Abu Dhabi Global Market (ADGM), the capital’s international financial hub, will sign a memorandum of understanding with the Israel Securities Authority and Israel's biggest lender, Bank Hapoalim, to develop the financial technology sector and will focus on creating a "FinTech corridor" between the two countries, according to ADGM chairman and minister of state Ahmed Al Sayegh.
The UAE and Israel normalised relations after signing the Abraham Accord in September. The two countries have since signed a series of deals to foster co-operation in sectors ranging from aviation to finance.
“The signing of the Abraham Accord has opened up the possibility of creating an exciting investment and FinTech corridor between Israel, the start-up nation, and UAE, the start-up hub for the Mena region,” Mr Al Sayegh said, while speaking at the FinTech Abu Dhabi forum that is being held online this year in the wake of the coronavirus pandemic.
The signing of an MoU will “support growth and development of the FinTech ecosystem and digital transformation of financial services in ADGM, UAE and Israel", Mr Al Sayegh said.
More to follow ...
