28 February 2016 - Abu Dhabi Global Market (ADGM) and the Abu Dhabi Exchange completed a successful week of visits and rounds of meetings with key financial authorities and institutions in Shanghai, China. Invited to China for the second time, ADGM had the opportunity to meet with key Chinese government agencies, financial institutions, asset managers and prominent industry associations and develop stronger understanding of Abu Dhabi. The ADGM and ADX team comprised Mr Richard Teng, CEO of the Financial Services Regulatory Authority (FSRA) of ADGM, H.E Rashed Abdul Karim ALBalooshi, CEO of ADX and members of the FSRA.
At the Shanghai trip, the ADGM/ADX team was well-received by more than 22 senior members of the Asset Management Association of China who are interested to understand and leverage on ADGM’s regulatory platform and position as the newest international financial centre in the Middle East region. The team also toured the Shanghai Pilot Free Trade Zone, met with the ICBC Private Bank, the Shanghai Stock Exchange, CFA China among others to discuss global financial developments and possible collaborations.
The team participated in the prestigious 8th Annual IIF G20 conference -"The G20 Agenda under the Chinese Presidency” and Mr Teng was in the G20 Fintech Roundtable on Innovation and Agile Regulation. The objectives of the trip were to raise the profile of Abu Dhabi’s economy and explore opportunities to strengthen cooperation with key stakeholders and market participants of the financial sector in Shanghai - one of the world’s most dynamic financial hubs.
In its initial trip to China in 2015, ADGM visited Beijing and Shanghai and concluded positive meetings with key regulators including the People’s Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange and the financial communities in both cities.
ADGM became fully operational in October 2015, opening its doors to welcome local and global enterprises and institutions to the latest international financial centre. Simultaneously, ADGM has been steadily increasing its profile among foreign jurisdictions, establishing collaborations with regulatory partners and widening its global footprint. The recent MOU collaboration was with the Jersey Financial Services Commission.
On the international front, various global standard-setting bodies have affirmed ADGM’s standing. To-date, ADGM’s Financial Services Regulatory Authority (“FSRA”) is already recognised as a member of the International Organisation of Securities Commissions (“IOSCO"), the International Association of Insurance Supervisors (IAIS) and the Basel Consultative Group (“BCG”) of the Basel Committee on Banking Supervision (“BCBS”). This underscores ADGM`s commitment to align its regulatory standards and practice with leading international best practices, with the aim of contributing to the financial stability of Abu Dhabi and the UAE.