Abu Dhabi, Israel markets regulators agree to cooperate on FinTech

Initiatives to promote economic growth in financial services by adopting new technology a

  
Futuristic Technology connection. For illustrative purpose only.

Futuristic Technology connection. For illustrative purpose only.

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JERUSALEM- The securities regulators of Israel and Abu Dhabi said on Wednesday they would cooperate in innovation and financial technologies, the latest collaboration after Israel and the United Arab Emirates agreed to normalise relations in September.

Under the memorandum of understanding, the Israel Securities Authority (ISA) and Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM FSRA) said they would undertake initiatives to promote economic growth in financial services by adopting new technology and strengthening their respective FinTech sectors.

They also said the partnership would seek to achieve greater connectivity and market access for start-ups and investment between the two countries and promote the development of technologies, such as digital payments and blockchain, which are key elements for the growth of the FinTech sector.

The two regulators will consider cooperating in joint projects for companies and entrepreneurs involved in technology in fields such as artificial intelligence (AI), solar energy, automotive innovation, smart cities, water utilisation, desert agriculture, cyber and others, they said.

(Reporting by Steven Scheer) ((steven.scheer@thomsonreuters.com; +972 2 632 2210; Reuters Messaging: steven.scheer.thomsonreuters.com@reuters.net; Twitter: @StevenMScheer))

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