International financial centre Abu Dhabi Global Market (ADGM) has launched a digital sandbox to enable financial institutions come together for fintech innovation.
The digital sandbox will offer a platform for open collaboration between all financial industry stakeholders to test digital financial products and associated solutions.
The initiative, to be supported by regulatory standards devised by ADGM’s Financial Services Regulatory Authority, is expected to benefit the financial industry in the region.
ADGM’s Financial Services Regulatory Authority CEO Richard Teng said: “As a FinTech Hub, ADGM is consistently looking at innovative ways to serve and anticipate the needs of its stakeholders.
“The objective of the digital sandbox is to help FIs build deep digital capabilities to tap market opportunities, and promote financial inclusion through innovative technologies to better cater to the underserved population in the MENA region.
“Our partnership with AFIN will enable ADGM to drive and further accelerate the financial inclusion agenda, and expand access to financial services in Abu Dhabi, regionally and globally.”
The ADGM digital sandbox will enable the associated companies to procure fintech solutions and then run tests to determine the ideal solution for their requirements.
Additionally, it will enable the fintech companies to provide their solutions to international players to bolster their business.
It is also expected to increase connectivity between regional firms and global markets.
ADGM has also announced that it will partner with ASEAN Financial Innovation Network (AFIN) to utilise global API Exchange (APIX) platform and foster connectivity between the fintech companies of Middle East and North Africa (MENA) region and Asia-Pacific.