Abu Dhabi Global Market (ADGM), an international financial centre, has announced a partnership with Abu Dhabi International Bank (ADIB). The two parties will collaborate on innovations in the financial ecosystem in Abu Dhabi and the UAE.

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ADGM has been pushing to improve the fintech ecosystem in the Middle East, and has been partnering with various firms to further its efforts. With this latest partnership it hopes to collaborate with the ADIB on a number of Sharia-compliant fintech initiatives.

The agreement was signed between the Financial Services Regulatory Authority (FSRA) of ADGM and the ADIB. The announcement said that the partners will work on the development and application of technology such as blockchain, digital and mobile payments and artificial intelligence.

Richard Teng, CEO, FSRA of ADGM, said: “The collaboration with ADIB represents our efforts working with stakeholders to support innovation in a world-class regulatory environment. ADGM and ADIB share common objective in advocating best practice, nurturing and fostering innovation and facilitating growth in our FinTech ecosystem. We look forward to working closely with the ADIB team to develop initiatives and programmes that will capture new business opportunities and expand our FinTech reach locally and globally.”

Blockchain and payments have become buzzwords in the fintech industry of late, and it is no surprise that this new partnership relates to these developing areas. Both firms hope that they will be able to promote entrepreneurship and provide an incubation platform for innovative programs.