The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has partnered with New York University Abu Dhabi (NYUAD) to develop the financial technology (FinTech) ecosystem in Abu Dhabi.

The new partnership provides a framework for FSRA and NYUAD to harness each other’s expertise and knowledge to build and introduce shared initiatives that strategically support the development and growth of the FinTech ecosystem in ADGM, Abu Dhabi and beyond, said a joint press release.

This follows closely on the recent announcement of ADGM’s proposed Regulatory Laboratory (RegLab), a tailored framework that allows firms deploying innovative technology in the financial services sector (FinTech participants) to conduct their activities in a controlled and cost-effective environment.  

The proposed RegLab is the first such initiative in the Middle East and North Africa (Mena) region, the press release added.

From ADGM, the FSRA team will provide domain knowledge, expertise on matters of FinTech to NYUAD community entrepreneurs interested in FinTech.  Among others, FSRA will assist FinTech entrepreneurs and participants on understanding and navigating any commercial or regulatory requirements in relation to their business activities. 

Through the partnership, NYUAD aims to offer access to entrepreneurship training and skills development to participants that are part of the ADGM’s RegLab platform.   NYUAD will also contribute towards the design and organisation of ADGM-FinTech related activities, discussions and engagements.

Richard Teng, chief executive of FSRA, said: “NYUAD has been a very supportive stakeholder and keen to develop globally-recognised and locally-tailored programmes and initiatives that will support the FinTech community and its participants. We look forward to working closely with NUYAD and more partners to establish a vibrant and enduring Fintech eco-system in Abu Dhabi.”

NYUAD vice provost for entrepreneurship and innovation Ramesh Jagannathan, said: "NYUAD is committed to developing a globally competitive, innovation and entrepreneurship ecosystem in Abu Dhabi.  In this context, we are thrilled to partner with The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) in pioneering the FinTech ecosystem. The mission of NYUAD IDEA Lab, an entrepreneurship platform focused on democratizing innovations and accelerating start-ups, is vastly strengthened by ADGM’s innovative Regulatory lab (RegLab) framework. Working together, we will develop FinTech strategies, programmes and initiatives that will jump start FinTech startups in the region.”

Under the proposed RegLab initiative, FinTech participants enjoy a two-year period to develop, test and launch their products and services in a controlled environment. The proposal supports FSRA’s objective in developing a stable and sustainable financial services sector in Abu Dhabi, while fostering innovation within scoped parameters buffered by risk-proportionate regulatory safeguards. –TradeArabia News Service