Abu Dhabi ADGM and Swiss SFTA Ink Fintech Agreement
- This agreement will connect Swiss and UAE fintech participants.
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.
The London Summit 2017 is coming, get involved!
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.
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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term and crypto-currency centres, this new FinTech Bridge Bridge The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service its clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Metat The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service its clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Metat Read this Term 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.”
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.
The London Summit 2017 is coming, get involved!
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.
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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term and crypto-currency centres, this new FinTech Bridge Bridge The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service its clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Metat The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service its clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Metat Read this Term 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.”