Abu Dhabi Global Markets (ADGM) and the United Arab Emirates Exchange have announced a new collaboration which will offer startups the chance to join the former’s regulatory sandbox. In the Regulatory Laboratory (RegLab), companies will be able to test new apps before releasing them to clients.
The two entities have spoken of their intention to partake in innovation programs for the deployment of apps in fields such as artificial intelligence, P2P solutions, emerging payments, distributed ledgers, blockchain technology, and more.
The fintech collaboration takes place as the application window for ADGM’s second program is about to close. This will include 22 participants from around the world offering products ranging from cryptocurrency and payment applications to robo-advisory, crowd funding, regulatory and insurance technologies.
Richard Teng, CEO of FSRA at ADGM, commented that the firm’s partnership with the UAE exchange is yet another milestone in its plan to create a fintech environment: “This strategic partnership dovetails well with ADGM’s vision to establish a vibrant and well-functioning fintech ecosystem that bolsters innovation, facilitates investment flows and supports greater growth of financial services activities.”
About a week ago, ADGM signed similar contracts with the Swiss Finance + Technology Association, the Responsible Finance and Investment Foundation, and the International Financial Centre in Abu Dhabi.
ADGM will also host an inaugural fintech challenge in October in which ten startup companies will present their products to an industry expert panel during the fintech Abu Dhabi event. The finalists will receive a $15,000 cash reward, as well as consideration for fast track admission to ADGM’s RegLab program.