Compliance Corner - ADGM

Editorial Staff

28 July 2017

Abu Dhabi Global Market

(ADGM), the international financial centre in Abu Dhabi, and the (ASIC) have signed a financial technology strategic partnership, the institutions said in a statement.

The deal will see both ADGM and ASIC advance developments and initiatives that nurture fintech entrepreneurship and support innovation in financial services in both Abu Dhabi and Australia.

Also, ADGM has entered into new partnerships with both Labuan International Business and Financial Centre (Labuan IBFC) and Labuan Financial Services Authority (Labuan FSA) to foster greater collaboration on joint financial activities and regulatory practice that support the growth and development in both financial ecosystems in Labuan, Malaysia and Abu Dhabi, the firm said in a statement.

Two agreements were signed between the Labuan IBFC and ADGM, and the Labuan FSA and the Financial Services Regulatory Authority (FSRA) of ADGM.

The MOUs will establish a strategic platform for Labuan FSA and the FSRA to better understand and share pertinent information on banking, financial services, securities legislation and regulations in each market.

As part of their agreement, ADGM and Labuan IBFC will explore mutually beneficial projects to facilitate long term opportunities in infrastructure financing, new innovations in areas of financial technology and green finance. The FSRA and Labuan FSA will focus on regulatory cooperation for the supervision of financial institutions, as well as, the joint collaboration and exchange of information as well as support cross border activities in the Abu Dhabi and Malaysian financial sectors. The authorities are also prepared to develop relevant activities and events that foster financial innovation and closer regulatory cooperation in both jurisdictions.