ADGM FSRA and ISA sign agreement to promote FinTech in MENA

By Edil Corneille

Representing a significant step in the promotion of the Middle East and North Africa (MENA) region as a connected and collaborative environment for financial technology (FinTech) to thrive in, the Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM FSRA) and the Israel Securities Authority (ISA) have entered into a FinTech cooperation agreement.

The cooperation provides a framework for information sharing, and for facilitating the movement of start-ups, knowledge, and talent between the jurisdictions.

The objective of the partnership between ADGM FSRA and the ISA is to undertake initiatives promoting economic growth in financial services. This is expected to transpire through the adoption of new technology and the strengthening of the respective FinTech sectors.

“Following the signature of the historic Abraham Accords, we are excited to enter this FinTech Cooperation Agreement with the ISA” said Richard Teng, Chief Executive Officer of the ADGM Financial Services Regulatory Authority.

“From our close discussions with the Israel Securities Authority, in particular during the FinTech Abu Dhabi Festival, it is clear that both authorities value the importance of collaboration and mutual support. I look forward to working closely with our partner to bring forward a more connected, collaborative network to meet the demands of our growing FinTech ecosystem.”

Information on trends, services and products will be exchanged. The collaborative development of FinTech initiatives between the ADGM FSRA and the ISA will be facilitated. Both jurisdictions will also engage in professional knowledge transfer activities, accelerator programmes and the promotion of the development of relevant technologies, such as digital payments and blockchain, which are said to be fundamental elements to the growth of the FinTech sector.

The agreement will also afford FinTech start-ups the ability to access information from the respective jurisdictions through one common point of contact. As an International Financial Centre and FinTech hub, ADGM is said to have established strategic partnerships to bolster the regional FinTech ecosystem, supporting the safe development of the sector both regionally and globally. The partnership with the ISA further expands ADGM’s network of FinTech collaborations, which is said to currently stretch over 5 continents.