Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is pleased to welcome applications for the third cohort of its Regulatory Laboratory (Reglab), with a theme focusing on enhancing access to financial services for the small-medium enterprise (“SME”) sector.
ADGM is of the view that the SME sector is a fundamental part of the UAE’s plans for economic transformation and diversification. According to UAE Ministry of Economy, the SME sector represents more than 94 per cent of the total number of companies operating in the country and provides jobs for more than 86 per cent of the private sector's workforce.
International advancements in FinTech have immense potential to improve financing opportunities and unlock economic value for the SME sector. For example, open APIs to allow FinTech startups to experiment with institutional data to better analyse and offer tailored credit facilities, machine-learning analytics to process traditional and alternative data for credit scoring purposes, innovative KYC solutions and cloud-based enterprise financial and risk management for SMEs.
ADGM therefore encourages all FinTech and RegTech companies, in particular those with a SME focus, to apply and be part of its RegLab. This includes technology startups which offer tools to both institutions and SMEs alike. The application period will close on 10 May 2018.
Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM, said: “It is encouraging that our RegLab today is the world’s 2nd most active FinTech sandbox globally. The ADGM RegLab has grown from strength to strength, doubling the number of accepted firms in its second cohort and we are excited to open up for the 3rd batch.”
“Serving the SME sector is a key priority for ADGM since we began operations. Being at the forefront of innovation, it is clear to us that providing easier access to better data through powerful technologies such as Open APIs and artificial intelligence could fundamentally change the way the financial sector engages with this crucial part of the economy. Our focus on SMEs further underlines our commitment to the principles of leadership, innovation and nurturing the younger entrepreneurs and generation which is aligned with the spirit of the Year of Zayed.”
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