Abu Dhabi Global Market Partners With Abu Dhabi Commercial Bank to Enhance Fintech Ecosystem in Abu Dhabi

Press release
Published October 22nd, 2017 - 06:22 GMT
The partnership aims at promoting fintech and building a vibrant ecosystem in Abu Dhabi, and the UAE.
The partnership aims at promoting fintech and building a vibrant ecosystem in Abu Dhabi, and the UAE.

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi together with Abu Dhabi Commercial Bank (ADCB), a leading financial institution are proud to announce a new partnership aiming at promoting Fintech and building a vibrant ecosystem in Abu Dhabi and in the UAE.

The Memorandum of Understanding (MoU) was signed by Mr Ala’a Eraiqat, Group Chief Executive Officer at ADCB, and Mr Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM at ADCB Digital Transformation Studio located in its Head-Office.

This MOU ensures mutual exchange, consultation and collaboration to build an innovative and competitive environment.

Through this agreement, ADCB aims at partnering with the FSRA on a range of FinTech-related initiatives and activities. This partnership further complements ADGM’s ongoing innovation and FinTech commitment to support entrepreneurs, start-ups and members of the Abu Dhabi Regulatory Laboratory (RegLab) --- a regulatory framework that offers a controlled, supportive environment for FinTech innovators to develop and test their products and services with the regulator.

ADCB and ADGM will also explore and participate in joint innovation projects on the development and application of technologies tackling real business including mobile and e-banking, digital value-added services, blockchain, flexible platforms such as APIs, automation, and other areas of new technologies.

Many high-caliber Fintechs are expected to participate to this journey of creating a leading place to foster Innovation into the UAE Financial Industry.

Afolayan Taylor, Head - Group Service and Customer Experience Management, at ADCB said: “We believe this partnership will further strengthen our role to play a lead in the transformation of our industry by exploiting digital for the benefit of all our stakeholders – customers, employees, shareholders, and our other partners. We look forward to making this a success through the deployment of solutions that solve some of our common challenges.“

Mr Richard Teng, CEO, FSRA, of ADGM, said: “We are delighted to be collaborating with ADCB, one of the most progressive banking leaders, in areas and on programmes that serve to further bolster the financial market and enhance the Fintech ecosystem in Abu Dhabi. ADGM looks forward to working closely with ADCB to foster an enterprising environment that enables continuous development of innovative solutions that will address the needs of consumers and businesses in Abu Dhabi and regionally. Together, we can grow and strengthen the FinTech offerings and landscape in Abu Dhabi.

ADCB is well positioned to partner with Fintechs as it has a culture anchored on innovation and digital transformation as recognised by the Mohammed Bin Rashid Al Maktoum Business Innovation Award. “

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.

Abu Dhabi Commercial Bank

ADCB was formed in 1985 and today after integration employs over 3,350 people from over 45 nationalities, serving approximately 590,000 retail customers and over 20,000 wholesale clients.  It is the third largest bank in the UAE and second largest in Abu Dhabi by assets, at AED 163.7 billion as at March 31st, 2010. 

ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate, currency, derivative, Islamic products, project finance and property management services. 

ADCB is owned 64.8% by the Abu Dhabi Government through the Abu Dhabi Investment Council.  Its shares are traded on the Abu Dhabi Securities Market. 

ADCB has won the Silver class category of The Sheikh Khalifa Excellence Award (SKEA) for the finance sector in November, 2009.  In February 2010, ADCB won The World Finance Corporate Governance Award for “Best Corporate Governance in the UAE” and was recently named “Best Retail Bank in the UAE and GCC 2010” by The Asian Banker magazine in March 2010.

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