Regtech startup Nexus FrontierTech has joined forces with Abu Dhabi Global Markets (ADGM) to pilot an AI-based system to automate the licence application process for VC fund managers entering the emirate.
Nexus and ADGM's Financial Services Regulatory Authority (FSRA) have built a “RegBot”, which utilises natural language processing and machine learning to identify and immediately clarify information and risk gaps in licence applications.
A draft application form is automatically completed for the applicant. At the same time, an assessment report is generated for review by the FSRA.
Nexus says the bot should help increase business efficiency for all stakeholders and reduce turnaround time while ensuring compliance with FSRA’s rules and regulations.
“In the face of unprecedented change to the way services are being delivered, we are delighted to be part of ADGM’s journey to spur innovation and productivity in the UAE and the region,” says Nexus regional director Derrick Liao.