ADGM Reglab has admitted a total of 26 firms out of 69 applications from 20 countries since launch
The most active FinTech regulatory sandbox in the region, ADGM Reglab allows participants to live-test their solutions with clients under regulatory supervision
Abu Dhabi UAE : Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is pleased to approve its third batch of Regulatory Laboratory (Reglab) participants comprising 10 local and international FinTech start-ups. The successful participants, which were selected from a pool of 36 applications, will join a pool of 16 firms from the 1st and 2nd cohorts, bringing the total number of firms to 26 in the programme. The start-up innovators who have been selected represent a mix of local and international markets, including the UAE, Kenya, India, Singapore and the United Kingdom.
“The positive response we’ve had from the local and global Fintech start-ups over the last two years of the RegLab programme is extremely encouraging. We are looking forward to working with the newly admitted start-ups, which offer fascinating propositions such as financing, payments and insurance solutions that can benefit the SME sector. The quality of the firms that have been selected, primarily from the UAE, has been impressive, and speaks volume of the strength and attractiveness of ADGM as a jurisdiction for FinTechs to establish themselves and expand into the Middle East, Africa and Asia region. We have to date the second most active Fintech sandbox globally and most successful regulatory sandbox in the region, and will continue to innovate to better serve the needs of the financial services industry and our economy,” said Mr Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM.
Mr Teng added, “Building on the success of the RegLab’s first two years, we will be opening up applications for the fourth cohort in Q1 2019.”
A regional first, the ADGM RegLab is a bespoke regulatory framework which provides a controlled environment for FinTech firms to develop and test innovative FinTech solutions. Successful applicants can test their product according to regulatory requirements tailored to contain the specific risks and impact of their particular test. These safeguards will allow FinTech participants to explore and develop innovative solutions in a risk-appropriate and cost-effective environment.
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