Mastercard and Abu Dhabi Global Market collaborate to accelerate development of FinTech ecosystemADGM FSRA 18/10/2017
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and Mastercard Asia/Pacific Pte Ltd (Mastercard), a leading technology company in the global payments industry, are pleased to collaborate on initiatives and foster more opportunities that support the development and growth of FinTech activities in the UAE capital, and the wider region.
ADGM and Mastercard share a mutual commitment to developing and nurturing innovations that will add value and transform businesses. The new partnership will enable both organisations to exchange expertise and knowledge and cooperate on projects that will accelerate the expansion and depth of the FinTech ecosystem.
Mastercard, a global name and industry leader in payments technology, has been at the forefront of innovative products and solutions that are designed to simplify the payments journey for all of its stakeholders. As part of its in-house innovation programme, Mastercard Labs, the financial services giant has established dedicated offices in international hubs such as New York, London and Singapore. Mastercard is also one of the key industry leaders mentoring some of the finalists of ADGM's ongoing FinTech Abu Dhabi Innovation Challenge programme.
Mr Khalid Elgibali, Division President, Middle East and North Africa, Mastercard, said, "We are pleased to collaborate with ADGM to support and promote FinTech initiatives in Abu Dhabi as part of our continuous efforts to engage and grow relationships with the best and brightest startups who are reimagining financial technology. As a payments technology leader, we see a great deal of potential for FinTech companies in the wider region, and this the new collaboration will help us play our part in supporting companies that will shape the future of commerce in the coming years.”
Mr Richard Teng, CEO, FSRA of ADGM, said, "We are excited to partner with Mastercard in building and enhancing the FinTech ecosystem in Abu Dhabi and regionally. With an advanced innovation agenda in the Middle East and Africa, Mastercard's expertise in working with FinTech innovators on proofs of concepts in the payments technology space will greatly complement ADGM's regulatory expertise in supporting and mentoring participants in our RegLab* programme and Mastercard's innovation programme for start-ups. ADGM will continue to collaborate with strategic industry leaders and introduce new initiatives that will effectively cater to the needs of the financial services community."
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
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About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre located in the capital city of the United Arab Emirates, opened for business on 21st October 2015.
In line with the Abu Dhabi's Economic Vision, ADGM is a natural 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 three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment 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, 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.
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 also the first in the MENA region to establish a dedicated and open regulatory framework in November to licence FinTech stakeholders and launched a Regulatory Laboratory (Reglab)* - a regulatory sandbox - that offers 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.
ADGM is located on Al Maryah Island, a 114-hectare development that is home to world-class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, and grade-A offices spaces to meet Abu Dhabi's long-term development and economic needs. 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
For further enquiries, please contact:
Joan Lew, Senior Manager, Communications
Tel : +971 2 333 8858