ADGM Reglab Attracts 70% More Applicants Than Last Yearby Company Announcement 7. June 2018
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, successfully concluded its 3rd round of applications for its Regulatory Laboratory (ADGM Reglab) programme with a total of 36 local and international new FinTech innovators offering potential solutions for the financial and small-medium enterprise (“SME”) sectors in the Middle East and Africa region.
The latest ADGM RegLab call-out saw a 70% jump in interest from the 2nd cohort of 22 applications and 11 in the 1stbatch. The startup innovators who have applied under the third cohort to test their FinTech innovation in the ADGM RegLab represent a diverse mix of local and international markets, including the UAE, Bahrain, Lebanon, Kenya, India, Malaysia, Japan, Singapore, Australia, Spain, France, the United Kingdom, and the United States.
RegLab Cohort 3 opened for applications from FinTech companies with a theme to promote inclusion and access to quality financial services for the SME sector. The types of FinTech innovation offered by the applicants range from payment solutions, supply chain financing, Islamic finance solutions, advanced analytics and machine learning to provide new insights and deeper risk evaluation, to cash flow and risk management solutions. Successful applicants authorised and admitted into the RegLab will be able to live-test their solutions with real consumers.
Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM said,
“ADGM RegLab is the 2nd most active FinTech sandbox in the world and has been instrumental in establishing the benchmark, industry practice and governance for FinTech collaboration and regulations in this region.
To-date, ADGM Reglab has received close to 70 applications from FinTech firms, with ready-to-market solutions to assist financial institutions and businesses in Abu Dhabi and the wider region.
ADGM will work closely with its firms to help SMEs enhance their digital capabilities, and enable financial institutions to extend quality financial services to SMEs through better access to data and analytics solutions, deepen financial inclusion and accelerate economic growth.”
ADGM launched its RegLab in November 2016 – the first tailored regulatory regime for FinTech participants in the region. ADGM RegLab was designed to foster innovation within the UAE financial services market for both new market entrants and existing financial institutions. Once authorised and admitted into the RegLab, FinTech participants are eligible to operate within the RegLab for a period of up to two years.
Participants benefit from:
- working closely with a dedicated team of supervisors who provide regulatory support and guidance to help FinTechs understand and navigate the regulatory requirements, and draw up appropriate regulatory controls and test plan for their FinTech solutions as firms scale up their business;
- gaining strategic access to ADGM’s network of mentors, financial institutions and investors to develop and scale their solutions; and
- having support of a digital sandbox service provided by Temenos (the software specialist for banking and finance) that enable them to integrate their solutions with banking data and functionality and test the solutions for scalability and robustness.
As an IFC and FinTech Hub, ADGM continues to play an active role collaborating with industry stakeholders including accelerators, co-working business centres, academic, financial and technological institutions, regulatory agencies, industry associations and the start-up community to develop the wider FinTech ecosystem.