ABU DHABI, 14th August, 2017 (WAM) -- Abu Dhabi Global Market, ADGM, the International Financial Centre in Abu Dhabi, successfully closed the application for its second cohort of the ADGM FinTech Regulatory Laboratory, RegLab, programme on 31st July 2017.
For its second batch, the ADGM RegLab attracted 22 local and international FinTech startups and innovators, doubling the number of applications compared to its first cohort. The applicants’ solutions cover an array of innovation from virtual currency applications and payments solutions to crowd funding, robo-advisory, InsurTech and RegTech. With ready solutions for testing, the 22 applicants seek the opportunity to be accepted into ADGM RegLab programme to advance and launch their innovations and become part of the FinTech community in the UAE and the region.
The applicants hail from various markets, including the UAE, Saudi Arabia, Egypt, Lebanon, India, Mauritius, Hong Kong, Singapore, the United Kingdom, Canada and the United States.
Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM, said, "We are very encouraged by the strong interest and pipeline of advanced solutions that the ADGM RegLab has attracted from the local, regional and international community. We have maintained an inclusive approach but robust assessment of FinTech solutions that have the most potential to contribute to the efficiency, growth and well-being of our financial sector and marketplace.
As the leading inclusive FinTech Hub in this region, the ADGM RegLab serves as a key innovation platform for co-creation and collaboration between innovators and financial institutions. The launch of ADGM’s first FinTech Innovation Challenge programme further sets the stage for our RegLab firms and FinTech start-ups in this region to interact with local and international leaders for guidance and further business opportunities."
In November 2016, ADGM launched the FinTech RegLab, the first tailored regulatory regime for FinTech participants in the region. The RegLab was designed to foster innovation within the UAE financial services market for both new market entrants and existing financial institutions. The first cohort of ADGM RegLab programme comprises Now Money, Titanium Escrow, CapitaWorld, Rubique and Finalytix. Since the programme started in May 2017, each ADGM registered RegLab has received dedicated regulatory guidance by the ADGM FinTech team, as well as focused mentorship and support by ADGM FinTech ecosystem partners.
As an IFC, ADGM has established and continues to build meaningful collaborations with accelerators, co-working business centres, academic, financial and technological institutions, regulatory agencies, industry associations and the start-up community to strengthen the framework and offerings of the FinTech ecosystem in Abu Dhabi.