Abu Dhabi Global Markets is to work with UAE Exchange to attract startups to ADGM's Regulatory Laboratory, in the latest of a flurry of initiatives to position the market as a centre of gravity for fintech innovation.
UAE Exchange and ADGM says they will participate in joint innovation programmes for the deployment of new offerings in areas such as emerging payments, blockchain and distributed ledgers, artificial intelligence, and P2P solutions, amongst others.
Promising applications will be put through their paces in ADGM's regulatory sandbox environment, providing a safe space to try out new initiatives in a controlled environment prior to commercial releases.
The agreement coincides with the closing of applications for ADGM's second RegLab programme, comprising 22 candidates from across the globe offering an array of innovative products from virtual currency applications and payments solutions, to crowd funding, robo-advisory, InsurTech and RegTech.
Richard Teng, CEO, FSRA of ADGM says: “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.”
Just last week, ADGM signed similar MoU's with the Swiss Finance + Technology Association, the International Financial Centre in Abu Dhabi, and the Responsible Finance & Investment Foundation.
It is also set to play host in October to an inaugural fintech challenge, offering ten startups the chance to showcase their offerings to a panel of industry experts during the Fintech Abu Dhabi event. Finalists get a $15,000 cash stipend and fast-track consideration for admission to ADGM's RegLab programme.