Abu Dhabi launches fintech regulation lab
Abu Dhabi, UAE
Abu Dhabi Global Market (ADGM) has launched its Regulatory Laboratory (RegLab) as it looks to boost innovation in the region.
As Banking Technology reported in August, the Financial Services Regulatory Authority (FSRA) of ADGM was looking for public feedback and comments for its proposed RegLab.
Richard Teng, chief executive officer, FSRA of ADGM, says it is “encouraging that interests have been pouring in since we announced our plans”.
The RegLab is designed to foster innovation within the UAE financial services market for both new market entrants and existing financial institutions.
ADGM says it allows the participants to develop and test their fintech propositions in a “safe environment while not putting undue regulatory burden on the participants”.
As the “first” such initiative in the region, participants get a period of up to two years to develop and test their propositions.
With effect from today (2 November), ADGM will open its doors to applications from local and international businesses.
Applications for the first group will close on 31 January 2017. More details about the application process are here.
