- Abu Dhabi Global Market (ADGM) has announced the latest initiative in the development of its fintech ecosystem, in the form of a partnership with leading remittance firm UAE Exchange
- UAE Exchange’s involvement in ADGM’s ecosystem comes as traditional remittance firms around the world face challenges from fintech startups that have gained significant market share in recent years
- UAE Exchange will work with fintech participants in ADGM’s Regulatory Laboratory, to help foster innovative solutions for the UAE’s financial services industry
- The collaboration with UAE Exchange will create a feedback loop for ADGM as a financial services regulator, to fine-tune and enhance its rules and regulatory approach to financial innovation
- The Abu Dhabi Global Market (ADGM) is an international financial centre located on Al Maryah Island in the heart of the UAE’s capital city, Abu Dhabi
- UAE Exchange is a company dealing primarily in remittances, foreign exchange and bill payment solutions, operating through 800 offices across 31 countries
- Fintech refers to financial technology companies, which have redefined, transformed and reshaped how financial services organisations work within a span of decade
- ADGM has three independent authorities – The Financial Services Regulator, The Registration Bureau and The Courts
- ADGM has organised the FinTech Abu Dhabi 2017, a summit where top regional and international leaders and innovators convene to share their ideologies on the FinTech revolution
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