The Swiss Finance + Technology Association (SFTA) and the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) have signed an agreement to support fintech companies in the UAE and Switzerland, enabling them to draw on support from the combined resources of their regulators as they seek to operate in each other’s market.
This agreement will provide the impetus to connect Swiss and UAE fintech participants and help them stay abreast of innovation in financial services while providing fintech firms seeking to develop and grow their businesses with enhanced channels for communicating with regulators in each other’s region.
The step is also part of the strategy to make Abu Dhabi a centre for the fast growing fintech industry.
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In terms of the fintech landscape in the Middle East, the UAE in particular is already showing strong signs of support for fintech, as well as some early success stories.
John Hucker, President of the SFTA, commented: “This connection is expected to benefit entrepreneurs, investors, and companies from both of these two global centres of wealth and finance. We also plan to share knowledge, for example, at the upcoming ADGM FinTech Summit, but also by connecting with a range of relevant public sector partners in Switzerland. In particular, there is clear opportunity for synergies with topics such as crypto finance, wealth management, insurance, and ethical FinTech.”
Richard Teng, CEO of theh ADGM, added: “As global wealth management centres, Switzerland and the UAE have nurtured decades of mutually beneficial and strategic bilateral ties. With Switzerland as one of the world’s leading blockchain and crypto-currency centres, this new FinTech Bridge and partnership dovetail well with Abu Dhabi’s focus as a global FinTech hub. We believe the FinTech startups and business community will greatly benefit from the innovation platforms of our respective jurisdictions, including ADGM’s Regulatory Laboratory programme.”