Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has approved its first batch of FinTech Regulatory Laboratory (Reglab) participants to include finalytix. The ADGM Reglab is the first of such FinTech regulatory sandbox and framework in the MENA region. Finalytix is now registered with the ADGM Reglab programme to further develop and test their FinTech innovation, with a view to launch its fully regulated services to the investor community as soon as possible.
“We are very happy to become part of the ADGM Reglab, having gone through a rigorous process that only makes us better. We believe that the Wealth Management space in the UAE/GCC represents a significant opportunity for disruption. ADGM has been the thought leader in the GCC for regulatory policy and we are looking forward to launching our services soon in tandem with the guidance and support of ADGM” said Mr. Omar Rana, Co-Founder & Director of Finalytix, Inc.
ADGM is the first in the MENA region to have a “live” FinTech regulatory regime and first regulatory laboratory (Reglab). The ADGM Reglab is a tailored regulatory regime for FinTech participants. It is designed to foster innovation within the UAE financial services market for both new market entrants and existing financial institutions.By taking into account the unique business model and risks of the Fintech participant and customising the test boundaries and regulatory requirements accordingly, the RegLab allows the participant to develop and test its FinTech proposition in a safe environment while not putting undue regulatory burden on the participant. As the first of such initiative in the region, ADGM’s RegLab authorises FinTech participants for a period of up to two years to develop and test their FinTech proposition.
Please see the ADGM press release at www.adgm.com/mediacentre/press-releases/abu-dhabi-global-market-admits-first-5-regional-international-reglab-applicants