Abu Dhabi, Bahrain Ink New Deal To Spur Fintech Growth In MENA Region

Josh O'Neill

9 January 2018

have inked a new agreement that seeks to bolster both markets’ financial technology sectors.

The agreement “represents a leap forward” in promoting the Middle East and North Africa (MENA) region as a “connected and collaborative environment for fintech to thrive in,” ADGM said in a statement.

Richard Teng, chief executive of ADGM’s Financial Services Regulatory Authority, said: “Together, we advocate and see the MENA region as a continuous whole and look to leverage each other’s strengths to anchor a vibrant fintech ecosystem. From our close discussions with the Economic Development Board of Bahrain, and especially at the first Regional Regulators’ FinTech Roundtable recently in Abu Dhabi, it is clear we value the importance of collaboration and mutual support in any relevant manner.”

The deal will allow for closer collaboration on the exchange of information trends, services and products, in turn leading to a tighter bond between the Islamic financial sector and fintech initiatives.

“Professional and academic knowledge transfer, accelerator programs and the mutual promotion of the development of relevant technologies such as digital payments and blockchain are fundamental to the growth of these sectors,” ADGM said. “Fintech start-ups will have the ability to access information from each respective jurisdiction through one common point of contact.”