Abu Dhabi, French regulators bolster fintech ties

Abu Dhabi, French regulators bolster fintech ties

Abu Dhabi, French regulators bolster fintech ties

The French Autorite des Marches Financiers (AMF) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) have inked an agreement to boost financial services innovation in the two jurisdictions.

Under the agreement, the regulators will help fintech startups foray into each other’s markets by referring them to ADGM’s FinTech Regulatory Laboratory (RegLab) and AMF’s Fintech, Innovation, and Competitiveness team.

The pair will also exchange information on innovation, offer support during authorisation, and refer cross-border activities beneficial to the growth of the fintech sector.

ADGM FSRA CEO Richard Teng said: “This is the first FinTech collaboration and bridge with the French securities market regulator. This cooperation further deepens the mutually beneficial partnership between Abu Dhabi and France; it corroborates the value and significance of ADGM’s ongoing FinTech efforts and achievements in Abu Dhabi and the Middle East, Africa and South Asia region.”

AMF chairman Robert Ophele added: “This new communication channel between France and Abu Dhabi Global Market opens a new window of opportunity for knowledge sharing both on a new typology of companies and on advanced technologies applied to financial services.”