On the FinTech front, the MoU provides a framework for cooperation to support financial innovation and FinTech businesses in better understanding the respective regulatory regimes of each jurisdiction.
Mr. Ante Žigman, President of the HANFA Board, said: ‘‘Fintech allows developing financial markets to stay relevant in a global and competitive environment. The ability to solve complex problems connected with the use of new technologies by financial infrastructures and financial services providers also largely depends on effective international cooperation arrangements. This is especially relevant for developing markets today. We are pleased that HANFA and ADGM FSRA will work closely together to further develop our respective markets. HANFA is committed to facilitating innovation in financial services through enhanced cross border cooperation with the second global largest Fintech RegLab and Middle East and North Africa Regional Hub.'’
Mr. Philippe Richard Executive Director of International Affairs of the ADGM FSRA said: “We are pleased to establish closer cooperation with the Croatian Financial Services Authority and look forward to embarking on mutually beneficial initiatives that further our investment and FinTech sectors. Digital technologies are being deployed to provide financial services to populations across borders, and Croatia has been particularly active on that front. Together, we will encourage and support technology start-ups and innovators in advancing their creative solutions into new markets.”
This new agreement establishes ADGM’s 33rd FinTech MoU across 19 countries following its recent collaborations with Australia, Bahrain, Canada, China, Egypt, Estonia, France, Hong Kong, India, Japan, Kazakhstan, Kenya, Kuwait, Luxembourg, Malaysia, Singapore, Switzerland and the UAE.
ADGM will continue to establish new initiatives and work closely with local and global stakeholders to foster an open and inclusive global FinTech hub to serve Abu Dhabi and the greater MENA region.
On the Alternative Investment Fund Managers Directive (AIFMD) front, ADGM FSRA and HANFA have also signed the European Securities and Markets Authority’s Memorandum of understanding for Alternative investment management (ESMA’s AIFMD MoU).
The agreement allows fund managers in ADGM to manage and market Alternative Investment Funds (AIFs including hedge funds, private equity funds and real estate funds) to professional investors in the EEA under the AIFMD.
Mr Philippe Richard said: “The ADGM FSRA already has in place AIFMD MoUs with 20 EU Members States competent authorities (out of 28). Our AIFMD MoU with HANFA illustrates the efforts of both regulators to facilitate cross-border opportunities and promote investment flows across jurisdictions, thus allowing access to a greater pool of opportunities for both investors and the investment funds industry.”
Mr. Ante Žigman said: ‘‘This is the first AIFMD MoU signed by HANFA, and I sincerely welcome such a significant step forward in fostering cross-border investment flows in the area of investment funds. We look forward to cooperating closely with the ADGM FSRA when it comes to supervision of AIFMD entities, focusing on investor protection, market and financial integrity and maintaining confidence and systemic stability. For HANFA, this marks a beginning of further initiatives related to international cooperation with regulators from non-EU jurisdictions based on the AIFMD MoU.”
Overview of ADGM’s FinTech Achievement and Commitment
ADGM’s first FinTech Abu Dhabi Summit has been launched in 2017. Since then, ADGM has achieved notable successes and established strategic partnerships to bolster the FinTech ecosystem. ADGM is the first International Financial Center (IFC) in the MENA region to establish a dedicated and open regulatory framework to licence FinTech stakeholders and allow their participation in a Regulatory Laboratory (Reglab) to accelerate financial innovation.
As a global FinTech Hub, ADGM continues to enhance its international network with the MENA region, Asia, Australia, US, UK, Europe to facilitate greater access to markets and regulatory recognition for Fintech players.
ADGM actively engages its stakeholders, forge partnerships and collaborations to develop a conducive and effective FinTech ecosystem. For more details of the ADGM’s FinTech Abu Dhabi event, visit www.fintechabudhabi.com.
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global trade and business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths panning over private banking, wealth management, asset management, derivatives and commodities trading, financial innovation, sustainability and more. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs the entire 114 hectares (1.14sqkm) of Al Maryah Island which is a designated financial free zone.
It enables registered financial and non-financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on common law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for four consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
About ADGM FSRA
The FSRA is a statutory body established under Abu Dhabi Law No. 4 of 2013, which is vested with the powers of licensing, supervision and investigation, and has the ability to exercise its powers for the purpose of co-operation with foreign authorities. The FRSA is responsible for the regulation, supervision and inspection of all financial services in and from within the Abu Dhabi Global Market. Such financial services include banking, insurance, capital markets, collective investment funds, asset management and trust services.
For more details on ADGM, please visit www.adgm.com or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)
* Source: The Global Investor Middle East and North Africa (MENA) Awards
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The Croatian Financial Services Supervisory Agency (Hanfa) is a supervisory body whose scope of activities and competence cover the supervision of financial markets, financial services and supervised entities providing those services.
The principal objectives of Hanfa are fostering and safeguarding the stability of the financial system and supervising the legitimacy of supervised entities' operations. In achieving its objectives, Hanfa is governed by the principles of transparency, building confidence among financial market participants and reporting to consumers.
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© Press Release 2019