Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and Al Fardan Exchange, one of the UAE’s longest-serving and most established names in the UAE remittance market, have entered into a cooperation partnership to develop and support the FinTech ecosystem in Abu Dhabi and the United Arab Emirates. The Memorandum of Understanding (MoU) was signed on Wednesday 22 November by Mr Osama Al Rahma, CEO of Al Fardan Exchange and Mr. Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM.

The new partnership will enable ADGM and Al Fardan Exchange to collaborate on initiatives to promote and develop innovative FinTech solutions that focus on more efficient delivery for money services, as well as solutions that enhance the overall customer experience. Al Fardan Exchange will also seek to identify areas where it could potentially collaborate with FinTech entrepreneurs and start-up firms in ADGM’s Regulatory Laboratory (RegLab) and other innovation programs

The ADGM RegLab is the region’s first regulatory framework developed for FinTech players to test innovative solutions within a closely-supervised environment under a tailored set of rules. The RegLab reduces the costs and regulatory burden for FinTech players, but without compromising on consumer protection and market integrity.

Mr. Osama Al Rahma, CEO of Al Fardan Exchange, said, “It is a great pleasure to be associated with Abu Dhabi Global Market (ADGM) and we are sure that this collaboration will be mutually beneficial for both organizations as well as the FinTech ecosystem in Abu Dhabi and the United Arab Emirates. We always look for ways to add value to the payment industry at regional and global level and offer additional facilities to the communities.”

Mr Richard Teng, CEO of FSRA of ADGM said, “We are pleased to welcome Al Fardan Exchange as a new partner in our efforts to enhance the FinTech ecosystem in Abu Dhabi.  Home-grown players such as Al Fardan Exchange are vital stakeholders and contributors to the sustainable growth of the FinTech industry, adding to the vibrancy of the community. There is much to be done and we look forward to working closely with the Al Fardan Exchange team to expand the FinTech offerings and infrastructure in Abu Dhabi, the UAE and greater MENA region.”