Abu Dhabi Global Market (ADGM), the award-winning International Financial Centre in Abu Dhabi, is excited to announce that its Digital Lab for financial technology is open for member applications. Interested applicants can contact firstname.lastname@example.org.
The ADGM Digital Lab recognises that one of the biggest challenges financial institutions encounter in their ability to embrace innovation is the process of searching for, on-boarding and thereafter integrating their legacy systems with novel solutions offered by FinTechs and other technology providers. This challenge also poses a major obstacle that hinders collaboration between financial institutions with other stakeholders such as government entities and large corporate clients on a digital basis.
With the specific aim of solving this challenge, the Digital Lab will support and enable the creation of APIs, System Virtual Machines, data and applications that can enable seamless connectivity with the legacy systems of financial institutions to FinTechs, technology service providers or other relevant parties in a cost-effective and scalable manner. Apart from enjoying the benefits of cost-effective, multi-party product creation, the Digital Lab will also expedite time to market for financial institutions by enabling testing and verification of new products or solutions prior to procurement.
Financial institutions will also enjoy the benefits of having regulatory participation in the Digital Lab, which will be hosted securely on ADGM’s cloud. To promote industry adoption, interoperability, financial inclusion and convergence to higher standards, ADGM has developed tools and guidance on the standards and IT security requirements for open APIs, cloud adoption and data protection. The Digital Lab will also serve as the digital platform for start-ups in ADGM’s RegLab programme to test their FinTech solutions under the supervision of the regulator.
The financial services sector in the UAE has shown its support for the platform. The Digital Lab founding partners include Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Anglo-Gulf Trade Bank, First Abu Dhabi Bank, Etihad Credit Insurance, OneConnect Financial Technology and Plug and Play. The Digital Lab will also be supported by Codebase, a cutting-edge banking microservices system.
Innovation has become a focal point in Abu Dhabi’s plans, programmes and initiatives due to its vital role in building a knowledge-based economy and spurring economic growth. The ADGM’s vision for a technology-first and digitally native financial services market is fully supported by the Abu Dhabi Investment Office (ADIO). The Digital Lab, a Ghadan 21 accelerator programme initiative, has been developed in conjunction with ADIO. Ghadan 21’s mission is to make Abu Dhabi’s economy even more dynamic, innovative and globally integrated.
“As a technology-driven regulator, the FSRA is excited to launch the ADGM Digital Lab to address the key pain points faced by the financial services sector in the Middle East and Africa (MEA) region in the pursuit of innovation adoption. The ability of financial institutions to collaborate with multiple parties securely and efficiently to deploy modern FinTech solutions has immense potential to improve financial inclusion in the region,” said Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM.
“The Abu Dhabi Investment Office is working to help business of all sizes, across all sectors succeed and grow in Abu Dhabi. We are pleased to support the development of the Digital Lab initiative as part of the Ghadan 21 accelerator programme. Not only will it help financial services providers be more agile in the uptake of new FinTech solutions, it equally supports the growth of Abu Dhabi’s tech ecosystem. We are putting support for innovation at the core of our initiatives and incentives to ensure the growth of businesses in Abu Dhabi and those looking to establish in the Emirate,” commented Amer Al Ameri, Chief Operations Officer, ADIO