TechPreneur Africa, a social impact firm focused on harnessing innovation and entrepreneurship to achieve real economic impact across Africa has signed a memorandum of understanding (MOU) with Abu Dhabi Global Market (ADGM), an international financial centre in Abu Dhabi, to foster and support the growth and activities of FinTech in the Middle East and African regions.
ADGM is the first in the MEA region to have a FinTech regulatory laboratory (RegLab) regime to foster innovation in financial services. By taking into account the unique business model and risks of the FinTech participant and customising the test boundaries and regulatory requirements accordingly, the ADGM RegLab allows the participant to develop and test its FinTech proposition in a safe environment while not putting undue regulatory burden on the participant. FinTech participants admitted into the RegLab will have access to dedicated regulatory support and guidance, and has a period of up to two years to develop and test their FinTech proposition.
Mr Richard Teng, CEO, FSRA of ADGM said, “The new partnership with TechPreneur Africa marks another achievement towards strengthening the connections between FinTech communities, and harnessing synergies in innovations and capabilities through global collaboration. The MEA region has tremendous demand and growth opportunities for financial services. We hope that through closer collaboration with like-minded FinTech hubs, we are able to leverage the strengths and expertise of our markets to more efficiently address the needs of the industry and support economic growth and development in the region. This new partnership will open up new avenues and create opportunities for FinTech firms in the Middle East and Africa looking to expand into each other’s markets.”
Techpreneur Africa who officially launched operations in the African Market in 2015, are delighted at the potential the opportunity presents to African Fintech entrepreneurs, firms and the financial services industry in its drive towards 30% financial inclusion growth by 2020. Speaking at the commissioning of the MIT REAP Lagos strategy, the CEO of the firm - Mr. Bolaji Finnih - committed to the mutual goal of promoting financial inclusion and developing the African Fintech Ecosystem.
Through TechPreneur Africa, African innovators can apply to ADGM’s regulatory laboratory (the RegLab) to test their FinTech innovations and prepare to serve the financial markets as regulated FinTech firms. Building on ADGM’s FinTech partnerships and connections with the GCC countries and international FinTech hubs, African innovators can also gain greater access to new markets, capital and regulatory recognition in the GCC and international jurisdictions. Vice versa, TechPreneur Africa could facilitate and mentor global participants in ADGM’s RegLab to deploy their solutions to the African markets.