ADGM, UAE Exchange Partner to Develop Fintech

Press release
Published August 13th, 2017 - 08:53 GMT
The memorandum of understanding was signed by Promoth Manghat, chief executive officer of UAE Exchange Group, and Richard Teng, chief executive officer of the Financial Services Regulatory Authority (FSRA) of ADGM.
The memorandum of understanding was signed by Promoth Manghat, chief executive officer of UAE Exchange Group, and Richard Teng, chief executive officer of the Financial Services Regulatory Authority (FSRA) of ADGM.

Abu Dhabi Global Market (ADGM), an international financial centre and UAE Exchange, a leading payment solutions brand, have partnered to support, develop and promote the fintech ecosystem in Abu Dhabi and the UAE.

The memorandum of understanding was signed by Promoth Manghat, chief executive officer of UAE Exchange Group, and Richard Teng, chief executive officer of the Financial Services Regulatory Authority (FSRA) of ADGM.

The partnership will see UAE Exchange collaborate with fintech participants under ADGM’s Regulatory Laboratory (RegLab) to develop and deploy promising fintech solutions in the remittance, foreign exchange and payments space.

ADGM RegLab allows fintech entrepreneurs to test their solutions in a safe controlled environment without facing an undue regulatory burden at the onset, and progressively better their understanding of regulatory know-how and controls as they scale their business. ADGM will work closely with UAE Exchange to identify industry challenges which innovative fintech solutions may be able to address and deliver an overall enhanced customer experience.

Through this collaboration, UAE Exchange and ADGM will participate in joint innovation programmes for the deployment of new offerings in areas such as emerging payments, blockchain and distributed ledgers, artificial intelligence, and P2P solutions, amongst others.

Manghat said: “Collaboration between established financial services providers and fintech start-ups is necessary to build a sustainable innovation ecosystem. Our partnership with ADGM will nurture local fintech innovation through incubator, accelerator and academic programmes. UAE Exchange is pleased to share its industry expertise, understanding of global markets and customer preferences, and its robust appreciation of the commercial and regulatory landscape with the start-up community in the UAE. Such partnerships will add greater depth to the financial services industry, creating additional value for customers through digitally delivered services.”

Teng stated: “We are pleased to partner with home-grown industry leaders such as UAE Exchange to build up the fintech offerings and infrastructure in Abu Dhabi and the UAE. This strategic partnership dovetails well with ADGM’s vision to establish a vibrant and well-functioning fintech ecosystem that bolsters innovation, facilitates investment flows and supports greater growth of financial services activities.”

“In addition to delivering solutions that would benefit the financial services sector, the collaboration with UAE Exchange will create a feedback loop for ADGM as a financial services regulator to fine-tune and enhance its rules and regulatory approach to financial innovation. ADGM will continue to actively engage fintech stakeholders and forge partnerships with them to bolster the fintech ecosystem in Abu Dhabi and the UAE,” he added. 

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.

UAE Exchange

With a presence in more than 31 countries, UAE Exchange is a leading global remittance, Foreign Exchange and payment solutions brand. We are committed to provide our more than 15 million customers, with multiple financial solutions at one counter. With a team of 9000 employees, we operate in some of the world’s dynamic markets, and strive to offer our customers a wide range of financial products and solutions. With a focus on innovation and new product development, we are poised to help you address all your financial needs under one roof.

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