Abu Dhabi Global Market (ADGM), the International Financial Centre (IFC) in Abu Dhabi, has been awarded FinTech Regulator of the Year 2018 at the 2018 Seamless Middle East Awards held in Dubai. The Seamless Awards is an annual platform that recognises trail-blazing companies and individuals from the finance, ecommerce and retail industries that have demonstrated unparalleled ability to succeed and continuously set the highest standards of excellence.
ADGM was established with a strategic focus to augment Abu Dhabi’s plans for economic diversification and long-term sustainable growth. Within two years of its operations, ADGM has introduced numerous new and transformational initiatives that advance the innovative and financial agenda of Abu Dhabi and the United Arab Emirates.
Leading ADGM’s FinTech strategy, the Financial Services Regulatory Authority (FSRA) of ADGM has implemented innovative programmes and launched successful “first-in-the-MENA-region” regulatory initiatives to support innovators and financial institutions in the region since March 2016. Taking efforts to cement a robust foundation, ADGM developed an authentic, inclusive and dynamic FinTech ecosystem that nurtures FinTech startups and serves as the nexus to growth opportunities in the region. As the pioneer regulatory sandbox in the region, the ADGM Regulatory Laboratory (RegLab) is one of the world’s most active sandboxes today, and the most active in the region.
Richard Teng, Chief Executive Officer, FSRA of ADGM, said, “Within a short span of two years, ADGM has firmly established itself as the financial innovation testbed and champion for the region, and one of the key global FinTech hubs. We like to sincerely thank the industry and the eminent judges of Seamless Awards 2018 for their strong vote of confidence and encouragement.
ADGM’s commitment in advancing the FinTech developments fortified its position as the “Top FinTech Hub in MENA” among 44 cities. ADGM’s reputed standing and execution track record as a modern policy maker and strategic collaborator has resulted in excellent traction and real benefits to our FinTech firms, local and global partnerships and the industry.”
To help FinTech participants scale with greater access to markets, capital and regulatory recognition, the FSRA has established multiple co-operative agreements and partnerships with regulatory/governmental counterparts in global financial hubs, industry think tanks, business groups and associations, as well as leading local and foreign global financial institutions to facilitate transfer and deployment of FinTech innovation.
ADGM’s innovative and efficient regulatory frameworks firmly support a holistic range of financing platforms for startups and SMEs from angel / venture capital, private equity, to public capital markets. As an IFC and FinTech Hub, ADGM will continue to enhance its environment with progressive, risk-appropriate regulatory policies and frameworks to support FinTech adoption and financial inclusion.