Abu Dhabi Global Market (ADGM), Abu Dhabi’s international financial centre, has announced that it has partnered with innovative UK-based financial reporting firm CoreFiling to introduce an electronic reporting system for its regulatory division, the Financial Services Regulatory Authority (FSRA).
The move comes two days after ADGM launched its inaugural fintech programme that showcases the work of 11 shortlisted firms working in this field, the FinTech Abu Dhabi Innovation Challenge, that culminates in a showcase event next month.
Abu Dhabi, along with other centres in the region and Asia, is seeking to position itself at the forefront of the fintech market.
Oxford, England-based CoreFiling is described as “one of the world’s most influential suppliers of financial reporting and XBRL compliance technologies”.
It enables companies to file their reports to the platform it has developed for ADGM across a variety of formats that include XL, CSV and XBRL (eXtensible Business Reporting Language).
The executive director of banking and insurance at ADGM’s FSRA Thomas Hirschi (pictured left) described this new reporting tool as being intended to lend support to client firms by making it easier to meet their regulatory obligations in terms of reporting. He added: “Local and international ADGM firms can file their prudential financial reports effectively and in a timely manner regardless of their locations.”
CoreFiling chairman Philip Allen added that he saw the company’s role in supporting ADGM in what he described as its ” mission to introduce stringent financial regulations to the region”.
CoreFiling has been at the forefront of developing the world’s most heavily used taxonomies, he said, adding that the company’s reporting tools provide fully automated solutions for financial reporting that are trusted by governmental bodies and regulators internationally, including the UK’s own tax department HMRC.