The Abu Dhabi Global Market calls for participation in the global digital environment
Abu Dhabi International Market, the international financial hub in Abu Dhabi, has invited financial technology and innovation companies that are ready to test their solutions, innovative financial services and business models to participate in the global digital environment.
By applying through the Abu Dhabi Global Market. The digital environment includes 29 members of the Global Innovation Network and the Abu Dhabi Global Market. The launch of the pilot phase of the environment is a test of experiences and innovative ideas in a cross-border business environment.
This initiative aims to develop an innovative corporate framework that enables them to interact with regulators across jurisdictions and gain knowledge and experience about working in a real business environment.
Financial technology companies wishing to participate in the pilot phase will have to complete the requirements of the jurisdictions they wish to test their companies. For example, companies wishing to test their project in the Abu Dhabi Global Market, the United States, Hong Kong or Australia will complete the criteria set by each entity.
Abu Dhabi International Market, an international financial center and corporate regulatory body Financial Technology provides a business environment that supports testing and cross-border cooperation efforts
The Abu Dhabi Global Market is the first integrated financial technology system in the Middle East and North Africa. As part of its efforts to develop and utilize financial technology, the market launched the first digital environment, the "Regulatory Laboratory" in October 2016, which now includes 24 global financial technology companies. The lab is the second most dynamic digital environment after the UK regulatory environment.
Regulatory initiatives in the financial technology sector and the regulatory laboratory in the Middle East and North Africa region have earned the market more experience and knowledge about the requirements and needs of financial institutions.
As a center for innovation and financial services, the market continuously seeks to develop and support financial technology domestically and internationally. The market has established a bridge of communication with regulators, governments and specialized associations in 18 different jurisdictions. The Abu Dhabi Global Market is one of the 11 founding members of the Global Innovation Network, led by the British Supervisory Board.
The Abu Dhabi Global Market is scheduled to host the two-week 'Tic Sprint' conference in Abu Dhabi with the aim of introducing new information exchange techniques across jurisdictions, following the 2018 edition of the British Supervisory Board, which focused on money laundering and financial crimes.
The conference will be held this year in Abu Dhabi in cooperation with the British Supervisory Board, the Australian Transaction Reporting and Analysis Center and the Monetary Authority of Singapore, in consultation with the European Law Enforcement Agency Europol.
Recognizing the importance of APIs, the digital environment of the market will enable the sharing and exchange of information, solutions, ideas and communication with other digital environments around the world, serving the acceleration of digital transformation.
The market has announced its partnership with the ASEAN Financial Innovation Network, which launched the new Digital Environment platform for South and East Asia to support financial inclusion and test the environment-to-market communication and digital networking platform of ASEAN.
The transaction will involve the financing of a Middle Eastern bank for a buyer-to-region business deal and a vendor in the South and East Asia region. The bank will, in collaboration with the seller, use the financial technology solutions available on the Digital Document Recovery and Verification Environment platform through the Singapore National Trade Platform NTPS) and then disburses funding through Singapore's payment system.
The Abu Dhabi market is an active partner in launching cross-border financial sector initiatives. The market is developing a digital environment for testing financial technology companies by the company's business sector with direct involvement of the regulator.
The market was part of the Hong Kong-based Monetary Trade Authority (CMC) project, which is led by the Monetary Authority of Hong Kong and the Monetary Authority of Singapore, to build a Qin Block-based commercial finance platform to support cross-border business transactions.