Abu Dhabi Global Market, ADGM, together with Abu Dhabi Commercial Bank, ADCB, has announced a new partnership aimed at promoting Fintech and building a vibrant ecosystem in Abu Dhabi and the UAE.

The Memorandum of Understanding, MoU, was signed by Ala’a Eraiqat, Group Chief Executive Officer at ADCB, and Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority, FSRA, of ADGM. The MoU ensures mutual exchange, consultation and collaboration to build an innovative and competitive environment.

Through this agreement, ADCB aims at partnering with the FSRA on a range of FinTech-related initiatives and activities. This partnership further complements ADGM’s ongoing innovation and FinTech commitment to support entrepreneurs, start-ups and members of the ADGM Regulatory Laboratory, RegLab, a regulatory framework that offers a controlled, supportive environment for FinTech innovators to develop and test their products and services with the regulator.

ADCB and ADGM will also explore and participate in joint innovation projects in the development and application of technologies tackling real business including mobile and e-banking, digital value-added services, the blockchain, flexible platforms such as APIs, automation, and other areas of new technologies. Many high-calibre FinTechs are expected to participate in this journey of creating a leading place to foster innovation in the UAE financial industry.

Commenting on the signing, Richard Teng said, "We are delighted to be collaborating with ADCB, one of the most progressive banking leaders, in areas and on programmes that serve to bolster the financial market further and enhance the Fintech ecosystem in Abu Dhabi. ADGM looks forward to working closely with ADCB to foster an enterprising environment that enables continuous development of innovative solutions that will address the needs of consumers and businesses in Abu Dhabi and regionally. Together, we can grow and strengthen the FinTech offerings and landscape in Abu Dhabi."