Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is pleased to welcome applications for its fourth cohort of Regulatory Laboratory (RegLab), with dual themes of “API economy” and “Sustainable Finance”.

API Economy

Technological advances provide vast opportunities to transform financial services globally. Automated Programming Interfaces (“APIs”) power this transformation by assisting corporates to fuel internal innovation, reach new customers, extend products and create vibrant partner ecosystems.  By their nature, APIs allow for rapid prototyping, agile development and a fail fast learn quick culture. They enable sharing, moving and accessing information previously ring- fenced within isolated systems.

Open APIs, for instance, could allow FinTech startups to experiment with institutional data to better analyse and offer tailored credit facilities, use machine-learning analytics to process traditional and alternative data for credit scoring or create innovative KYC solutions and cloud-based enterprise financial and risk management. To this end, ADGM will be releasing API Guidance in the coming months to promote the use of standardised, interoperable and trusted APIs.

Sustainable Finance

ADGM also recognises the importance of Sustainable Finance, and its role in the global economy. The financial sector plays a critical role in supporting the funding and investment needs of sustainable development objectives.  Unprecedented levels of investment are necessary to develop sustainable energy sources, environment protection, healthcare and education, amongst many others to achieve long-term sustainability and growth for all. In line with ADGM’s Sustainable Finance Agenda, ADGM will provide an innovation platform to channel finance into this important sector.

Technology plays an increasingly important role in supporting sustainable finance. It allows more investors to access previously inaccessible areas of the world, provide necessary transparency and connect markets, sustainable projects and investors through digital platforms.

Recruiting FinTech and RegTech Firms for Cohort 4

ADGM encourages FinTech and RegTech companies that deploy API-enabled solutions or focus on Sustainable Finance to apply in the fourth cohort of the RegLab. The application period will close on 25 April 2019. ADGM is still open to accept applications related to other themes within the financial sectors.

“In the rapidly-changing financial services landscape, the ability to share data securely and efficiently is crucial. APIs lay the foundation for an ecosystem that promotes collaboration and partnerships, facilitating agile responses to evolving customer needs.  

The ADGM startup and entrepreneurial ecosystem will further Abu Dhabi’s drive for economic diversification and the growth of key sectors, such as Sustainable Finance. Last month, ADGM signed, with key federal authorities including the UAE Central Bank and Securities & Commodities Authority, the Abu Dhabi Sustainable Finance Declaration. It sets out our commitment to collaborate and explore innovative initiatives that promote and integrate green and sustainable investments in the UAE and regionally. Technology will form a crucial pillar to that effort. We welcome innovative product offerings and services to support capital formation and generate accessible financing for the sustainable finance sector,” said Mr Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM.

Successful applicants can test their product according to regulatory requirements tailored to contain the specific risks and impact of their particular test. These safeguards will allow RegLab participants to explore and develop innovative solutions in a risk-appropriate and cost-effective environment.  Participants will also have access to a digital sandbox service that enables them to integrate their solutions with banking data and functionality, and test the solutions for scalability and robustness.  

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