ADGM launches third edition of FinTech lab
Ten companies selected for next round of Abu Dhabi Global Market's Reglab
Abu Dhabi Global Market (ADGM) has announced the third batch of participants in its FinTech Regulatory Laboratory (Reglab).
Ten companies will participate in this edition of the Reglab, with participants from the UAE, Kenya, India, Singapore and the United Kingdom.
"The positive response we've had from the local and global Fintech start-ups over the last two years of the RegLab programme is extremely encouraging. We are looking forward to working with the newly admitted start-ups, which offer fascinating propositions such as financing, payments and insurance solutions that can benefit the SME sector. The quality of the firms that have been selected, primarily from the UAE, has been impressive, and speaks volume of the strength and attractiveness of ADGM as a jurisdiction for FinTechs to establish themselves and expand into the Middle East, Africa and Asia region," said Richard Teng, chief executive officer of the Financial Services Regulatory Authority of ADGM.
"We have to date the second most active Fintech sandbox globally and most successful regulatory sandbox in the region, and will continue to innovate to better serve the needs of the financial services industry and our economy. Building on the success of the RegLab's first two years, we will be opening up applications for the fourth cohort in Q1 2019."
The ADGM RegLab is a bespoke regulatory framework which provides a controlled environment for FinTech firms to develop and test innovative FinTech solutions. Successful applicants can test their product according to regulatory requirements tailored to contain the specific risks and impact of their particular test. These safeguards will allow FinTech participants to explore and develop innovative solutions in a risk-appropriate and cost-effective environment.