Abu Dhabi Global Market and OneConnect signed a Memorandum of Understanding to promote and develop FinTech innovation, ecosystems, and market opportunities that will support and connect the economies in both the Belt-and-Road corridor and the Middle East and North Africa (MENA) region.

As a member of the Ping An Group – one of the world’s largest financial institutions by market value, OneConnect is a leading provider of advanced technology-enabled applications and business solutions to financial institutions. It offers world-class technology capabilities for financial services in AI, big data analytics and blockchain to support the digital transformation of the financial services industry.

Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM said:

“Building connectivity and partnerships with key stakeholders such as OneConnect will help MENA FinTech participants tap opportunities in the Belt and Road corridor, and develop deep digital capabilities to accelerate the adoption and deployment of FinTech innovation in the MENA region.

We look forward to building stronger cooperation between ADGM and OneConnect in the development of multilateral technology platforms that support our FinTech ecosystem, as well as, foster greater international trade and business opportunities among China, the UAE, and countries along the Belt-and-Road.”

As part of the MoU, ADGM and OneConnect will mutually support FinTech participants and ecosystem enablers in their respective community networks in leveraging Abu Dhabi as a platform to develop, test and launch innovative FinTech products, services and business solutions in the MENA markets and Belt and Road corridor.

Both parties will also participate in the development and application of joint creative projects employing artificial intelligence, blockchain and distributed ledger, application programming interface (API), and other emergent technologies.