Abu Dhabi Global Market and UAE Exchange are joining hands to promote the FinTech ecosystem in Abu Dhabi and the UAE. For the joint operation the companies have signed a memorandum of understanding last day. According to the MoU the UAE Exchange will collaborate with FinTech participants under ADGM’s Regulatory Laboratory, RegLab, to develop and deploy promising FinTech solutions in the remittance, foreign exchange and payments space.
“Collaboration between established financial services providers and FinTech start-ups is necessary to build a sustainable innovation ecosystem. Our partnership with ADGM will nurture local FinTech innovation through incubator, accelerator and academic programmes” – Promoth Manghat, Chief Executive Officer of UAE Exchange Group said.
We are pleased to partner with home-grown industry leaders such as UAE Exchange to build up the FinTech offerings and infrastructure in Abu Dhabi and the UAE. 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.” – Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority said.