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ADGM partners Daman to enhance Abu Dhabi’s FinTech ecosystem related to insurance solutionsADGM FSRA 04/12/2017
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, signed a Memorandum of Understanding (MoU) with National Health Insurance Company - Daman (Daman), the UAE's leading health insurer, to seek opportunities to collaborate and consult on initiatives to promote the growth and development of the insurance-related FinTech ecosystem (InsurTech) in Abu Dhabi and the UAE.
The MoU, which marked a new partnership between both organisations, was signed by Dr Michael Bitzer Chief Executive Officer at Daman, and Mr Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM.
The agreement enables ADGM and Daman to collaborate closely on a range of technology-related initiatives that serve to support entrepreneurs, start-ups and technology firms who are active in the InsurTech environment. The Daman and ADGM teams will specifically explore and participate in joint innovation projects on the development and application of technologies related to insurance and insurance management.
Commenting on today's signing, Dr Michael Bitzer, CEO, Daman said: "We are proud to support ADGM in creating a global FinTech hub here in Abu Dhabi. We believe that this partnership will support the programmes outlined in the Abu Dhabi Plan concerning the development of a financial services sector that support economic diversification and the promotion of entrepreneurship among SMEs. With Daman's unique experience and capabilities; and ADGM's robust regulatory framework, there will be a lot we can do encourage and nurture new types of insurance solutions fit for the 21st century."
Mr Richard Teng, CEO, FSRA of ADGM, added: "Based on an industry report, the technology spent in the global insurance industry is expected to reach $205 billion by 2019. Yet the state of InsurTech is still at a stage of infancy. We are pleased to partner with the leading home-grown insurance company - Daman - to look at how we can both actively contribute towards the development and deployment of technology and innovative solutions in the insurance space. We look forward to tapping on Daman’s wealth of experience and extensive market to identify and create initiatives that serve the needs of Abu Dhabi and the UAE. At the same time, ADGM will engage the relevant stakeholders and industry leaders to foster a conducive InsurTech environment and ecosystem."
About National Health Insurance Company - Daman
The National Health Insurance Company - Daman is the region’s leading specialised health insurer, providing comprehensive health insurance solutions to more than 3 million members in the UAE.
Over the years, the company has been the partner of choice for a number of the country’s most prominent organisations and multinational companies in various industries including oil and gas, aerospace, energy, construction, investments and media.
Daman is a public joint-stock company that is 80% owned by the Abu Dhabi Government with the remaining 20% owned by Munich Re. The company is backed by the reliable support of the Abu Dhabi Government and its strategic partner, Munich Re, one of the world’s leading reinsurers, plays an important role as both reinsurer and a valuable source for knowledge transfer.
Headquartered in Abu Dhabi and established in 2006, Daman offers a range of health insurance plans for both individuals and organisations and exclusively manages the Government's health programme - Thiqa - for UAE Nationals and Abu Dhabi Basic Plan - for low income expatriates.
Daman, a pioneer in health care insurance, drives innovation through a combination of state-of-the-art technology and healthcare-related expertise offered by a highly skilled and knowledgeable workforce. It has set high standards in the UAE health insurance industry and has been awarded a number of internationally recognised awards and quality-focused certifications in a relatively short span of time.
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business since 2015. Recognised by the industry for its innovative, strategic and progressive initiatives, ADGM has been awarded as the "Financial Centre of the Year (MENA)" for two consecutive years. ADGM's three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business successfully and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.
Established by a UAE Federal Decree as a broad based financial centre and in line with the Abu Dhabi's Economic Vision, ADGM is an extension of Abu Dhabi's role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, home to one of the world's largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia. ADGM's foundation is anchored on three of Abu Dhabi's strategic strengths - private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.
ADGM is located on Al Maryah Island, a 114-hectare of financial free zone, housing world-class offices spaces, award-winning hotels, restaurants and life-style retail outlets. All these complement ADGM's international financial centre position as a vibrant destination in the capital city in Abu Dhabi. For more details of ADGM, please visit www.adgm.com or follow us on Twitter: @adglobalmarket and LinkedIn: ADGM
Overview of ADGM's FinTech Achievement and Commitment
As an IFC and FinTech Hub, ADGM has accomplished notable milestones and established strategic partnerships to bolster the FinTech ecosystem since March 2016. ADGM is the first financial centre in the MENA region to establish a dedicated regulatory framework in November to licence FinTech stakeholders and launched a Regulatory Laboratory (Reglab)* initiative to offer a controlled environment for FinTech innovators to develop and test their products and services.
To-date, ADGM has established about eight FinTech bridges with key IFCs and jurisdictions in the recent six months. These cross-border partnerships enable ADGM to maintain a practical, open and inclusive global FinTech centre that has been serving the communities in Abu Dhabi and the greater MENA region.
As a global FinTech Hub, ADGM continues to enhance its international network with the MENA region, Asia, Australia, US, UK, Europe to facilitate greater access to markets, capital and regulatory recognition for FinTech players. ADGM actively engages its stakeholders, forge partnerships and collaborations to develop a conducive and effective FinTech ecosystem.
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