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Abu Dhabi Global Market, Flat6Labs join hands for fintech development

The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and start-up accelerator Flat6Labs recently signed a memorandum of understanding (MoU) to develop the financial technology (FinTech) eco-system in Abu Dhabi.

This MoU follows closely after the recent announcement of ADGM's proposed Regulatory Laboratory (RegLab), a tailored framework that allows firms deploying innovative technology in the financial services sector to conduct their activities in a controlled and cost-effective environment.

The proposed RegLab is the first such initiative in the Middle East and North Africa region.

The new partnership provides a framework for FSRA and Flat6Labs to harness each other's expertise and knowledge to build and introduce initiatives that strategically support the development and growth of the FinTech ecosystem in ADGM, Abu Dhabi and beyond.

The MoU underpins ADGM's commitment to work and build strategic partnerships with key industry stakeholders to collaboratively cultivate local entrepreneurship and promote technology development and innovation in financial services.

Richard Teng, CEO, Financial Services Regulatory Authority of the ADGM, said: "We are glad to welcome Flat6Labs as one of our strategic partners in establishing the FinTech eco-system in the UAE. As an Abu-Dhabi based establishment, Flat6Labs is well recognised as a successful, committed and experienced technology accelerator in the region. More importantly, Flat6Labs shares our desire in fostering a vibrant entrepreneurial environment to support the growth of FinTech in the region. We look forward to launching new initiatives with Flat6Labs in the near future."

Victor Kiriakos, managing director of Flat6Labs Abu-Dhabi, said: "We are glad to work closely with ADGM in order to create and grow the FinTech ecosystem in Abu Dhabi and the UAE. Part of our mission is to accelerate entrepreneurship in the Mena region and to successfully execute this mission, we require a collaborative mindset and we are very glad to have found in ADGM a partner that values collaboration."

The ADGM is a financial centre based at Al Maryah Island in Abu Dhabi.

The FRSA had published a consultation paper on May 10 and is seeking industry views on its proposed FinTech regulatory framework, including the Regulatory Laboratory initiative. In this proposed initiative, FinTech participants enjoy a two-year period to develop, test and launch their products and services in a controlled environment.

The consultation period ends on June 13.

- business@khaleejtimes.com