Abu Dhabi Global Market partners with Abu Dhabi Commercial Bank to enhance FinTech ecosystem in Abu Dhabi

ADGM FSRA 21/10/2017


Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi together with Abu Dhabi Commercial Bank (ADCB), a leading financial institution, are proud to announce a new partnership aiming at promoting Fintech and building a vibrant ecosystem in Abu Dhabi and in the UAE.

The Memorandum of Understanding (MoU) was signed by Mr Ala'a Eraiqat, Group Chief Executive Officer at ADCB, and Mr Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM at ADCB Digital Transformation Studio located in its Head-Office. This MOU ensures mutual exchange, consultation and collaboration to build an innovative and competitive environment.

Through this agreement, ADCB aims at partnering with the FSRA on a range of FinTech-related initiatives and activities. This partnership further complements ADGM's ongoing innovation and FinTech commitment to support entrepreneurs, start-ups and members of the ADGM Regulatory Laboratory (RegLab) - a regulatory framework that offers a controlled, supportive environment for FinTech innovators to develop and test their products and services with the regulator.

ADCB and ADGM will also explore and participate in joint innovation projects on the development and application of technologies tackling real business including mobile and e-banking, digital value-added services, blockchain, flexible platforms such as APIs, automation, and other areas of new technologies. Many high-calibre FinTechs are expected to participate to this journey of creating a leading place to foster Innovation into the UAE Financial Industry.

Afolayan Taylor, Head - Group Service and Customer Experience Management, at ADCB said: "We believe this partnership will further strengthen our role to play a lead in the transformation of our industry by exploiting digital for the benefit of all our stakeholders - customers, employees, shareholders, and our other partners. We look forward to making this a success through the deployment of solutions that solve some of our common challenges."

Mr Richard Teng, CEO, FSRA of ADGM, said: "We are delighted to be collaborating with ADCB, one of the most progressive banking leaders, in areas and on programmes that serve to further bolster the financial market and enhance the Fintech ecosystem in Abu Dhabi. ADGM looks forward to working closely with ADCB to foster an enterprising environment that enables continuous development of innovative solutions that will address the needs of consumers and businesses in Abu Dhabi and regionally. Together, we can grow and strengthen the FinTech offerings and landscape in Abu Dhabi."

ADCB is well positioned to partner with FinTechs as it has a culture anchored on innovation and digital transformation as recognised by the Mohammed Bin Rashid Al Maktoum Business Innovation Award.

About Abu Dhabi Commercial Bank (ADCB)

ADCB was formed in 1985 and as at 30 June 2017 employed over 4,500 people from 78 nationalities, serving retail customers and corporate clients in 48 branches, 3 pay offices and 2 branches in India, 1 branch in Jersey and representative offices in London and Singapore. As at 30 June 2017, ADCB's total assets were AED 259 billion.

ADCB is a full-service commercial bank which offers a wide range of products and services, which include retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate and currency derivatives and Islamic products, project finance and property management services.

ADCB is owned 62.52% by the Government of Abu Dhabi (Abu Dhabi Investment Council). Its shares are traded on the Abu Dhabi Securities Exchange. As at 30 June 2017, ADCB's market capitalisation was AED 36 billion.