New ADGM regulations for third-party tech services
The new framework will allow and support the improved and holistic management of personal finances by focusing the new regulated activity for third party providers.
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has introduced a new regulatory framework for the authorisation and supervision of financial technology firms providing third-party services to customers of financial institutions.
The new framework will allow and support the improved and holistic management of personal finances by focusing the new regulated activity for third party providers (TPPs) on the accessing, processing and transferring of specific types of customer data, with appropriate regulatory requirements for TPPs in the areas of data protection and privacy of information, conduct of business, technology risk, anti-money laundering and countering terrorist financing.
With the new framework in place, TPPs will be able to work alongside financial institutions in a secure and efficient manner that facilitates customer transactions, whilst protecting the data and interests of those customers.
It will also provide a foundation to support the growth of open finance, with the focus being on giving customers and businesses more control over a wider range of their financial data.
Emmanuel Givanakis, CEO of ADGM’s FSRA, said: “This new framework... will help TPPs and financial institutions collaborate in order to serve their customers more efficiently, and it lays the ground for the development and growth of open finance in the region. This framework will ensure that customers’ and financial institutions’ best interests are protected by requiring TPPs to be responsible for taking appropriate care of their customers’ data and to ensure that that their systems are robust.” — Wam
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