Abu Dhabi is staking its claim to be the Middle East's financial technology centre, partnering regional startup accelerator programme Flat6Labs to build up the emirate's fintech ecosystem.
Earlier this month, the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) set out plans for a 'reglab' that will create a tailored framework that allows fintech firms to develop, test and launch their products and services in a controlled environment for two years before coming under full regulatory scrutiny.
Now ADGM is hoping to further strengthen the local fintech scene through a Memorandum of Understanding with Flat6Labs, which runs four accelerator programmes in the region, including in Abu Dhabi, providing startups with seed funding, mentorship and workspace.
The new partnership provides a framework for FSRA and Flat6Labs to harness each other’s expertise and knowledge to build and introduce initiatives that strategically support the development and growth of the fintech ecosystem, according to a statement.
Richard Teng, CEO, FSRA, ADGM, says: "As an Abu-Dhabi based establishment, Flat6Labs is well recognised as a successful, committed and experienced technology accelerator in the region. More importantly, Flat6Labs shares our desire in fostering a vibrant entrepreneurial environment to support the growth of FinTech in the region."