Archive:October 6, 2017

Future of FinTech conference London
Abu Dhabi Islamic Bank and Abu Dhabi Global Market announce Memorandum of Understanding

Future of FinTech conference London

By Jonathan Lawrence

At the Telegraph Future of FinTech conference in London on 28 September several regulatory-related themes emerged:

  • There will soon be more money outside the regulated environment rather than inside, the tipping point is approaching
  • Currencies are no longer the sole domain of sovereign countries and regulated central banks
  • Some regulators are competing to attract the industry to their jurisdiction and are generally agnostic about the technology used to deliver the financial service
  • Open Banking in the UK from 13 January 2018 will usher in a new era of transparency across a UK customer’s whole financial life
  • Brexit is not a major focus for the UK FinTech industry or its regulators, the biggest challenge is acquiring talent
  • Using vehicles such as IOSCO to promote regulator cooperation and cross-border regulation for FinTech; genuine common standards are a goal
  • Financial regulators in many countries are struggling to keep up with the industry due to high workload on other issues and limited resources
  • Talent is flowing between the industry and regulators
  • Artificial intelligence, blockchain, PropTech and ICOs were identified as the “hot” areas

Abu Dhabi Islamic Bank and Abu Dhabi Global Market announce Memorandum of Understanding

By Jonathan Lawrence

On 25 September, Abu Dhabi Global Market (ADGM), the international financial centre (IFC) in Abu Dhabi, via its Financial Services Regulatory Authority (FSRA), announced a Memorandum of Understanding (MoU) with Abu Dhabi Islamic Bank (ADIB). The aim of the MoU is to seek opportunities to collaborate and consult on initiatives to promote the growth and development of the FinTech ecosystem in Abu Dhabi and the United Arab Emirates (UAE). Under its terms, ADIB will partner with the FSRA across a range of Islamic-compliant FinTech-related initiatives. This partnership adds to ADGM’s FinTech commitment through the Abu Dhabi Regulatory Laboratory (RegLab) — a regulatory framework that offers a controlled environment for FinTech innovators to develop and test their products and services with the regulator.

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