ADGM moves ahead in the FinTech space

The financial centre has become the first regulatory body in the MENA region to be part of the R3 consortium. Further, it has admitted the first five regional and international RegLab applicants.

ADGM joins R3 Consortium on distributed ledger technology

The Centre has joined R3 as a new member of its international consortium. ADGM is the first regulatory body in the Middle East and North Africa (MENA) region to be part of the R3 consortium, comprising over 80 members from the world’s leading financial institutions and regulators.

As a member, the ADGM FinTech team will have access to latest news and developments on blockchain technology, facilitate dialogues, share best practices, collaborate with leading industry institutions and regulatory bodies on next-generation platforms and technologies that will improve efficiency and enhance risk management in the capital markets.

R3, headquartered in New York, is a leading financial innovation and technology firm that is focused on designing and applying distributed ledger technology solutions to the global financial services industry. Together with R3, ADGM aims to play a central role in connecting and bringing together the financial and banking authorities in the region to advance the collective goals of becoming FinTech innovation centres in their respective jurisdictions.

ADGM admits first five regional & international RegLab applicants

ADGM has also approved its first batch of FinTech Regulatory Laboratory (Reglab) participants comprising 5 local and international FinTechstartups with various innovation offerings. The ADGM Reglab is the first of such FinTech regulatory sandbox and framework in the MENA region.The successful five participants, which were selected from a pool of 11 applications, are now registered with the ADGM Reglab programme to further develop and test their FinTech innovation.

The five ADGM Reglab participants offer a range of innovations from data analytics for credit-risk assessments, robo-advisory, artificial intelligence in digital ID, to solutions that promotes financial inclusion among the unbanked, and digital services that enhances operational risk management. They will receive dedicated regulatory guidance by the ADGM FinTech team and in addition, focused mentorship and support by ADGM FinTech ecosystem partners. They are: Now Money and Titanium Escrow in the UAE, CapitaWorld and Rubique in India, Finalytix in the US.

The 2nd batch of ADGM Reglab applications opened on May 16, 2017 and closes on July 31, 2017.