Source: Abu Dhabi Global Markets
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and the Australian Securities and Investments Commission (ASIC) have strengthened their FinTech collaboration with an official strategic partnership to further advance developments and initiatives that nurture Fintech entrepreneurship and support innovation in financial services in Abu Dhabi and Australia.
This FinTech bridge is a fruition of meaningful dialogues and exchanges between the FinTech teams of ASIC and the Financial Services Regulatory Authority (FSRA) of ADGM. ASIC and FSRA share the same objective and have Innovation Functions to develop robust FinTech ecosystems that support the needs of the financial industry and bolster innovation in their respective markets.
The Co-operation Agreement was signed by Mr Greg Medcraft, Chairman of ASIC and Mr Richard Teng, Chief Executive Officer, FSRA of ADGM. The Agreement establishes a strategic framework for both regulators to share relevant information on innovation, provide support through the application and authorisation process, as well as, to refer cross-border activities that benefit and add to the growth of the financial and FinTech industries in the UAE and Australia.
Signing the Agreement, ASIC Chairman Greg Medcraft said, 'FinTech developments are not confined by national borders. Each country and region has a different experience with FinTech, and there is much we can learn from engaging with one another. This Agreement will help to connect Australian FinTech businesses with a range of exciting opportunities in a region ripe for further development.'
Mr Richard Teng, CEO, Financial Services Regulatory Authority of the Abu Dhabi Global Market said, “We are pleased to partner ASIC and share the common interest in fostering an inclusive international Fintech Hub that supports innovation in a safe regulatory environment. In MENA, the opportunities and potential for FinTech to advance financial inclusion, economic benefits and growth are enormous. With this FinTech collaboration, ADGM and ASIC are able to tap on the strengths and network of each other’s markets to support technology startups and innovators in advancing their creative solutions into new markets. I look forward to our partnership with ASIC and other global authorities to advocate robust financial integration and regulatory collaboration.”
This new agreement establishes ADGM’s fourth FinTech bridge with a global FinTech hub, following its recent collaborations with the Monetary Authority of Singapore, the Kenya Capital Markets Authority and the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Qianhai Authority). ADGM will continue to establish new initiatives and work closely local and global stakeholders to foster an open and inclusive global FinTech hub to serve Abu Dhabi and the greater MENA region. As part of its ecosystem-building commitment, ADGM has formed strategic partnerships with FinTech leaders and industry players in the Middle East and Africa region, India, Europe, USA, the United Kingdom and others.
Overview of ADGM’s FinTech Achievement and Commitment
ADGM’s first FinTech Abu Dhabi Summit will be launched and held on 23 October 2017. ADGM has accomplished notable milestones and established strategic partnerships to bolster the FinTech ecosystem since March 2016. It is the first IFC in the MENA region to establish a dedicated and open regulatory framework in October to licence FinTech stakeholders and launched a Regulatory Laboratory (Reglab) to accelerate FinTech innovation.
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.