Abu Dhabi and Australia ink fintech deal

Abu Dhabi Global Market (ADGM), and the Australian Securities and Investments Commission (ASIC) have strengthened their fintech collaboration with an official strategic partnership that they are calling “a fintech bridge”.

The AGDM, the International Financial Centre in Abu Dhabi, and ASIC said in a joint statement that the aim of the collaboration was “to further advance developments and initiatives that nurture Fintech entrepreneurship and support innovation in financial services in Abu Dhabi and Australia”.

The protocol is the result of closer ties between the fintech teams at ASIC and the Financial Services Regulatory Authority (FSRA) at ADGM.

The co-operation agreement was signed by ASIC chairman Greg Medcraft and ADGM’s FRSA chief executive Richard Teng.

In a statement, the ADGM said that “the agreement establishes a strategic framework for both regulators to share relevant information on innovation, provide support through the application and authorisation process, as well as, to refer cross-border activities that benefit and add to the growth of the financial and fintech industries in the UAE and Australia.”

Cross-border cooperation

Greg Medcraft (pictured left) added, “Fintech developments are not confined by national borders. Each country and region has a different experience with fintech, and there is much we can learn from engaging with one another. This agreement will help to connect Australian fintech businesses with a range of exciting opportunities in a region ripe for further development.”

And Richard Teng said, “We are pleased to partner ASIC and share the common interest in fostering an inclusive international Fintech Hub that supports innovation in a safe regulatory environment. In MENA, the opportunities and potential for fintech to advance financial inclusion, economic benefits and growth are enormous. With this FinTech collaboration, ADGM and ASIC are able to tap on the strengths and network of each other’s markets to support technology startups and innovators in advancing their creative solutions into new markets. I look forward to our partnership with ASIC and other global authorities to advocate robust financial integration and regulatory collaboration.”

This new agreement establishes ADGM’s fourth fintech bridge with what it terms “a global fintech hub”, following its recent collaborations with the Monetary Authority of Singapore, the Kenya Capital Markets Authority and the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Qianhai Authority).

ABOUT THE AUTHOR
Eugene Costello
Eugene Costello has been a journalist for some 20 years, and has written for a wide variety of UK and international newspapers and magazines.

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