ADGM seeks market response to joint consultation on Global Financial Innovation Network (GFIN)ADGM FSRA 07/08/2018
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is inviting the FinTech and RegTech companies and community in Abu Dhabi and the MENA region to participate and comment on a joint consultation proposing the role and details of a Global Financial Innovation Network (GFIN) initiated by the UK Financial Conduct Authority (FCA).The GFIN is a newly-formed association comprising 11 financial regulators, including ADGM. This paper follows a proposition document published by the UK FCA in February 2018 on the concept of a 'global sandbox' and provides an update on the next steps of the project.
The GFIN initiative will create a network of FinTech-focused regulators, and for those that offer RegLab-like regulatory sandboxes, cross-border trials for those FinTechs seeking to run tests in multiple jurisdictions simultaneously. GFIN will also become a key forum for financial regulators to collaborate on RegTech solutions and develop innovation-related policies.
As a centre of innovation and financial services, ADGM is an active advocate of financial technology and developments locally and internationally. ADGM has formed vital international bridges with multiple financial regulators, governments and the private sector to promote and enable the development and adoption of FinTech across the various economies. As a member of the GFIN, ADGM looks forward to further cooperate with its regulator counterparts at scale and bring greater value to the FinTech industry in Abu Dhabi and globally.
Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM, said: "We are pleased to be part of this important collaboration to bolster the FinTech sector and create more opportunities for growth and innovation in financial services.
Our experience in launching the FinTech regulatory regime and sandbox in the MENA has given us valuable traction and insights to the needs of the innovators and financial institutions. As the FinTech Hub in this region, ADGM understands its responsibility in maintaining a conducive environment that allows a sustainable flow of fresh and innovative solutions to address the needs of consumers and our stakeholders locally and abroad. We look forward to further our partnerships with fellow regulators such as the UK FCA and the private sector to offer a greater platform for financial innovators to scale across various markets, and for all of us to maintain a practical, open and inclusive global FinTech community."
The consultation period of the GFIN proposal will close on 14 October 2018 and all feedback and comments are to be addressed to GFIN@fca.org.uk.
Please click here for the Consultation Paper
About the ADGM RegLab
The ADGM RegLab is a bespoke regulatory framework which provides a controlled environment for FinTech firms to develop and test innovative FinTech solutions. Successful applicants can test their product according to regulatory requirements tailored to contain the specific risks and impact of their particular test. These safeguards will allow RegLab participants to explore and develop innovative solutions in a risk-appropriate and cost-effective environment. Participants will also have access to a digital sandbox service provided by Temenos (the software specialist for banking and finance) that enable them to integrate their solutions with banking data and functionality, and test the solutions for scalability and robustness. For further details of the ADGM RegLab programme or to apply for consideration in the next cohort, please visit www.fintech.adgm.com or contact firstname.lastname@example.org.
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 on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global centre for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM's strategy is anchored by Abu Dhabi's key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs the Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and success within an international regulatory framework based on Common Law. Since its inception, ADGM has been awarded the "Financial Centre of the Year (MENA)" for two consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linked : ADGM
* Source : The Global Investor Middle East and North Africa (MENA) Awards
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Joan Lew, Senior Manager, Communications