Speaking from a joint press release, TechPreneur Africa, a social impact firm focused on harnessing innovation and entrepreneurship to achieve real economic impact across Africa announced it had signed a memorandum of understanding (MOU) with Abu Dhabi Global Market (ADGM), an international financial centre in Abu Dhabi, to foster and support the growth and activities of FinTech in the Middle East and African regions.
ADGM is the first in the MEA regionto have a FinTech regulatory laboratory (RegLab) regime to foster innovation in financial services. By taking into account the unique business model and risks of the FinTech participant and customising the test boundaries and regulatory requirements accordingly, the ADGM RegLab allows the participant to develop and test its FinTech proposition in a safe environment while not putting undue regulatory burden on the participant. FinTech participants admitted into the RegLab will have access to dedicated regulatory support and guidance, and has a period of up to two years to develop and test their FinTech proposition.
Mr Richard Teng, CEO, FSRA of ADGM said, “The new partnership with Techpreneur Africa marks another achievement towards strengthening the connections between FinTech communities, and harnessing synergies in innovations and capabilities through global collaboration. The MEA region has tremendous demand and growth opportunities for financial services. We hope that through closer collaboration with like-minded FinTech hubs, we are able to leverage the strengths and expertise of our markets to more efficiently address the needs of the industry and support economic growth and development in the region. This new partnership will open up new avenues and create opportunities for FinTech firms in the Middle East and Africa looking to expand into each other’s markets.”
Techpreneur Africa who officially launched operations in the African Market in 2015, are delighted at the potential the opportunity presents to African Fintech entrepreneurs, firms and the financial services industry in its drive towards 30% financial inclusion growth by 2020. Speaking at the commissioning of the MIT REAP Lagos strategy, the CEO of the firm – Mr. Bolaji Finnih – committed to the mutual goal of promoting financial inclusion and developing the African Fintech Ecosystem.
Through TechPreneur Africa, African innovators can apply to ADGM’s regulatory laboratory (the RegLab) to test their FinTech innovations and prepare to serve the financial markets as regulated FinTech firms. Building on ADGM’s FinTech partnerships and connections with the GCC countries and international FinTech hubs, African innovators can also gain greater access
to new markets, capital and regulatory recognition in the GCC and international jurisdictions. Vice versa, TechPreneur Africa could facilitate and mentor global participants in
ADGM’s RegLab to deploy their solutions to the African markets. For more details on how to work with Techpreneur Africa please send an email to info@techpreneurafrica.com or call Teleola on +234(909)2156205 we are located at our Hub “YARA” located at 55 ABBA Johnston Crescent Ikeja, 100282, Lagos
ABOUT ABU DHARBI GLOBAL MARKET
Abu Dhabi Global Market (ADGM), an international financial centre located in the capital city of the United Arab Emirates, opened for business on 21st October 2015.
In line with the Abu Dhabi’s Economic Vision, ADGM is a natural extension of Abu Dhabi’s role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, home to one of the world’s largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia.
ADGM’s three independent authorities, the Registration , Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.
Established by a UAE Federal Decree as a broad based financial centre, ADGM’s foundation is anchored on three of Abu Dhabi’s strategic strengths – private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.
Abu Dhabi Global Market is located on Al Maryah Island, a 114-hectare development that is home to world-class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, and grade-A offices spaces to meet Abu Dhabi’s long-term development and economic needs. All these complement ADGM’s international financial centre position as a vibrant destination in the capital city in Abu Dhabi. For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket, @FinTechAD, #FinTechAD, and Linkedin : ADGM
