Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and Temenos, will collaborate to strengthen the FinTech ecosystem in Abu Dhabi, following the unveiling of ADGM’s Innovation Centre at FinTech Abu Dhabi Summit on 23 October. Temenos will support the ADGM FinTech Innovation Centre, a physical hub where FinTech communities can come together to foster collaboration and innovation in financial services.

Temenos will provide a sandbox service to the start-ups residing at the centre, a non-production cloud-based version of the T24. Temenos and ADGM will also collaborate on events and other community-building activities.

ADGM will host Temenos events like the Middle East leg of its global Innovation Jam, and Temenos would provide technical assistance at ADGM events, such as hackathons. The successful start-ups could join the Temenos MarketPlace.

“We are excited to be working with the ADGM on its Innovation Centre,” said Jean-Paul Mergeai, Temenos managing director for Middle East & Africa. “We passionately believe in supporting the communities around us, in promoting innovation and in fintech. The Temenos MarketPlace is founded on the notion that bringing together banks and fintechs is a win-win situation and we hope that by working with ADGM we can foster the fintech scene in UAE as well as offer a route to market to the most successful start-ups.”

“We are thrilled to partner with Temenos in the development of the FinTech ecosystem for the region,” Richard Teng, CEO of ADGM’s Financial Services Regulatory Authority. “This will enable our RegLab and FinTech firms to collaborate with banks to test and develop innovation in a wide spectrum of financial services that would benefit UAE and the region.”

by Henry Vilar
Henry is Junior Reporter at IBS Intelligence, follow him on Twitter or contact him at: henryv@ibsintelligence.com