The Abu Dhabi Global Market (ADGM) has promised to collaborate with Yes Bank, an Indian private sector lender, on financial technology.
The partnership will aim to share the resources of Yes Bank’s fintech programmes with the regulatory laboratory at ADGM.
“Abu Dhabi has emerged as a prominent regional financial hub and, like India, has prioritised financial technology as a key enabler of competitive advantage,” said Rana Kapoor, chief executive of Yes Bank.
The fifth largest private sector bank in India, Yes Bank is hoping to use technology to improve cyber security for its customers while also employing artificial intelligence and data analytics.
Richard Teng, chief executive of the ADGM regulator, said there was “a lot of synergy” between the UAE and Indian financial markets.
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