ADGM admits 2nd Reglab Cohort with new FinTech firms

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi has approved its second batch of Regulatory Laboratory (Reglab) participants comprising 11 local and international FinTech startups. The successful participants, which were selected from a pool of 22 applications, are now admitted within the Financial Services Regulatory Authority’s (FSRA) framework to further develop and test their FinTech innovation.

Richard Teng, chief executive officer of the Financial Services Regulatory Authority of ADGM, said: “The overwhelmingly positive response we’ve had from the global Fintech industry in the first year of the RegLab programme is extremely encouraging. We are already seeing some great results from the first cohort, and are looking forward to seeing results from the second, which include fascinating projects such as an Initial Coin Offerings and blockchain-enabled payments, settlements and RegTech solutions, among others. The quality of the firms that applied from Europe, Asia and closer to home has been impressive, and speaks volume of the strength and attractiveness of ADGM as a jurisdiction for FinTechs to establish themselves and expand into the Middle East, Africa and Asia region.  In total, we have 16 FinTech firms in our RegLab programme and we will continue to expand this team to better serve the needs of the financial services industry and our economy.”

This announcement coincides with the FinTech Abu Dhabi Event, under the patronage of His Highness Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council, on 22 to 23 October 2017.   The 11 ADGM Reglab participants offer an impressive range of innovations from nine countries.

ADGM RegLab, a regional first, is a bespoke regulatory framework which provides a controlled environment for FinTech firms to develop and test innovative FinTech solutions. Successful applicants can test their product according to regulatory requirements tailored to contain the specific risks and impact of their particular test. These safeguards will allow FinTech participants to explore and develop innovative solutions in a risk-appropriate and cost-effective environment.

For further details of the ADGM RegLab programme or to apply for consideration in the next cohort, please visit www.fintech.adgm.com or contact fintech@adgm.com.