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UAE Exchange, the leading global remittance, foreign exchange and payment solutions brand, has partnered with Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, to support, develop and promote the FinTech ecosystem in Abu Dhabi and the United Arab Emirates.

The Memorandum of Understanding was signed by Mr Promoth Manghat, Chief Executive Officer of UAE Exchange Group, and Mr Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) of ADGM.

The partnership will see UAE Exchange collaborate with FinTech participants under ADGM’s Regulatory Laboratory (RegLab) to develop and deploy promising FinTech solutions in the remittance, foreign exchange and payments space.

ADGM RegLab allows FinTech entrepreneurs to test their solutions in a safe controlled environment without facing an undue regulatory burden at the onset, and progressively better their understanding of regulatory know-how and controls as they scale their business. ADGM will work closely with UAE Exchange to identify industry challenges which innovative FinTech solutions may be able to address and deliver an overall enhanced customer experience.

Through this collaboration, UAE Exchange and ADGM will participate in joint innovation programmes for the deployment of new offerings in areas such as emerging payments, blockchain and distributed ledgers, artificial intelligence, and P2P solutions, amongst others.

Mr. Promoth Manghat, CEO of UAE Exchange Group, said, “Collaboration between established financial services providers and FinTech start-ups is necessary to build a sustainable innovation ecosystem. Our partnership with ADGM will nurture local FinTech innovation through incubator, accelerator and academic programmes. UAE Exchange is pleased to share its industry expertise, understanding of global markets and customer preferences, and its robust appreciation of the commercial and regulatory landscape with the start-up community in the UAE. Such partnerships will add greater depth to the financial services industry, creating additional value for customers through digitally delivered services.”

Mr Richard Teng, CEO, FSRA of ADGM, said, “We are pleased to partner with home-grown industry leaders such as UAE Exchange to build up the FinTech offerings and infrastructure in Abu Dhabi and the UAE. This strategic partnership dovetails well with ADGM’s vision to establish a vibrant and well-functioning FinTech ecosystem that bolsters innovation, facilitates investment flows and supports greater growth of financial services activities. In addition to delivering solutions that would benefit the financial services sector, the collaboration with UAE Exchange will create a feedback loop for ADGM as a financial services regulator to fine-tune and enhance its rules and regulatory approach to financial innovation. ADGM will continue to actively engage FinTech stakeholders and forge partnerships with them to bolster the FinTech ecosystem in Abu Dhabi and the UAE.”

 

About UAE Exchange

UAE Exchange is a leading global remittance, foreign exchange and payment solutions brand, headquartered in Abu Dhabi, United Arab Emirates. Established in 1980, today, it is one of the widest globally networked remittance brands and a pioneer in digital adoption.

Currently, UAE Exchange operates in 28 countries with close to 800 direct offices, and offers digital services like prepaid cards, online money transfer facilities, mobile-based applications and kiosks in many major markets. Over 9000 professionals, representing 40+ nationalities, collaborate every day to ensure consistent and enriched customer experience is delivered across multiple channels, bringing delight to more than 15 million customers worldwide.

This customer-centric mindset combined with a quality-driven approach, constant innovation in products and processes, and the deployment of latest technological advancements across all retail operations and digital channels is what differentiates UAE Exchange.

UAE Exchange is ISO-certified and has been honoured internationally for its commitment to Quality Management, winning the European Society for Quality Research (ESQR) Quality Achievement Award and the Dubai Quality Gold Award. It is a member of prestigious associations, like the World Economic Forum and the United Nations Global Compact. The brand has been globally recognised and awarded for its corporate citizenship, customer service initiatives and business excellence.

 

About Abu Dhabi Global Market

Abu Dhabi Global Market (ADGM), an international financial centre located in the capital city of the United Arab Emirates, opened for business on 21st October 2015.

In line with the Abu Dhabi’s Economic Vision, ADGM is a natural extension of Abu Dhabi’s role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, the home of one of the world’s largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia.

ADGM’s three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.

Established by a UAE Federal Decree as a broad based financial centre, ADGM’s foundation is anchored on three of Abu Dhabi’s strategic strengths - private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.

Abu Dhabi Global Market is located on Al Maryah Island, a 114-hectare development that is home to world-class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, grade-A offices spaces, to meet Abu Dhabi’s long-term development and economic needs. All these complement ADGM’s international financial centre position as a vibrant destination in the capital city in Abu Dhabi.

 

Source: Quill Communications