Abu Dhabi Global Market (ADGM)

Abu Dhabi Islamic Bank joins local #fintech hub

Abu Dhabi Global Market (ADGM) marked a new partnership with Abu Dhabi Islamic Bank (ADIB) to promote the growth and development of the FinTech ecosystem in the UAE. The Memorandum of Understanding (MoU) was signed by Sagheer Mufti, CEO at ADIB, and Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM. ADIB and ADGM participate in joint innovation projects on digital and mobile payments, blockchain and distributed ledgers and artificial intelligence. Both entities will also seek to develop local FinTech entrepreneurship through mentorship and knowledge transfer across incubation, accelerator, academic and internship programmes. ADIB continues to integrate pioneering FinTech solutions into its banking services. The bank has partnered with Fidor to launch the region’s first community-based digital bank. This year, ADIB launched its new generation of digital branch called ADIB Express and has revamped its internet banking platform to enable an intuitive online banking experience.

Abu Dhabi Global Market launches first #foundations regime in the #UAE

Abu Dhabi Global Market (ADGM) has launched a Foundations regime in support of more effective structures for wealth preservation and wealth management. The new ADGM Foundations regime provides a strategic platform for financial planning and structuring, serving as an alternative to trusts and corporate vehicles. The platform offers a variety of services, including family succession planning, tax planning, asset protection, wealth management and corporate structuring, without relying on foreign regimes and practises. Both local and foreign entities will benefit from the ease-of-doing-business environment. The ADGM Foundations Regime creates a new type of legal structure with its own distinct attributes. It combines compliance regime with a high degree of operational autonomy to the founder and offers access to the double tax treaty network of the United Arab Emirates.

ADGM and KPMG launch #FinTech Abu Dhabi Innovation Challenge

Abu Dhabi Global Market (ADGM) and KPMG have come together to launch the first FinTech Abu Dhabi Innovation Challenge on Oct. 22. The Innovation Challenge includes an intensive five-week program for innovative and mature start-ups to conceptualize and present market-ready solutions that address real business challenges in the Middle East, Africa and South Asia (MEASA) region. During the program, 10 finalist teams will work divided into six focus areas: Financial and Investment Management, Financial Inclusion, RegTech, Trade Finance, InsurTech and Private Capital Markets.The finalists will showcase their solutions at the FinTech Demo Day in Abu Dhabi to a panel of industry experts. Each finalist will benefit from mentoring sessions and fast-tracked consideration for admission to ADGM’s Regulatory Laboratory (RegLab) program. They will also win a $15,000 cash stipend to cover any costs associated with travel matters and accommodation.

Islamic #FinTech Strengthens Ties with European Partners

Abu Dhabi Global Market (ADGM) has announced two new partnerships with non-profit organizations from London and Zurich. The first alliance is with the Swiss Finance and Technology Association (SFTA). The second one is the British think tank Responsible Finance and Investment Foundation (RFI). The Swiss partnership will strengthen the collaboration between local FinTech businesses and will provide new opportunities for knowledge transfer. ADGM also signed an agreement with the London-based RFI. Both parties will work together to assist young FinTech entrepreneurs in testing and introducing innovative products under the ADGM Reglab program. In addition to that, RFI and ADGM will also set up an open platform to share knowledge and expertise. According to Blake Goud, the CEO of RFI, FinTech can have a leading role in transforming the way Islamic institutions connect with their clients. In his view, this partnership can encourage and support emerging FinTech companies to adopt ethical, responsible and Islamic approaches.

Abu Dhabi builds a '#fintech bridge' to Asia

Abu Dhabi is taking ambitious steps to tap into financial technology. The Abu Dhabi Global Market (ADGM) signed a cooperation deal with the Monetary Authority of Singapore. The goal of the arrangement is to spur financial entrepreneurship through mutual exchanges of fintech know-how. Last November the ADGM launched the FinTech Regulatory Laboratory, or RegLab, to provide a platform for foreign players to innovate. So far five companies have been selected to participate. Richard Teng, CEO of the emirate's Financial Services Regulatory Authority, said there was a clear trend toward cultivating sectors besides oil and the cooperation with Singapore is designed to make fintech the driving force of economic diversification. In his view, Asian financial companies have a big market in the Middle East to develop and explore business in wealth management, remittances and other fields.

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