Abu Dhabi Invites Fintechs Aiming to Scale Globally to Apply for Their Sandbox

By Fintechnews Middle East


SOURCE: Fintech Middle East - Abu Dhabi Invites Fintechs Aiming to Scale Globally to Apply for Their Sandbox

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is rallying FinTech and innovative firms who are ready to test their innovative financial solutions, services or business models across more than one country or jurisdiction to apply to the global sandbox via ADGM

ADGM, together with 29 members of the Global Financial Innovation Network (GFIN), has jointly launched a pilot phase of cross-border testing of innovative ideas in a live market environment.

The objective of this pilot project in a global sandbox setting is to develop a more efficient framework for innovative firms to engage regulators across various jurisdictions, gain practical insights into how a solution or service operate in a real market, and to scale new ideas.

FinTech participants in this pilot phase will need to meet the application requirements of all the jurisdictions in which they would like to pilot test their products and services.

For example, a firm wishing to test in ADGM, UK, Hong Kong, Australia and Singapore must independently meet the eligibility criteria, and/or other relevant standards, of the regulators in those jurisdictions.

Applicants have a month’s application period to contact ADGM’s FinTech regulatory team at fintech@adgm.com and submit the application by 28 February 2019.