Abu Dhabi fintech startups futureproof the ecosystem

service

16 September 2020, by ADGM's Staff Editor

Abu Dhabi Global Market has recently graduated a number of industry-breaking fintech startups from its highly reputed RegLab, a unique fintech sandbox that is designed to allow entrepreneurs to innovate, experiment, and bring financial solutions to market.

The holistic approach to developing the fintech ecosystem in Abu Dhabi has proven to be successful in attracting global fintech entrepreneurs to benefit from the regulatory frameworks in place.

In this interview, we meet three ADGM startups to share their stories after enjoying the benefits of being a member of our growing community of fintech startups. Recently we’ve had the opportunity to sit with Dan Doney, the founder of Securrency, Talal Tabba, the cofounder of Jibrel, and Tarek Ghobar and Bashar Saleh the cofounders of PointCheckout.

Although brief, the conversation highlighted some of the key aspects that made them establish their businesses in the heart of Abu Dhabi. From regulatory frameworks and an attractive business environment, the three startup founders realize the value proposition of Abu Dhabi as a hub for innovation and tech entrepreneurship. Here’s what each founder had to say about being part of ADGM’s growing community of fintech leaders.

Dan Doney commented: “There’s a rapid evolution and it’s only acceleration in the financial service space. You see a very exciting growth in decentralized finance. There's legitimate change in terms of the efficiency that very advanced financial instruments can come to market. What Securrency is really interested in doing is leading the way with these new instruments to make sure that they are safe, secure, consistent with best practices and ultimately give more investors access to better investment products. We found that the FSRA is the most sophisticated regulator in the world. They are very forward-leaning in their practices, they’re tech savvy and have created a regulatory framework that's favorable for the next generation of finance.”

Furthermore, Talal Tabbaa said: “Linking an asset with an Ethereum or blockchain-based token is something that ADGM have shown appetite for and it's something that we're working towards. The idea was to allow investors to raise capital at a fraction of the time and cost, and from the investor side to give them access to deals that they otherwise wouldn't have been able to access. Fintech startups at ADGM use the progressive regulations and ecosystem as a springboard not only to the region, but to go global. The Abu Dhabi market is a great place to start, and the nice thing about ADGM is it has the reputation and the regulations that allow you to attract investors from across the world.”

Meanwhile, Tarek Ghobar added: “The fintech industry is here to stay and it’s seeing tremendous amounts of growth, whether from the appetite of consumers to be able to try new payment methods or the appetite of investors.

Lastly, Bashar Saleh said: “The RegLab has helped us tremendously by adding a ‘stamp of approval’. The RegLab has given us credibility just by saying that there is an oversight or there is a governing body that takes a look at our operations, guaranteeing the rights of the consumers, making sure that we don't stray away, and making sure that everything is controlled and being reported on in a proper manner.”

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