Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has inked a memorandum of understanding (MoU) with start-up accelerator Flat6Labs to support the country’s development in the financial technology sector.
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The collaboration will allow the two parties to leverage each other’s strength to develop initiatives that will strengthen the fintech ecosystem in ADGM, Abu Dhabi and beyond.
FSRA of ADGM CEO Richard Teng said: "As an Abu-Dhabi based establishment, Flat6Labs is well recognised as a successful, committed and experienced technology accelerator in the region.
"More importantly, Flat6Labs shares our desire in fostering a vibrant entrepreneurial environment to support the growth of FinTech in the region. We look forward to launching new initiatives with Flat6Labs in the near future."
The MoU comes after ADGM’s announcement of a Regulatory Laboratory (RegLab), which will enable fintech firms to carry out activities in a controlled and cost-effective environment. Participants have been offered a two year-period to develop, test and roll out their products and services.
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By GlobalDataFlat6Labs Abu-Dhabi MD Victor Kiriakos said: "Part of our mission is to accelerate entrepreneurship in the MENA region and to successfully execute this mission, we require a collaborative mindset and we are very glad to have found in ADGM a partner that values collaboration."
