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 event that recognises trail-blazing companies and individuals from the finance, ecommerce and retail industries that have demonstrated unparalleled ability to excel and succeed.
ADGM was established to diversify the Abu Dhabi economy and to underpin its plans for long-term, sustainable growth. Within two years of its inception, ADGM has introduced numerous new initiatives that are transforming both Abu Dhabi and the United Arab Emirates (UAE) as a whole.
ADGM’s Financial Services Regulatory Authority (FSRA) has implemented the highly successful ‘First in the MENA region’ regulatory initiatives to support innovators and financial institutions in the region. ADGM has developed a dynamic FinTech ecosystem that nurtures start-ups and will promote growth opportunities in the region. ADGM’s pioneering regulatory sandbox, the ADGM Regulatory Laboratory (RegLab) is one of the world’s most active sandboxes today, and the most active in the region.
“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,” explains Richard Teng, Chief Executive Officer, FSRA of ADGM. “We would 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 FinTech developments has fortified its position as the ’Top FinTech Hub in MENA’ from amongst 44 cities. ADGM’s 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, our 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 and 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.