The International Financial Centre in Abu Dhabi, Abu Dhabi Global Market (ADGM), has announced that it has parntered with UK-based company CoreFiling to implement its reporting system, effective September 17.
CoreFiling is based in Oxford. It enables the creation and filing of documents, and its software is used by financial regulators and institutions.
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The ADGM has been trying to improve its efficiency and build a strong fintech ecosystem in the Middle East. Of late it has been partnering with a variety of partners in a bid to achieve the same.
The announcement said that the partnership is the result of stakeholders’ need for tighter reporting and compliance practices that are on par with international standards.
Mr Thomas Hirschi, Executive Director of Banking & Insurance, Financial Services Regulatory Authority of ADGM, said: “The ADGM electronic financial reporting tool is set up to support our authorised firms in meeting their regulatory obligations and satisfying compliance standards. Local and international ADGM firms can file their prudential financial reports effectively and in a timely manner regardless of their locations. This e-prudential financial reporting system is one of the numerous initiatives that the FSRA will continuously put in place to enhance the framework. As the Financial Services Regulator of the International Financial Centre, the FSRA is committed to maintain an open, sustainable and well-regulated environment that adheres to the international financial and banking regulatory standards and best practices.”
This move will help the FSRA of ADGM better address such needs using the reporting, tracking and auditing software provided by CoreFiling.