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ADGM Signs Deal with Singapore
By: Mohammad Al Gergawi
Chief executive of the ADGM's regulator, Richard Teng said that this deal was first of its kind in the Middle East and would closely ally ADGM with Singapore, one of the leading fintech hubs in the world.
He said, "We hope that through closer collaboration with like-minded fintech hubs, we are able to leverage the strengths and expertise of our markets to more efficiently address the immediate needs of the industry in our respective regions and anticipate the demands of the future".
This agreement was signed in Abu Dhabi in the presence of Mohammad Al Gergawi, the Minister for Cabinet Affairs and the Future.
Sopnendu Mohanty, the chief fintech officer of MAS said, "The cooperation that is forged with ADGM marks another step towards strengthening links between regulators and fostering synergies in promoting innovation and developing capabilities through international cooperation. The agreement will open up new avenues and create opportunities for fintech firms in Singapore and Abu Dhabi looking to expand into each other's markets."
Singapore "regulatory sandbox" has given better flexibility for fintech start-ups in its jurisdiction. Abu Dhabi's "regulatory laboratory" for fintech, gives new companies a chance to benefit from a more flexible regulatory regime in the early stages of their operation, before they go on to full regulatory membership of ADGM.
Mr Teng said, "This cooperation will allow fintech players in Abu Dhabi to widen their horizons. It puts Abu Dhabi on a global status". He further added that Asia and the Mena regions have immense growth potential and a large underserved financial sector.