Sunday 22, October 2017 by Jessica Combes

ADGM partners with ADCB to enhance fintech ecosystem in Abu Dhabi


Abu Dhabi Global Market (ADGM) and Abu Dhabi Commercial Bank (ADCB) are proud to announce a new partnership aimed at promoting fintech and building a vibrant ecosystem in Abu Dhabi and in the UAE. 

The Memorandum of Understanding (MoU)–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–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. 

“We believe this partnership will further strengthen our role to play a lead in the transformation of our industry by exploiting digital for the benefit of all our stakeholders – customers, employees, shareholders, and our other partners. We look forward to making this a success through the deployment of solutions that solve some of our common challenges,” said Afolayan Taylor, Head - Group Service and Customer Experience Management, at ADCB. 

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

“We are delighted to be collaborating with ADCB, one of the most progressive banking leaders, in areas and on programmes that serve to further bolster the financial market 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,” said Teng.