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