ADGM elected to fintech committee

abu dhabi — The Abu Dhabi Global Market, ADGM, has been elected as one of the director institutions to the new Fintech Cooperation Committee (FTCC) established by the Asian Financial Cooperation Association (AFCA).

The FTCC, comprises 60 financial institutions from 12 countries and regions, is an initiative by AFCA to provide industry support in fostering continuing economic growth and innovative financial developments across Asia.

ADGM, Shanghai Stock Exchange and Ant Financial Services Group have been elected as the founding team of director institutions to enable the committee in establishing fintech collaborations and business opportunities, strengthening fintech policies and governance standards, sharing industry knowledge and best practices and exploring related frontier topics in Asia.

Yang Zaiping, secretary-general of the Asian Financial Cooperation Association, said , “The aim of the FTCC is to foster ‘Openness, Inclusiveness, Joint-governance and Shared benefits’ of FinTech in Asia. The FTCC is made up of members from the banking, insurance, securities, asset management, financial services and financial education sectors. The committee will tap on ADGM’s leadership, invaluable knowledge and global successes in FinTech and financial services industry to enable the committee to focus on its purpose and achieve the objectives.”

In turn, Richard Teng, CEO of Financial Services Regulatory Authority of ADGM, said, “We are pleased to be invited by the AFCA FinTech Cooperation Committee to work with Shanghai Stock Exchange, Ant Financial and many others from the Asian financial industry to develop an integrated and inclusive FinTech ecosystem. This initiative spearheads collective efforts towards the next wave of digital transformation.

The region and Asia share so much in common in terms of fast-growing population, rapid urbanisation, underserved markets, vibrant FinTech start-up community and huge demand for financial services.”