The summit highlighted the transformative power of sport in tackling critical global challenges, including climate action, sustainability, and human health
kt network1 hour ago
Abu Dhabi Global Market (ADGM) on Monday launched a new initiative called digital sandbox, bringing together financial institutions and FinTech innovators to join hands to experiment on products and solutions in a digital platform environment.
A statement issued on Monday explained that digital sandbox will provide a marketplace for open collaboration between financial institutions, Fintech firms, and regulators to facilitate testing and adoption of innovative digital financial products and services that can benefit the industry in the region.
It also allows financial institutions to source and procure Fintech solutions locally and globally, run tests digitally on the platform, and adopt and orchestrate the best ones that meet their business needs.
In this way, Fintech firms to offer their innovative solutions to international market players, and tap cross-border market access and opportunities to grow and scale their business. Participants in the UAE and regional markets to connect with other international markets and vice versa.
Richard Teng, CEO of ADGM's Financial Services Regulatory Authority, said the objective of the digital sandbox is to help financial institutions to build deep digital capabilities to tap market opportunities, and promote financial inclusion through innovative technologies to better cater to the underserved population in the Mena region. Meanwhile, ADGM and Department of Economic Development (DED) in Abu Dhabi on Monday signed a cooperation agreement to provide more integrated support for innovators and technology enterprises across various key industries.
The new partnership will serve to enhance the innovation and technology ecosystem in Abu Dhabi particularly and the UAE in general, encouraging the growth of small and medium enterprises.
The agreement was signed by Saif Mohamed Al Hajeri, Chairman of the DED, and Ahmed Al Sayegh, Chairman of ADGM, at the FinTech Abu Dhabi Summit 2018.
Al Hajeri said that innovation has become a focal point in Abu Dhabi's plans, programmes and initiatives due to its vital role in building a knowledge-based economy and transforming new and transformative ideas into economic value promoting economic growth and development locally and nationally. - waheedabbas@khaleejtimes.com
The summit highlighted the transformative power of sport in tackling critical global challenges, including climate action, sustainability, and human health
kt network1 hour ago
The Italian giants had to change the battery pack on Leclerc's car, which was beyond their allowance for the season
f12 hours ago
Red-light violations are among the serious offences that can get drivers fined Dh1,000 and 12 traffic points, on top of the Dh50,000 release fee after vehicle impoundment
transport2 hours ago
Cash withdrawals from the Central Bank stood at Dh136 billion during the first 8 months of the year
uae2 hours ago
Located at Time Square Center, Fish & Co. is ideally situated for shoppers, office-goers, and families
kt network2 hours ago
The Dubai Ruler thanked Dawood Abdulrahman AlHajri for his contribution to the entity over the years
government3 hours ago
The outage is set to take place as the authority will update its website and apps
uae3 hours ago
The service will initially be available in designated areas, including Saadiyat Island, Yas Island, and routes to and from Zayed International Airport
uae4 hours ago