Abu Dhabi Global Market (ADGM), which is Abu Dhabi’s international financial centre, has launched a regulatory laboratory (RegLab) to support innovation in the financial technology space.
The move coincides with the implementation of a new fintech legislative framework in the region and comes after ADGM’s announcement in March 2016 to develop Abu Dhabi as Middle East and North Africa (MENA) region’s fintech hub.
The lab, which has been set up after extensive consultation with local and global fintech industry stakeholders, will support innovation within the UAE financial services market for new as well as existing financial market players.
ADGM said that participants will be given two years to develop and test their fintech products and services in a safe environment.
ADGM Financial Services Regulatory Authority (FSRA) CEO Richard Teng said: “We have developed a progressive regulatory environment to allow the establishment and growth of FinTech players at ADGM and to anchor their innovations in Abu Dhabi and regionally.
“We welcome FinTech applicants from the MENA region and beyond to take advantage of this platform to develop and fulfil their aspirations. Firms and stakeholders can continue to rely on ADGM to help them navigate through the challenging environment of today and tomorrow and accelerate their business growth in this region.”
Recently, several major industry leaders have forayed into the fintech space. The most recent is HSBC, which launched a research and development innovation laboratory in Hong Kong in collaboration with the Hong Kong Applied Science and Technology Research Institute (ASTRI).