Singapore and Abu Dhabi ink fintech cooperation agreement

Deal aims to assist start-ups and other technology-oriented initiatives in taking root in both territories

Singapore and Abu Dhabi ink fintech cooperation agreement

Insurance News

By Gabriel Olano

The regulators of Singapore and Abu Dhabi, UAE have entered a cooperation agreement to foster innovation in the financial services field of both markets.
The deal, signed by the Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM), will put into place a framework to assist start-up firms and innovation partners to better navigate the regulatory environments of both territories and give support throughout the application and approval process.

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Richard Teng, CEO of ADGM’s Financial Services Regulatory Authority says that the Asia and MENA (Middle East and North Africa) regions have “immense growth potential and a large underserved financial sector”.
The two regulators will jointly look at various aspects of financial technology, such as digital and mobile payments, blockchain and distributed ledgers, big data, and APIs.
Last year, the ADGM launched RegLab, a regulatory sandbox that allows fintech practitioners to develop and test various solutions without undue regulatory burden.
Meanwhile, the MAS is currently working with the Insurance Australia Group to make Singapore into a global insurtech hub. It also recently set-up the Data Analytics Group to look at the country’s financial sector and digital economy.

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