Abu Dhabi Global Market (ADGM) has inked a memorandum of understanding (MoU) with Abu Dhabi Commercial Bank (ADCB) to enhance fintech ecosystem in Abu Dhabi and in the UAE.

The deal ensures mutual exchange, consultation and collaboration to build an innovative and competitive environment.

The two entities will participate in joint innovation projects on the development and application of technologies tackling real business such as mobile and e-banking, digital value-added services, and blockchain.

Additionally, ADCB will partner with Financial Services Regulatory Authority (FSRA) of ADGM on a range of fintech-related initiatives and activities.

ADCB head of group service and customer experience management Afolayan Taylor said: “We believe this partnership will further strengthen our role to play a lead in the transformation of our industry by exploiting digital for the benefit of all our stakeholders – customers, employees, shareholders, and our other partners.

“We look forward to making this a success through the deployment of solutions that solve some of our common challenges.”

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