Abu Dhabi Global Market (ADGM) has signed an MoU with Singapore’s OneConnect Financial Technology Company to promote and develop fintech innovation, ecosystems and market opportunities that will support and connect the economies in both the Belt and Road corridor and the MENA region.
The parties agreed to participate in the development and application of joint creative projects employing artificial intelligence, blockchain and distributed ledger, and application programming interface (API).
Richard Teng, the CEO of the Financial Services Regulatory Authority of ADGM, said:
“Building connectivity and partnerships with key stakeholders such as OneConnect will help MENA fintech participants tap opportunities in the Belt and Road corridor, and develop deep digital capabilities to accelerate the adoption and deployment of fintech innovation in the MENA region.”
ADGM and OneConnect mutually agreed to support fintech participants and ecosystem enablers as well as leverage Abu Dhabi as a platform to develop, test and launch innovative fintech products in the region.
Source Islamic Business&Finance