25 September 2016, Abu Dhabi, UAE: The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has formed a new partnership with GlassQube Business Centre Services (GQC) today to further enhance the Financial Technology (“FinTech”) eco-system in Abu Dhabi. This agreement provides a framework for collaboration, co-operation and consultation between the FSRA and GQC focusing on technology development and innovation in financial services. It enables both parties to share knowledge, exchange expertise and join efforts on initiatives that will support the development of the FinTech ecosystem in Abu Dhabi and the wider region.
The new partnership follows closely on the FSRA’s recent proposed legislative framework to allow the implementation of the Regulatory Laboratory (RegLab) for FinTech companies to develop and test innovative solutions in a conducive and effective environment. The proposed FSRA legislative framework and RegLab will be the first of such programme in the Middle East and North Africa (MENA) region.
The MOU will enable FSRA and GQC to explore initiatives such as creating and providing an innovation cluster in ADGM where FinTech entrepreneurs and innovator firms can exchange knowledge, test and launch innovative products, services and business solutions within controlled boundaries in a cost-effective environment. GQC is a leading and proven workspace solution provider for business entrepreneurs, innovators and the startup community. Both FSRA and GQC will also foster greater FinTech entrepreneurship through co-development or sponsorship of incubation programmes to others. Among the possibilities, both parties will work closely together to design and organise industry initiatives that advance the FinTech plans for Abu Dhabi.
The agreement with GQC underlines ADGM’s commitment to collaborate and partner with key industry stakeholders to nurture local entrepreneurship and push technology development and innovation in financial services.
Mr Richard Teng, CEO, Financial Services Regulatory Authority said, “We are living in exciting times where today’s fast changing world of technology influences every aspect of businesses to customer experience. ADGM sees the value of having a globally competitive, innovative and well-regulated ecosystem that enables our firms and entities to meet the ever-changing business and financial needs in Abu Dhabi and the region. It is also encouraging that ADGM’s FinTech-related efforts and achievements have been recognised recently. We are glad to join the Global FinTech Hubs Federation as a network partner to share expertise, foster innovation that will enhance the financial services industry and facilitate access to new markets for FinTech companies.”
He added, “ADGM is pleased to welcome GlassQube to the ADGM FinTech family. GlassQube provides unique expertise and services to support the FinTech community, and we look forward to working closely with them and our other MOU partners to establish a vibrant and enduring Fintech eco-system in Abu Dhabi.”
"The GlassQube Coworking team looks forward to working closely with ADGM and helping them continue to position themselves as one of the most dynamic and innovative financial hubs in the region, further enabling ADGM to attract the top financial services firms in the world." said Mr Bernard Lee, Co-Founder and CEO of GlassQube Coworking.
Mr Fahad Al Ahbabi, Co-Founder of GlassQube Coworking added, "We are honored to play a role in assisting ADGM with their mission to make the Emirate of Abu Dhabi a world class destination for financial services and talent."
The FRSA published a consultation paper on 31 August 2016 seeking industry views on its proposed FinTech legislative framework to support companies, institutions and participants that wish to deploy innovative technology within the financial services sector (“FinTech”) in Abu Dhabi and the wider region. The consultation period ends on 26 September 2016.
About GlassQube Business Centre Services
GlassQube Coworking (GQC) is the UAE’s first multi-sector coworking and private workspace ecosystem. GlassQube strives to support and catalyze growth within the UAE’s corporate, SME, entrepreneurial and freelancing community by providing affordable, yet beautifully designed, highly functional workspace that facilitates networking, collaboration and community building.
In addition to our stunning workspaces, GlassQube curates a collaborative ecosystem through active management of our Membership, dedicated networking events, provision of recurring educational programming, guest speakers and access to a deep panel of mentors from some of the world’s leading organizations.
As of September 2016, GlassQube Coworking operates or has under development four distinct facilities, strategically located throughout the city of Abu Dhabi representing approximately 200,000 square feet of innovative, bespoke workspace that will position GlassQube Coworking as the single largest provider of workspace in the UAE.
For more information, please visit www.glassqube.com or follow GlassQube Coworking on Facebook, Instagram and Twitter.
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.
Abu Dhabi Global Market 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