The financial free zone is seeking to propel innovation among start-ups
ADGM's third round of FinTech RegLab receives 70% more applications
Abu Dhabi Global Market, the capital’s financial free zone, concluded its third round of applications for its Regulatory Laboratory (RegLab) programme, with a 70 per cent uptick in the number of participants from the previous round.
“ADGM RegLab is the second most active FinTech sandbox in the world and has been instrumental in establishing the benchmark, industry practice and governance for FinTech collaboration and regulations in this region,” said Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM.
A total of 36 local and international new FinTech innovators are taking part in the round, compared with 22 applications in the second cohort and 11 in the first batch, ADGM said in a statement on Monday.
he group includes a diverse mix of participants from the UAE, Bahrain, Lebanon, Kenya, India, Malaysia, Japan, Singapore, Australia, Spain, France, the United Kingdom and the United States.
Launched in 2016, the programme is designed to help propel innovation as authorised and admitted participants will be eligible to operate within the RegLab for a period of up to two years. The free zone has focused on FinTech since opening its doors for business in late 2015, signing collaboration agreements with local and international financial institutions and government entities.
The types of FinTech offered by third-round participants include payment solutions, supply-chain financing, Islamic finance solutions and advanced analytics.
“ADGM will work closely with its firms to help SMEs enhance their digital capabilities, and enable financial institutions to extend quality financial services to SMEs through better access to data and analytics solutions, deepen financial inclusion and accelerate economic growth,” said Mr Teng.
FinTech start-ups specialising in artificial intelligence, digital payments and robo-advisory were among 11 local and international companies selected by ADGM out of 22 participants in the second round.