The Financial Services Regulatory Authority, FSRA, of the Abu Dhabi Global Market, ADGM, today issued its guidance on the development and use of Application Programming Interfaces, APIs, in the ADGM.

In a press release issued by ADGM on Monday, the FSRA recognises that one of the key enablers to realising digital transformation within an organisation and establishing an efficient, connected and secure economy powered by big data, is the adoption of APIs that meet internationally recognised standards.

Accordingly, the guidance sets out the FSRA’s standards around the design, documentation, security, data governance, maintenance and use of APIs for firms setting up in or operating from the ADGM.

Speaking on the occasion, Richard Teng, CEO of Financial Services Regulatory Authority of ADGM, said, "Collaboration between financial institutions and FinTech innovators is key to the development of innovative solutions that can transform financial services.

"The adoption of APIs has the potential to foster greater collaboration to this end, accelerate the pace of transformation and lead to greater financial inclusion in the region. This guidance promotes a standardised approach to building and providing APIs to enable scalability and interoperability in a secure manner and encourage the use of APIs within the financial services ecosystem."

This regulatory guidance is part of ADGM’s ongoing commitment to support Abu Dhabi's digital transformation agenda and reinforce Abu Dhabi’s position as a global smart city.

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