Abu Dhabi Global Market (ADGM) and the Capital Markets Authority (CMA) Kenya have inked an agreement to cooperate in the fintech space.
Under the agreement, which forms ADGM’s fourth fintech bridge with an international hub, the two regulators will exchange information on latest regulatory, economic or commercial developments in their respective jurisdictions.
The watchdogs will also offer support to fintech firms to help them gain a better insight on the regulatory landscape in the two markets.
ADGM Financial Services Regulatory Authority CEO Richard Teng said: “This is our first FinTech bridge with an African regulatory counterpart. The African continent is providing a compelling story of how digital technology can be deployed to provide financial services to the unbanked and unserved populations. Kenya is particularly active on that front.
“Through closer collaboration, ADGM and CMA hope to harness the strength of each other’s innovation platform to encourage and support technology startups and innovators in advancing their creative solutions into new markets.”
CMA Kenya CEO Paul Muthaura said: “We are committed to facilitating innovation in financial services, leveraging Kenya’s positioning in the region as an innovation centre. This is central to the implementation of the Capital Markets 10-year Master Plan which identified Fintech as an area in which Kenya could emerge as a centre of excellence.”
ADGM recently signed similar agreements with various regulators across the globe, the latest being the one signed with the Labuan International Business and Financial Centre (Labuan IBFC) and Labuan Financial Services Authority (Labuan FSA).