The Abu Dhabi Global Market (ADGM) – the city's international financial free zone within the UAE – has admitted a second batch of fintech startups to its regulatory lab (RegLab).
With the move, the 11 local and international fintech companies will work under the Financial Services Regulatory Authority (FSRA), one of the three independent authorities of the ADGM, to develop and test their products in a controlled sandbox. environment.
The latest batch of startups – including blockchain companies EquiChain and OKLink, both based in the UK; Pyppl based in the United Arab Emirates; and the Canadian firm Remitr – have been selected from more than 20 applications from various countries, according to a press release.
Richard Teng, CEO of the ARSF, said the second phase was encouraged by "an overwhelming positive response from the global financial technology industry during the first year of the RegLab program ".
He continued:
"We are already seeing excellent results from the first cohort, and we look forward to the results of the second, which include fascinating projects such as the initial offer of parts and payments , RegTech regulations and solutions, among others. "
With a total of 16 starts now within RegLab, including five of the first batch, ADGM has stated that it is looking to expand its team to better serve the financial services industry and the business. economy of the country.
Image of Abu Dhabi via Shutterstock
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