Abu Dhabi, UAE: The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has today issued its guidance on the development and use of Application Programming Interfaces (APIs) in the ADGM.
The FSRA recognises that one of the key enablers to realising digital transformation within an organisation and establishing an efficient, connected and secure economy powered by big data, is the adoption of APIs that meet internationally recognised standards. Accordingly, the guidance sets out the FSRA’s standards around the design, documentation, security, data governance, maintenance and use of APIs for firms setting up in or operating from the ADGM, with the objective of promoting the following:
- Interoperability: to promote the adoption of globally recognised and accepted standards for the sustainable growth of the digital economy, operability across sectors and connectivity to global markets;
- Resilience: to promote internationally recognised security and governance practices to safeguard consumers and the integrity of the financial services market; and
- Innovation and collaboration: to drive and encourage a culture of innovation and collaboration amongst financial services firms and technology ecosystems.
Mr Richard Teng, CEO, Financial Services Regulatory Authority of ADGM, commented: "Collaboration between financial institutions and FinTech innovators is key to the development of innovative solutions that can transform financial services. The adoption of APIs has the potential to foster greater collaboration to this end, accelerate the pace of transformation and lead to greater financial inclusion in the region. This guidance promotes a standardised approach to building and providing APIs to enable scalability and interoperability in a secure manner and encourage the use of APIs within the financial services ecosystem.”
This regulatory guidance is part of ADGM’s ongoing commitment to support Abu Dhabi's digital transformation agenda and reinforce Abu Dhabi’s position as a global smart city. As an International Financial Centre and financial services regulator, ADGM maintains a close oversight and stay attuned of developments and emerging innovations in the financial sector and global economy. ADGM continues to review and deploy innovative initiatives and best practices to foster a holistic and healthy FinTech sector in the UAE and across the region as a whole.
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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 UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves 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 including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs the Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and success within an international regulatory framework based on Common Law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for three consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details of ADGM, please visit www.adgm.com or follow us on Twitter: @adglobalmarket @FinTechAD, #FinTechAD and Linkedin: ADGM
* Source: The Global Investor Middle East and North Africa (MENA) Awards
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