Abu Dhabi's ADGM invites applications for its regulatory sandbox
Financial centre encourages financial technology and regulatory technology companies to apply in the fourth edition of Reglab
Abu Dhabi Global Market, the capital’s international financial hub, is receiving applications for the fourth cohort of its regulatory sandbox (Reglab), as it continues to boost the start-up and entrepreneurial ecosystem to help diversify Abu Dhabi’s economy.
The fourth Reglab will follow the dual themes of sustainable finance and automated programming interfaces (API) economies, ADGM said in statement on Monday.
The financial centre is encouraging financial technology and regulatory technology companies that uses API-enabled solutions or focus on sustainable finance to apply in the fourth edition of Reglab, with the closing date for applications being April 25, it said.
“In the rapidly-changing financial services landscape, the ability to share data securely and efficiently is crucial and APIs lay the foundation for an ecosystem that promotes collaboration and partnerships, facilitating agile responses to evolving customer needs,” said Richard Teng, chief executive of the Financial Services Regulatory Authority of ADGM.
“The ADGM start-up and entrepreneurial ecosystem will further Abu Dhabi’s drive for economic diversification and the growth of key sectors, such as sustainable finance.”
ADGM, one of the fastest growing financial hubs in the region, last month signed the Abu Dhabi Sustainable Finance Declaration with key federal authorities including the UAE Central Bank and Securities and Commodities Authority. It sets out commitments for collaboration on and exploration of initiatives that can promote and integrate green and sustainable investments in the UAE and the broader region.
“Technology will form a crucial pillar to that effort. We welcome innovative product offerings and services to support capital formation and generate accessible financing for the sustainable finance sector,” Mr Teng said.
As an international financial centre and FinTech hub, ADGM has established strategic partnerships to bolster the FinTech and the financial services ecosystem. ADGM was the first in the region to established an open regulatory framework to licence FinTech stakeholders and launched the Reglab – a regulatory sandbox that offers a controlled environment for FinTech innovators to develop and test their products and services.
Updated: March 4, 2019 01:56 PM