A synergy has been announced in the United Arab Emirates (UAE) by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), with UAE-based Flat6Labs – a fintech accelerator that supports entrepreneurship in the region.
Aimed at supporting the fintech eco-system in Abu Dhabi, the two parties signed a Memorandum of Understanding (MoU) last Wednesday on the basis of helping support the development of technology and innovation within the local ADGM financial services community and beyond.
We are glad to welcome Flat6Labs as one of our strategic partners in establishing the FinTech eco-system in the UAE
Supporting fintech in UAE
Commenting in an official statement regarding the deal, Richard Teng, CEO, Financial Services Regulatory Authority of ADGM, said: “We are glad to welcome Flat6Labs as one of our strategic partners in establishing the FinTech eco-system in the UAE. As an Abu-Dhabi based establishment, Flat6Labs is well recognised as a successful, committed and experienced technology accelerator in the region.”
Mr. Teng added: “More importantly, Flat6Labs shares our desire in fostering a vibrant entrepreneurial environment to support the growth of FinTech in the region. We look forward to launching new initiatives with Flat6Labs in the near future.”
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The news follows after ADGM announced a proposal that seeks comments by June 13th on the creation of a regulatory laboratory (RegLab) which was described as the first of its kind across the Middle East and North Africa (MENA) region, according to an official statement from FSRA.
The proposed framework would provide firms with the ability to carry out their activities within a controlled and cost-effective environment, similar to a regulatory sandbox, in order to help foster innovation while keeping abreast of the regulatory needs that can arise from new fintech creations.
Victor Kiriakos, Managing Director (MD) of Flat6Labs in Abu-Dhabi, commented in the official statement: “We are glad to work closely with ADGM in order to create and grow the Fintech ecosystem in Abu Dhabi and the UAE. Part of our mission is to accelerate entrepreneurship in the MENA region and to successfully execute this mission, we require a collaborative mindset and we are very glad to have found in ADGM a partner that values collaboration.”
The news follows after a leading banking institution in UAE, Emirates NDB, announced a fintech synergy with Germany-based Open Bank Project, as reported by Finance Magnates in early March this year.
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