By Nada Al Rifai/ Zawya - Image Credit: Zawya
Abu Dhabi Global Market (ADGM) signed an agreement on Monday with a startup accelerator from Silicon Valley to run a fintech programme at a new innovation center that will be launched by the end of the first half of 2018.
The FinTech Innovation Centre will be a physical hub for fintech startups to meet investors and other financial institutions in a bid to bring innovation to the region.
“Although we know that technology is a great ally, it can also be a source of frustration. A great deal of what fintech is trying to achieve is to alleviate this frustration by transforming user-experience and enhancing efficiency in financial services,” Ahmed Al Sayegh, chairman of ADGM told the audience at the FinTech Abu Dhabi Summit on Monday.
“As an IFC (international financial centre), ADGM recognises that we can do something to enable fintech to have the opportunity to thrive,” he added.
The startup acceleration programme being launched at the new fintech centre will be a partnership between ADGM and Plug and Play, a technology incubator based in Silicon Valley in the United States that has nurtured companies including Google, Paypal and Dropbox, among others.
“We would like to build in Abu Dhabi a fintech innovation platform that could serve similar to what Singapore has done in Southeast Asia - a hub and a headquarter(s) for many banks and financial institutions,” Saeed Amidi, CEO of Plug and Play told reporters on the sidelines of the summit.