Fintech: ADGM, EDB in Mena’s first deal
UAE / Manama : Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and the Bahrain Economic Development Board (EDB) have entered into a Fintech cooperation agreement, marking a significant first in the MENA region.
The agreement represents a leap forward in promoting the region as a connected and collaborative environment for Fintech to thrive in. It provides a framework for information sharing, and for facilitating the movement of start-ups, knowledge, and talent between the two jurisdictions.
With the new partnership, Bahrain EDB and ADGM will explore initiatives to promote economic growth in financial services through the adoption of new technology, and highlight MENA’s strengths in the FinTech sector.
“Together, we advocate and see the MENA region as a continuous whole and look to leverage each other’s strengths to anchor a vibrant Fintech ecosystem,” Richard Teng, Chief Executive Office, Financial Services Regulatory Authority of ADGM, said.
The agreement will allow for a closer collaboration on the exchange of information on trends, services and products, leading to a closer relationship in the development of Islamic finance and Fintech initiatives across the region.
“We have seen exciting momentum in FinTech in Bahrain and across the region over the last year,” said David Parker, Executive Director – Financial Services at Bahrain EDB. “The FinTech sector has witnessed approximately US $50 billion in investment globally, but the MENA region has received only about 1% of that. In Bahrain, we recognise that there is great potential for growth in this sector and we are capitalising on this by creating the right ecosystem.”
The EDB partnership further enhances ADGM’s Fintech collaboration hubs that currently stretch across Asia, Australia, Europe and North America.
Underpinned by the establishment of a new Amazon Web Services (AWS) Region based in Bahrain, key activities include the establishment of a new regulatory sandbox, the launch of a national e-wallet and the development of the MENA region’s largest FinTech hub, which is set to open in the first quarter 2018.
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