27 November 2017, Abu Dhabi, UAE: Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, marked a new partnership with Abu Dhabi National Insurance Company (ADNIC), a leading UAE multi-line insurance provider and one of the leading providers of risk underwriting solutions across the MENA region, to seek opportunities to collaborate and consult on initiatives to promote the growth and development of the insurance-related FinTech ecosystem in Abu Dhabi and the UAE.
The Memorandum of Understanding (MoU) was signed by Mr. Ahmad Idris, Chief Executive Officer at ADNIC, and Mr Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM.
The agreement enables ADGM and ADNIC to collaborate closely on a cross a range of technology-related initiatives that serve to support entrepreneurs, start-ups and technology firms who are active in the insurance and related industry. The ADNIC and ADGM teams will specifically explore and participate in joint innovation projects on the development and application of technologies related to insurance and insurance management.
Mr. Ahmad Idris, Chief Executive Officer at ADNIC said, “Digital technology is transforming our lives and ADNIC is actively exploring how technology can be better used to serve our customers in line with their changing needs and expectations. By engaging with entrepreneurs and start-ups, we are tapping into an innovative technological ecosystem and nurturing our entrepreneurial culture. ADNIC is proud of its partnership with ADGM, which will support ADNIC as well as the whole Insurance industry in the country in creating a competitive advantage for its offering and help it to understand and reach a wider audience.”
Mr Richard Teng, CEO, and FSRA, of ADGM, added: “Recent reports have estimated technology spend in the insurance industry to be in excess of $200 billion globally by 2019. The insurance industry is starting to undergo its own revolution, and just like many other sectors, it is driven by technology. We are pleased to partner ADNIC in exploring, developing and deploying technology and innovative solutions in the insurance space. We look forward to leveraging the industry know-how and extensive market experience that ADNIC can provide, to identify and create initiatives that serve the needs of Abu Dhabi and the UAE.”
As an IFC and Financial Services Regulator, ADGM will continue to work with relevant industry leaders and additional stakeholders to foster and promote a leading InsurTech environment and ecosystem to cater to the evolving needs of the industry locally and in the region.
About Abu Dhabi National Insurance Company
Abu Dhabi National Insurance Company (ADNIC) PJSC is a composite insurance partner with long standing expertise in providing insurance products to individuals and corporates across the Middle East and North Africa (MENA) region. Founded in the United Arab Emirates (UAE) in 1972, ADNIC has a wide network of branches as well as sales and service centers across the country. ADNIC is a publicly listed company on Abu Dhabi Securities Exchange (ADX).
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 since 2015. Recognised by the industry for its innovative, strategic and progressive initiatives, ADGM has been awarded as the “Financial Centre of the Year (MENA)” for two consecutive years. ADGM’s three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business successfully 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 and in line with the Abu Dhabi’s Economic Vision, ADGM is an 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 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.
ADGM is located on Al Maryah Island, a 114-hectare of financial free zone, housing world-class offices spaces, award-winning hotels, restaurants and life-style retail outlets. 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 Linked : ADGM
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 the first financial centre in the MENA region to establish a dedicated regulatory framework in November to licence FinTech stakeholders and launched a Regulatory Laboratory (Reglab)* initiative to offer a controlled environment for FinTech innovators to develop and test their products and services.
To-date, ADGM has established established 40 MOUs, including 8 FinTech, with 27 countries. These cross-border partnerships enable ADGM to maintain a practical, open and inclusive global financial & 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 Linked : ADGM
For further enquiries, please contact:
Joan Lew, Senior Manager, Communications
Telephone: +971 2 333 8858