needs. All these complement ADGM’s international financial centre position as a vibrant destination in the capital city in Abu Dhabi.
