- The partnership entails jointly launching a creative platform for FinTech innovator firms to develop and test new solutions
Abu Dhabi, United Arab Emirates, 17 September 2018: Maqta Gateway, an Abu Dhabi Ports subsidiary, and Abu Dhabi Global Market signed a Memorandum of Understanding (MoU) to collaborate on innovation projects, technologies and knowledge transfer. The signing took place on the side-lines of the FinTech Abu Dhabi 2018, one of the leading FinTech events in the MENA region which is organized by Abu Dhabi Global Market.
The agreement aims to spur economic growth, creative thinking and entrepreneurism through setting up a platform from which FinTech innovator firms can test and launch products, services and business solutions within a regulated environment.
Both entities will exchange expertise and partner for joint innovation projects to develop and apply technologies in the areas of digital and mobile payments, blockchain and distributed ledgers, flexible platforms (API), among others. The partnership further entails establishing knowledge transfer programmes, facilitating the sourcing of project partners or sponsors and helping FinTech entrepreneurs on understanding commercial or regulatory requirements in relation to their business activities.
Captain Mohamed Juma Al Shamisi, the Group CEO of Abu Dhabi Ports, commented on the occasion, saying: “Abu Dhabi Ports has heavily invested in top-tier technological innovations and digital capabilities to play a leading role in driving economic growth in Abu Dhabi. We are delighted to cooperate with Abu Dhabi Global Market to achieve Abu Dhabi Vision 2030 by supporting FinTech companies. This agreement allows us to benefit creative individuals and institutions, through inspiring and aiding entrepreneurial ventures.
“Through this partnership, we will work together on initiatives that will encourage innovation within FinTech ecosystems in the UAE and the region.” He added.
Dr. Noura Al Dhaheri, CEO of Maqta Gateway, expressed her optimistic view of the MoU, saying; “Through combining our respective resources and expertise, ADGM and Maqta Gateway will better be able to support entrepreneurs and innovators studying and developing emerging technologies and innovative solutions to contribute to the economic development of the UAE. Our company is characterized by its innovative and technological solutions, and through our partnership with ADGM's Financial Services Regulatory Authority (FSRA), we to support and enhance the digital community and innovators.”
Richard Teng, CEO of FSRA, ADGM, said: “We are excited to be partnering with Maqta Gateway and the Abu Dhabi Ports, to support innovation and initiatives that serve the commerce and trading in Abu Dhabi and the wider UAE economy. International trade supports the growth of SMEs and corporations. Maqta Gateway is a natural partner in our efforts to provide our SME and entrepreneurial community with greater access to trade finance and growth opportunities. As an IFC and financial regulator, we will continue to collaborate with like-minded partners to support the growth of the FinTech and business communities locally and globally.”
Inaugurated in October 2017, Maqta Gateway is a transformational project spearheaded by Abu Dhabi Ports, setting out to re-define Abu Dhabi’s trade services, processes and information exchange through a unified interface that connects various trade customers, including shipping agents, traders, custom brokers, freight forwarders and clearing agents, with entities integrated within the system locally and internationally.
About Abu Dhabi Ports
Established in 2006, Abu Dhabi Ports, the master developer, operator and manager of commercial and community ports within the emirate of Abu Dhabi, in addition to the Port of Fujairah, as well as the trade and logistics hub, Khalifa Industrial Zone Abu Dhabi (KIZAD), in which Khalifa Port Free Trade Zone attracts direct investments to over 100 km2 of free zone opportunities, the largest in the Middle East region.
Inaugurated on Dec 12, 2012 by President of the UAE, HH Sheikh Khalifa bin Zayed Al Nahyan, Khalifa Port is the flagship port of Abu Dhabi Ports and is the first semi-automated container port in the region. Abu Dhabi Ports also owns 50% of Abu Dhabi Terminals, which operates and manages Khalifa Port Container Terminal with a full suite of logistics solutions to benefit trade partners and shipping lines. In addition to the current capacity of 2.5 million TEUs, the recent deal Abu Dhabi Ports signed with COSCO SHIPPING Ports Limited, which is expected to commence operations by 2019, will raise the annual capacity to 6 million TEUs in both container terminals.
Abu Dhabi Ports’ subsidiaries include Abu Dhabi Marine Services “SAFEEN”, providing a comprehensive range of marine, navigational and ancillary quayside services as well as VTS Services and fleet maintenance in a safe, secure and efficient manner; Maqta Gateway, developer and operator of the first port community in the emirate; and Abu Dhabi Cruise Terminal, the first permanent cruise terminal in the region. To meet the increasing demand of cruise liners and passengers, Sir Bani Yas Cruise Beach was developed, offerings cruise ship passengers a new beach destination with unmatched tourism experiences. Additionally, Abu Dhabi Ports also manages the Maritime Training Centre at Musaffah Port.
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