Abu Dhabi: The Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, has announced its approval of its first batch of FinTech Regulatory Laboratory (Reglab) participants, comprised of five local and international fintech start-ups with various innovation offerings.
The ADGM Reglab is the first fintech regulatory sandbox and framework in the Middle East and North Africa (Mena) region.
The successful start-ups, which were selected from a pool of 11 applicants, are now registered with the ADGM Reglab programme to further develop and test their fintech innovation.
Commenting on the announcement, Richard Teng, CEO of the Financial Services Regulatory Authority of the ADGM, said, “We are pleased to welcome our first group of Reglab participants who have successfully demonstrated their understanding of the market needs with their transformational solutions. We will support our Reglab participants to focus on sharpening their solutions while leaning on ADGM and its partners to take them through the develop-test-and-implement journey. This is also a valuable journey for [the] ADGM and the region as we guide the very first team of fintech companies through the regulatory environment to realise their innovations.”
Teng added, “We are opening the second batch of applications with effect from May 16 and this is in response to positive feedback and encouragement from fintech start-ups and industry. The application period will close on July 31 and we welcome local and international fintech participants and businesses to pitch their solutions and be part of [the] ADGM RegLab.”
ADGM is the first in the Mena region to have a ‘live’ fintech regulatory regime and the first regulatory laboratory. The ADGM Reglab is a tailored regulatory regime for fintech participants.
It is designed to foster innovation within the UAE financial services market for both new market entrants and existing financial institutions.
