Temenos partners ADGM to support participants of FinTech Innovation Centre
24 October 2017, Abu Dhabi, UAE/ Geneva, Switzerland: Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and Temenos (SIX: TEMN), the software specialist for banking and finance, have announced their intention to collaborate and strengthen the FinTech ecosystem in Abu Dhabi, following the unveiling of ADGM’s Innovation Centre at the FinTech Abu Dhabi Summit on 23 October. Temenos will support the ADGM FinTech Innovation Centre, a physical hub where FinTech communities can come together to foster collaboration and innovation in financial services.
A key aspect of the collaboration will see Temenos provide a sandbox service to the start-ups residing at the Innovation Centre. This sandbox, a non-production cloud-based version of the Temenos best-selling core banking system, will enable start-ups to integrate their solutions with banking data and functionality as well as to test them for scalability and robustness.
Temenos and ADGM will also collaborate on events and other community-building activities. It is envisaged that the ADGM would play host to Temenos events, such as the Middle East leg of its global Innovation Jam, while Temenos would provide technical assistance and a sandbox environment to support ADGM events, such as hackathons. The successful start-ups could join the Temenos MarketPlace, its award-winning app store connecting banks and fintechs.
Commenting on the announcement, Jean-Paul Mergeai, Temenos Managing Director for Middle East & Africa said “We are excited to be working with the ADGM on its Innovation Centre. We passionately believe in supporting the communities around us, in promoting innovation and in fintech. The Temenos MarketPlace is founded on the notion that bringing together banks and Fintechs is a win-win situation and we hope that by working with ADGM we can foster the fintech scene in UAE as well as offer a route to market to the most successful start-ups.”
Richard Teng, CEO of ADGM’s Financial Services Regulatory Authority added, “We are thrilled to partner with Temenos in the development of the FinTech ecosystem for the region. As one of the top software specialists in core banking systems serving a rich client network of banks and financial institutions, Temenos brings along a wealth of expertise and an extensive access to banking APIs through its digital sandbox platform. This will enable our RegLab and FinTech firms to collaborate with banks to test and develop innovation in a wide spectrum of financial services that would benefit UAE and the region.”
About the Temenos MarketPlace
Launched at the start of 2016, the Temenos MarketPlace is a platform for facilitating the exchange of value between fintech providers and financial institutions. Its value proposition is based on curating the very best fintech solutions from around the world, certifying and integrating these solutions with the Temenos Suites, and making these solutions as easy to provision as possible. Today, MarketPlace is the world’s largest fintech store, with over 100 applications from more than 50 fintech providers.
Temenos Group AG (SIX: TEMN), headquartered in Geneva, is a market leading software provider, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 2,000 firms across the globe, including 41 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers. Temenos customers are proven to be more profitable than their peers: over a seven year period, they enjoyed on average a 31% higher return on assets, a 36% higher return on equity and an 8.6 percentage point lower cost/income ratio than banks running legacy applications.
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 located in the heart of 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.
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. As an IFC, ADGM comprises three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts. Together, the three Authorities enable registered companies to conduct business efficiently and operate confidently within an international regulatory framework that has its own independent judicial system and legislative infrastructure based on the Common Law.
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 the first financial centre in the MENA region to establish a dedicated regulatory framework in November to licence FinTech stakeholders and launched a Regulatory Laboratory (Reglab)* initiative to offer a controlled environment for FinTech innovators to develop and test their products and services.
To-date, ADGM has established about eight FinTech bridges with key IFCs and jurisdictions in the recent six months. 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, @FinTechAD, #FinTechAD, and Linked : ADGM