ADGM is the first in the region to deep-dive into building FinTech ecosystem

Richard Teng, CEO of Financial Services Regulatory Authority at ADGM

abu dhabi — Abu Dhabi Global Market (ADGM) considers it essential to develop alternative financing solutions to bridge the commercial funding gap in the UAE and the Middle East and North Africa, said Richard Teng, CEO of the Financial Services Regulatory Authority at ADGM. Speaking to the Emirates News

Agency (Wam) at the ADGM FinTech Abu Dhabi Bootcamp Day on Sunday, Teng ruled out assumptions that fintech is restricted to financial companies, affirming it is rather for the higher good of the economy in general.

The bootcamp is the precursor to the FinTech Abu Dhabi Summit, which takes place today under the patronage of Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of the Abu Dhabi Executive Council, in the capital.

“ADGM is the first in the region to deep-dive into building fintech ecosystem since March 2016. When we first started, many in the region have not even heard of fintech and were sceptical of our efforts,” Teng said.

“Therefore you will find Abu Dhabi has already been voted as the top fintech hub for the Mena region in the latest Global FinTech Hubs Review, A Tale of 44

Cities, by Deloitte in partnership with the Global FinTech Hubs Federation. This special review was released at the 2017 Innovate Finance Global Summit in London last year.”

“Today our Regulatory Laboratory is the second-most active fintech sandbox globally and the most successful regulatory sandbox in the region.” —