Abu Dhabi financial free zone partners with UAE Exchange in fintech drive

DUBAI: Abu Dhabi Global Market (ADGM) and UAE Exchange have teamed up to deploy financial technology (fintech) solutions to the remittance and foreign exchange sector.

The partnership will see UAE Exchange collaborate with fintech participants under ADGM’s Regulatory Laboratory known as RegLab.

“This strategic partnership dovetails well with ADGM’s vision to establish a vibrant and wellfunctioning fintech ecosystem that bolsters innovation, facilitates investment flows and supports greater growth of financial services activities,” said Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM.

RegLab allows fintech entrepreneurs to test their solutions in a safe controlled environment without facing an undue regulatory burden at the onset, ADGM said in a statement.

Gulf financial centers are in fierce competition to develop technological innovation expertise.

Saudi Arabia aims to ensure that fintech is at the heart of the King Abdullah Financial District rising in Riyadh, while both of the UAE’s main financial free zones in Dubai and Abu Dhabi are also investing heavily in the sector. Last year, ADGM declared its intention to be the fintech capital of the Gulf region, and has put in place a special regulatory regime to allow it to become the region’s incubator for fintech business.