This MoU sees ADGM join forces with an Indian-based bank.

Abu Dhabi Global Market, the international financial centre in Abu Dhabi, and YES BANK, an Indian-based bank, have signed a memorandum of understanding to improve the relationships between financial technology operations in the UAE and India.  

The collaboration will enable fintech innovators from the Middle East region and India to apply into YES fintech programmes and the ADGM’s regulatory laboratory (RegLab) and have the opportunity to expand into each other’s markets, the firms said in a statement.

YES BANK has an in-house fintech accelerator (YES FinTech), which is a platform for YES BANK and fintech startups to co-create innovative solutions and partner in taking the solution to the bank’s customers. The bank has a clear focus on cyber-security, artificial intelligence, big data analytics and biometrics. 

“There is a lot of synergy in the way the UAE and Indian financial markets and fintech ecosystems complement each other,” said Richard Teng, chief executive of FSRA of ADGM. “Both markets have strong enterprising cultures which are poised to drive the next stage of innovation-led economic growth. The knowledge and talent exchange facilitated by our respective innovation programmes will accelerate that. Already, we have seen great interest among Indian innovators participating in our RegLab. Through this partnership with YES BANK, we look forward to building on our strengths to enhance the connectivity between the two fintech ecosystems in a concrete fashion.”

YES BANK is India’s fifth largest private sector bank with a pan India presence across all 29 states and seven union territories of India. It is headquartered in the Lower Parel Innovation District (LPID) of Mumbai.