Abu Dhabi opens fintech RegLab
02 November 2016 | 6220 views | 0
Abu Dhabi Global Market (ADGM) has opened the doors to applications from local and international fintech firms to test their services in a sandbox regime under the auspices of a newly-created 'RegLab'.
The debut of the Regulatory Laboratory coincides with the implementation of a new fintech legislative framework in the region under plans to promote the UAE capital as the Middle East's premier financial technology centre.
First announced in March 2016, the opening of the facility follows extensive consultation with industry stakeholders. It promises 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.
Richard Teng, chief executive officer, FSRA of ADGM says: "We have developed a progressive regulatory environment to allow the establishment and growth of fintech players at ADGM and to anchor their innovations in Abu Dhabi and regionally. We welcome fintech applicants from the MENA region and beyond to take advantage of this platform to develop and fulfil their aspirations.”