6 August 2017, Abu Dhabi, UAE/Zurich, Switzerland: Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and the Swiss Finance + Technology Association (SFTA) have formed a new alliance to strengthen each other’s FinTech ecosystem and foster mutually-beneficial opportunities that support the growth and deployment of innovations in both markets. The Agreement was sealed by Mr John Hucker, President of SFTA and Mr Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority (FSRA) of ADGM.
The SFTA, a non-profit association organised under Swiss law, is an independent organisation whose members represent various stakeholders in the Swiss FinTech ecosystem. This collaboration will provide the impetus to connect Swiss and UAE FinTech participants to business opportunities, experience and investments in each other’s region, accelerate the exchange of FinTech expertise, and anchor FinTech activities in ADGM, Abu Dhabi, and Switzerland.
“It is a honour announce this collaboration with ADGM to foster links between the FinTech ecosystems in Switzerland and Abu Dhabi. This connection is expected to benefit entrepreneurs, investors, and companies from both of these two global centres of wealth and finance. We also plan to share knowledge, for example, at the upcoming ADGM FinTech Summit, but also by connecting with a range of relevant public sector partners in Switzerland. In particular, there is clear opportunity for synergies with topics such as crypto finance, wealth management, insurance, and ethical FinTech. Speaking more broadly, this relationship illustrates our continued interest to develop a neutral global network of leading FinTech hubs so that each can develop their competitive advantages while the global ecosystem expands,” said Mr John Hucker, CFA, President of SFTA.
Mr Richard Teng, CEO, Financial Services Regulatory Authority of the Abu Dhabi Global Market said, “As global wealth management centres, Switzerland and the UAE have nurtured decades of mutually beneficial and strategic bilateral ties. With Switzerland as one of the world’s leading blockchain and crypto-currency centres, this new FinTech Bridge and partnership dovetail well with Abu Dhabi’s focus as a global FinTech hub. We look forward to working closely with SFTA to advocate an inclusive FinTech ecosystem that brings FinTech innovators and financial institutions together to build deep capabilities in seeking new growth opportunities and shifting our respective economies into higher gear. We believe the FinTech startups and business community will greatly benefit from the innovation platforms of our respective jurisdictions, including ADGM’s Regulatory Laboratory programme.”
ADGM has established a number of international FinTech bridges including the Monetary Authority of Singapore, the Australian Securities & Investments Commission, the Kenyan Capital Markets Authority and the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Qianhai Authority). ADGM will continue to establish new initiatives and work closely key stakeholders to foster an open and inclusive global FinTech hub to serve Abu Dhabi and the greater MENA region. As part of its ecosystem-building commitment, ADGM’s global network of FinTech partnerships includes the Middle East and Africa region, India, Switzerland, Europe, USA, the United Kingdom and others.
Overview of ADGM’s FinTech Achievement and Commitment
ADGM’s first FinTech Abu Dhabi Summit will be launched and held on 23 October 2017. ADGM has accomplished notable milestones and established strategic partnerships to bolster the FinTech ecosystem since March 2016. It is the first IFC in the MENA region to establish a dedicated and open regulatory framework in November to licence FinTech stakeholders and launched a Regulatory Laboratory (Reglab) to accelerate FinTech innovation. 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. For more details of the ADGM’s FinTech Abu Dhabi event, visit www.fintechabudhabi.com to register interest.
About Swiss Finance + Technology Association
We are the center of gravity for the FinTech community in Switzerland with over 550 members and subscribers. Our activities include networking, ecosystem development, knowledge creation, advocacy, promotion, and a service offering for our audience. Our engagement starts with individuals who may be at any stage in their career starting in university at the moment, but focuses on the most promising startups and leading global corporations and investors. Our organisation brings together companies from sectors such as private banking and asset management, (re)insurance, payments, crowdfunding, data security, commodities, and alternative finance. Our objective is to promote and accelerate growth for the evolution of the Swiss financial center. The Association provides members with a single point of access to international partners, policymakers, regulators, partners, investors, industry leaders, academics, and talents. The mission is to foster better outcomes for all stakeholders by encouraging greater interconnectedness, thought leadership, and activities focused on generating an impact on the development of the ecosystem.