Message to fintech firms: Learn and grow together

Richard Teng, CEO of the Abu Dhabi Global Market financial services regulatory authority, delivering a speech at the inaugural Fintech Abu Dhabi on Sunday.

Learn and grow together' was the message put forth as the inaugural Fintech Abu Dhabi started on Sunday.
Abu Dhabi Global Market Financial Services Regulatory Authority CEO Richard Teng was pleased as top regional and international players from the world of fintech gathered for the two-day event.
"One of ADGM's roles is as a connector. I encourage you to use our summit to build new partnerships, reignite old ones and, above all, learn," Teng said in his opening address. "Our collective mission is to help international and local stakeholders anchor their business and financial Mena activities for the region's benefit," he noted.
The focus was clearly on startups and innovation that shapes the future. ADGM also approved its second batch of Regulatory Laboratory (Reglab) participants comprising 11 local and international fintech startups.
Teng said the participants were selected from a pool of 22 applications. They will now be admitted within the Financial Services Regulatory Authority's framework to further develop and test their fintech innovation.
"The overwhelmingly positive response we've had from the global fintech industry in the first year of the RegLab programme is extremely encouraging. We are already seeing some great results from the first cohort, and are looking forward to seeing results from the second, which include fascinating projects such as an initial coin offering and blockchain-enabled payments, settlements and RegTech solutions, among others."
He said the quality of the firms that applied from Europe, Asia and closer to home has been impressive, and speaks volume of the strength and attractiveness of ADGM as a jurisdiction for fintech firms to establish themselves and expand into the Middle East, Africa and Asia region.
"In total, we have 16 FinTech firms in our RegLab programme and we will continue to expand this team to better serve the needs of the financial services industry and our economy," he pointed out.
The first day saw discussions on topics like 'Abu Dhabi's Role in the Global FinTech Narrative', 'Entrepreneurship in a Global FinTech Ecosystem' and 'Rules for Disruptors'.
R3 managing director Clive Cooke said over the next 10 years, blockchain will have huge implications for your businesses. The R3 network is an alliance of the world's largest banks, insurers and exchanges committed to delivering the next generation of financial infrastructure based on distribution ledger technology. Among those at the summit include ADGM capital markets executive director Wai Lum Kwok, First Abu Dhabi Bank CIO Sanjeev Mulay, Now Money co-founder Ian Dillon, Wamda Capital executive chairman Fadi Ghandour, FinTech commentator Elizabeth Lumley, Token CEO Yobie Benjamin and Plug and Play founder Saeed Amidi.
Day two will see an array of topics being discussed as the summit gets into the business end.
- ashwani@khaleejtimes.com

• Abu Dhabi