26 November 2017, Abu Dhabi, UAE: Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and Al Fardan Exchange, one of the UAE’s longest-serving and most established names in the UAE remittance market, have entered into a cooperation partnership to develop and support the FinTech ecosystem in Abu Dhabi and the United Arab Emirates. The Memorandum of Understanding (MoU) was signed on Wednesday 22 November by Mr Osama Al Rahma, CEO of Al Fardan Exchange and Mr. Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM.
The new partnership will enable ADGM and Al Fardan Exchange to collaborate on initiatives to promote and develop innovative FinTech solutions that focus on more efficient delivery for money services, as well as solutions that enhance the overall customer experience. Al Fardan Exchange will also seek to identify areas where it could potentially collaborate with FinTech entrepreneurs and start-up firms in ADGM’s Regulatory Laboratory (RegLab) and other innovation programs
The ADGM RegLab is the region’s first regulatory framework developed for FinTech players to test innovative solutions within a closely-supervised environment under a tailored set of rules. The RegLab reduces the costs and regulatory burden for FinTech players, but without compromising on consumer protection and market integrity.
Mr. Osama Al Rahma, CEO of Al Fardan Exchange, said, “It is a great pleasure to be associated with Abu Dhabi Global Market (ADGM) and we are sure that this collaboration will be mutually beneficial for both organizations as well as the FinTech ecosystem in Abu Dhabi and the United Arab Emirates. We always look for ways to add value to the payment industry at regional and global level and offer additional facilities to the communities.”
Mr Richard Teng, CEO of FSRA of ADGM said, “We are pleased to welcome Al Fardan Exchange as a new partner in our efforts to enhance the FinTech ecosystem in Abu Dhabi. Home-grown players such as Al Fardan Exchange are vital stakeholders and contributors to the sustainable growth of the FinTech industry, adding to the vibrancy of the community. There is much to be done and we look forward to working closely with the Al Fardan Exchange team to expand the FinTech offerings and infrastructure in Abu Dhabi, the UAE and greater MENA region. ”
About Al Fardan Exchange LLC
Al Fardan Exchange is one of the oldest and most established names in the UAE remittance market, and an industry pioneer in the UAE. We have been serving our communities with remittance, exchange and financial services for over 45 years.
We were present before the UAE was formed, and have grown with the nation, supporting the UAE in its social and economic success story.
Al Fardan Exchange is a member of the Al Fardan Group, which has roots stretching back to 1954. The Group has diversified business interests under its umbrella, and has successful operations in real estate, high-end jewellery, financial services and trading.
For more details of Al Fardan Exchange LLC, please visit www.alfardanexchange.com or follow us on Facebook: @alfardanuae, Twitter: @alfardanuae, and Linked : Al Fardan Exchange L.L.C.
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre located in the capital city of the United Arab Emirates, opened for business on 21st October 2015.
In line with the Abu Dhabi’s Economic Vision, ADGM is a natural extension of Abu Dhabi’s role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, home to one of the world’s largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia.
ADGM’s three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.
Established by a UAE Federal Decree as a broad based financial centre, ADGM’s foundation is anchored on three of Abu Dhabi’s strategic strengths - private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.
Overview of ADGM’s FinTech Achievement and Commitment
As an IFC and FinTech Hub ADGM has accomplished notable milestones and established strategic partnerships to bolster the FinTech ecosystem since March 2016. ADGM is also the first in the MENA region to establish a dedicated and open regulatory framework in November to licence FinTech stakeholders and launched a Regulatory Laboratory (Reglab) – a regulatory sandbox - that offers a controlled environment for FinTech innovators to develop and test their products and services.
To-date, ADGM has established about ten FinTech bridges with key IFCs and jurisdictions. These cross-border partnerships enable ADGM to maintain a practical, open and inclusive global FinTech centre that has been serving the communities in Abu Dhabi and the greater MENA region.
As a global FinTech Hub, ADGM continues to enhance its international network with the MENA region, Asia, Australia, US, UK, Europe to facilitate greater access to markets, capital and regulatory recognition for Fintech players. ADGM actively engages its stakeholders, forge partnerships and collaborations to develop a conducive and effective FinTech ecosystem.
ADGM is located on Al Maryah Island, a 114-hectare development that is home to world-class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, and grade-A offices spaces to meet Abu Dhabi’s long-term development and economic needs. All these complement ADGM’s international financial centre position as a vibrant destination in the capital city in Abu Dhabi. For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket, and Linked : ADGM