Abu Dhabi Global Market (ADGM) and the Al Fardan Exchange, one of the leading names on the UAE remittance market, have signed an agreement to work on the development of the FinTech scene in the Emirates.
From now on, ADGM and Al Fardan Exchange will work together on organizing joint initiatives to promote and enhance innovative FinTech solutions. Those solutions should be customer-focused and oriented to deliver top-notch money services. In addition to that, Al Fardan Exchange is also interested in future collaborations with FinTech startups in the ADGM’s Regulatory Laboratory (RegLab), and other innovative programs.
Launched in November 2016, the ADGM RegLab is the pioneering regulatory framework developed specifically for FinTech players in the region. It gives young startups the chance to test their products for a period that goes up to two years in a supervised environment, under strict and predefined rules. However, it makes no compromises on consumer protection and market integrity.
Osama Al Rahma, the CEO of Al Fardan Exchange said that the new partnership would be mutually beneficial for the entities and the UAE’s FinTech ecosystem as a whole. In his view, it would further empower the local payment industry and bring it to another level.
Earlier this year, the Central Bank of Bahrain (CBB) has also announced new regulations to create a regulatory sandbox that allows startups and FinTech firms from around the world to test and experiment their banking ideas and solutions. The Bahrain regulatory sandbox is expected to help boost fintech businesses and consolidate the kingdom’s position as a fintech and financial services hub while maintaining the overall safety of the financial system.