Abu Dhabi Islamic Bank (ADIB) and Abu Dhabi Global Market (ADGM) have inked a memorandum of understanding (MoU) to promote the growth of fintech in Abu Dhabi and the UAE.
Under the agreement, ADIB and the Financial Services Regulatory Authority (FSRA) of ADGM will collaborate on initiatives in the Islamic fintech space.
They will also look to develop local fintech entrepreneurship by sharing mentorship and expertise in incubation, accelerator, academic and internship programmes.
At the same time, the two parties plan to execute joint innovation projects on technologies including digital and mobile payments, blockchain and distributed ledgers and artificial intelligence.
ADIB COO Sagheer Mufti said: “The long-term success of the FinTech ecosystem in the UAE will be achieved through collaboration between established financial institutions and FinTech entrepreneurs, underpinned by a robust and supportive regulatory environment.
“Formalising our partnership with ADGM puts in place a framework through which ADIB can leverage its own experience in developing innovative technology to support FinTech start-ups.”
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ADGM Financial Services Regulatory Authority CEO Richard Teng added: “We look forward to working closely with the ADIB team to develop initiatives and programmes that will capture new business opportunities and expand our FinTech reach locally and globally.”