The Abu Dhabi Global Market (ADGM), the emirate’s international financial centre, has underlined its financial technology ambitions with the launch of a digital sandbox.
The initiative is designed to offer banks, fintech companies and regulators an open digital marketplace in which to collaborate on the creation, testing and adoption of new products, according to ADGM.
ADGM also signed a cooperation agreement with the government’s Department of Economic Development to provide more integrated support for start-ups across a number of sectors including financial services.
The competition to establish a fintech hub in the Middle East has become increasingly intense between Dubai, Abu Dhabi and Saudi Arabia, which is the biggest financial market in the region. Both Abu Dhabi and Dubai have been active in establishing sandboxes and accelerators and signing cooperation agreements with other domiciles.
The Saudi Capital Market Authority recently issued its first fintech licences to two local start-ups in a bid to kickstart its fintech sector.
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