Abu Dhabi Global Market, Al Fardan Exchange Collaborate to Foster Fintech Development

Press release
Published November 27th, 2017 - 06:09 GMT
The Memorandum of Understanding was signed recently by Richard Teng, CEO of the Financial Services Regulatory Authority, FSRA, of ADGM, and Osama Al Rahma, CEO of Al Fardan Exchange.
The Memorandum of Understanding was signed recently by Richard Teng, CEO of the Financial Services Regulatory Authority, FSRA, of ADGM, and Osama Al Rahma, CEO of Al Fardan Exchange.

Abu Dhabi Global Market, ADGM, and Al Fardan Exchange, have entered into a cooperation partnership to develop and support the FinTech ecosystem in the UAE.

The Memorandum of Understanding was signed recently by Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority, FSRA, of ADGM, and Osama Al Rahma, CEO of Al Fardan Exchange.

The new partnership will enable ADGM and Al Fardan Exchange to collaborate on initiatives to promote and develop innovative FinTech solutions that focus on more efficient delivery for money services, as well as solutions that enhance the overall customer experience.

Commenting on the signing of the MoU, Teng said, "We are pleased to welcome Al Fardan Exchange as a new partner in our efforts to enhance the FinTech ecosystem in Abu Dhabi. Home-grown players such as Al Fardan Exchange are vital stakeholders and contributors to the sustainable growth of the FinTech industry, adding to the vibrancy of the community. There is much to be done and we look forward to working closely with the Al Fardan Exchange team to expand the FinTech offerings and infrastructure in Abu Dhabi, the UAE and greater MENA region. "

The CEO of Al Fardan Exchange, said, "It is a great pleasure to be associated with ADGM and we are sure that this collaboration will be mutually beneficial for both organizations as well as the FinTech ecosystem in Abu Dhabi and the UAE. We always look for ways to add value to the payment industry at regional and global level and offer additional facilities to the communities."

Source: Emirates News Agency

Background Information

Abu Dhabi Global Market

Abu Dhabi Global Market is a broad-based international financial centre for local, regional and international institutions, established in accordance with the Federal Law No (8) of 2004, Federal Decree No (15) of 2013, Cabinet Resolution No (4) of 2013, and Abu Dhabi Law No (4) of 2013.

ADGM’s three independent authorities – the Registration Authority, the Financial Services Regulatory Authority (FSRA) and ADGM Courts – ensure that our business-friendly environment operates in line with international best practice that are recognised by major financial centres across the world.

In collaboration with other International Financial Centres, global institutions and regulators, Abu Dhabi Global Market develops and supports member institutions with the regulatory framework, legal jurisdiction and attractive business environment they need for sustainable business growth.

Al Fardan Exchange

“Al Fardan Exchange L.L.C. is a member of the Al Fardan Group, which has roots stretching back to 1954. Emerging from a seafaring and pearl trading tradition to a commercial trade, the Al Fardan name is built on a solid bedrock of security and reliability. Leveraging on the Group’s diversified business interests and successful operations in real estate, high-end jewellery, financial services and trading, Al Fardan Exchange L.L.C. holds global reach with trust and credibility as its main ethics.

Established in 1971, we at Al Fardan Exchange L.L.C. have had the unique opportunity of playing a part in supporting communities who’ve helped building the nation; we’ve helped them bring life to their own dreams – both here and in their home countries.

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