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ADGM welcomes 3rd Reglab Cohort applications with SME focusADGM FSRA 25/02/2018
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is pleased to welcome applications for the third cohort of its Regulatory Laboratory (Reglab), with a theme focusing on enhancing access to financial services for the small-medium enterprise ("SME") sector.
ADGM is of the view that the SME sector is a fundamental part of the UAE’s plans for economic transformation and diversification. According to UAE Ministry of Economy, the SME sector represents more than 94 per cent of the total number of companies operating in the country and provides jobs for more than 86 per cent of the private sector's workforce.
International advancements in FinTech have immense potential to improve financing opportunities and unlock economic value for the SME sector. For example, open APIs to allow FinTech startups to experiment with institutional data to better analyse and offer tailored credit facilities, machine-learning analytics to process traditional and alternative data for credit scoring purposes, innovative KYC solutions and cloud-based enterprise financial and risk management for SMEs.
ADGM therefore encourages all FinTech and RegTech companies, in particular those with a SME focus, to apply and be part of its RegLab. This includes technology startups which offer tools to both institutions and SMEs alike. The application period will close on 10 May 2018.
Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM, said: "It is encouraging that our RegLab today is the world’s 2nd most active FinTech sandbox globally. The ADGM RegLab has grown from strength to strength, doubling the number of accepted firms in its second cohort and we are excited to open up for the 3rd batch."
"Serving the SME sector is a key priority for ADGM since we began operations. Being at the forefront of innovation, it is clear to us that providing easier access to better data through powerful technologies such as Open APIs and artificial intelligence could fundamentally change the way the financial sector engages with this crucial part of the economy. Our focus on SMEs further underlines our commitment to the principles of leadership, innovation and nurturing the younger entrepreneurs and generation which is aligned with the spirit of the Year of Zayed."
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 email@example.com.
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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