Abu Dhabi, UAE
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and the Responsible Finance & Investment Foundation (RFI) are pleased to enter into a partnership to bolster the growth and sustainability of the FinTech ecosystem through financial inclusion and ethical and responsible finance practices. The collaboration was signed between Mr Blake Goud, Chief Executive Officer, RFI Foundation and Mr Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM.
ADGM and RFI share a mutual commitment to cultivating and advancing FinTech under their respective charges. Both parties recognise the significant advantage of how strategic collaboration and joint efforts can enable them to better cultivate entrepreneurship, foster ethical and responsible investments, and highlight opportunities for Shari’ah compliant FinTech services and Islamic finance activities for the region and beyond. ADGM and RFI are pursuing initiatives under the Collaboration including highlighting emerging FinTech trends and supporting the development of innovative Shari’ah compliant FinTech companies seeking to participate in the Middle East and African markets.
This partnership establishes an open platform for both RFI and ADGM to share expertise and knowledge, as well as to create joint efforts which will enhance and strengthen the FinTech ecosystem that ADGM has initiated for the MENA region in March 2016. ADGM and RFI will also work closely to enable and assist investors, FinTech entrepreneurs and innovation firms in testing and introducing innovative products, services and solutions within a well-structured and conducive environment under the ADGM Reglab programme.
Blake Goud, Chief Executive Officer, RFI Foundation said,“FinTech has a major opportunity to transform how Islamic financial institutions connect with their customers and promote a unique and differentiated approach to financial services. We are optimistic that this partnership with ADGM, building on the regulatory environment they have created in Abu Dhabi, can encourage and support emerging FinTech companies to adopt ethical, responsible and Islamic approaches. We look forward to working with ADGM to expand responsible FinTech in a way that encourages more equitable, inclusive and sustainable growth.”
Richard Teng, CEO, FSRA of ADGM said,“FinTech has been progressively shaping and enhancing Abu Dhabi and the region’s technology reach and financial ecosystem. This partnership and collaboration with RFI Foundation feeds well into ADGM’s mandate of maintaining a conducive financial environment that nurtures innovation, promotes market transparency and trust, and encourages sustainable growth and stability. We look forward to working closely with the RFI team to develop joint initiatives and programmes to capture new business opportunities and augment our FinTech efforts in the region and globally.”
The RFI Foundation is a non-profit organisation with a mission to identify a neutral, nonpartisan and universal value proposition that encourages convergence of responsible finance practices. RFI evolves Sustainable, Responsible, Impact Investing (SRI), Environmental, Social and Governance (ESG) and the Islamic finance sectors towards a convergence of their shared standards, and engages stakeholders to build the responsible finance industry as a catalyst to support equitable, inclusive and sustainable economic development.
ADGM’s first FinTech Abu Dhabi Summit will be launched and held on 23 October 2017. ADGM has accomplished notable milestones and established strategic partnerships to bolster the FinTech ecosystem since March 2016. It is the first IFC in the MENA region to establish a dedicated and open regulatory framework in November to licence FinTech stakeholders and launched a Regulatory Laboratory (Reglab) to accelerate FinTech innovation. As a global FinTech Hub, ADGM continues to enhance its international network with the MENA region, Asia, Australia, US, UK, Europe to facilitate greater access to markets, capital and regulatory recognition for Fintech players. ADGM actively engages its stakeholders, forge partnerships and collaborations to develop a conducive and effective FinTech ecosystem. For more details of the ADGM’s FinTech Abu Dhabi event, visit www.fintechabudhabi.com to register interest.