Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, announced the launch of its Regulatory Laboratory (RegLab) with the implementation of fintech legislative framework that will be effective from 2nd November 2016.
ADGM’s RegLab is designed to promote innovation within the UAE financial services market for new market entrants as well as existing financial institutions. This tailored regulatory regime for fintech participants allows them to develop and test its fintech proposition in a safe environment, keeping in mind the unique business model and risks of the fintech participant and customizing regulatory requirements accordingly. The release stated that RegLab will authorize fintech participants for up to two years in order to develop and test their fintech proposition.
“We are very excited to launch the ADGM RegLab and it is encouraging that interests have been pouring in since we announced our plans,” Richard Teng, CEO, FSRA of ADGM said. “In these last 8 months, we met with numerous FinTech stakeholders, local and global industry players, and global FinTech hubs to raise the profile of the FinTech community in Abu Dhabi. We have developed a progressive regulatory environment to allow the establishment and growth of FinTech players at ADGM and to anchor their innovations in Abu Dhabi and regionally. We welcome FinTech applicants from the MENA region and beyond to take advantage of this platform to develop and fulfill their aspirations.”
ADGM will invite applications from local and international fintech participants and businesses to participate in the ADGM RegLab with the applications deadline on 31 January 2017.
ADGM proposed the regulatory framework in June this year, to support participants deploying innovative technology in fintech sector and later in September, it released a consultation paper in order to welcome public feedback and comments on the proposed legislative framework to support those participants.
