Today: 6 May 2025
13 October 2021
2 mins read

CBAEU and ADGM joins for the growth of UAE’s FinTech sector

Central Bank, ADGM to cooperate on the development of UAE FinTech sector…..reports Asian Lite News

The Central Bank of the UAE (CBUAE) and Abu Dhabi Global Market (ADGM) signed today a Memorandum of Understanding (MoU) to collaborate on the development and growth of the UAE’s FinTech ecosystem through joint initiatives and activities.

CBAEU and ADGM joins for the growth of UAE’s FinTech sector

The MoU was signed by Ahmed Ali Al Sayegh, Minister of State and Chairman of ADGM, and Khaled Mohamed Balama, Governor of CBUAE, as part of CBUAE’s inaugural Future of Finance conference, held during Expo 2020 on 13-14 October 2021.

ALSO READ: UAE Could Become Major Exporter of Hydrogen

Under the agreement, CBUAE and ADGM will further enhance the collaboration under their co-sandbox programme that will enable FinTech companies to test their innovative solutions under the existing digital sandbox programme. The agreement also stipulates collaboration on FinTech initiatives and activities between the parties, including accelerator programmes, competitions, workshops, seminars, conferences and projects.

AHMED ALI AL SAYEGH, MINISTER OF STATE AND CHAIRMAN, ADGM: “The Fintech sector is fast shaping the face of the global financial system, requiring coordinated attention by regulators to ensure its robust development and integration. ADGM has, since its inception, striven to introduce regulatory frameworks and solutions, as well as partner with leading regulators locally and globally, to create an environment that enables innovation and progressive technology adoption. Our agreement with the Central Bank of the UAE further reinforces this joint commitment to bolstering the UAE’s thriving Fintech sector. We are confident our continued relations with the CBUAE will result in greater regulatory excellence and further opportunities in the Fintech field for international and local talent alike.”

For his part, Khaled Balama said, “The UAE’s ability to develop a regulatory environment conducive to innovation and digitisation is amongst the foremost determinants of the future of its financial system. Our signing of this agreement with ADGM plays an important role in CBUAE’s commitment to enabling greater proliferation of FinTech solutions across the UAE. We are confident that this agreement will attract key FinTech players to the country and result in an enhanced environment that enables innovation to thrive, in alignment with the nation’s ambitious economic growth plans and digitisation aspirations.”

Previous Story

Al Ansari Exchange reports hike in foreign transactions in first 10 days of Expo 2020

Next Story

Tussle between Imran Khan, Pak Army over ISI chief

Latest from Arab News

UAE Reopens Doors to Lebanon

The prime minister expressed Lebanon’s “utmost gratitude and appreciation to the UAE” and President Sheikh Mohamed bin Zayed Al Nahyan….reports Asian Lite News Lebanon welcomed the decision by the United Arab Emirates

SYRIA RAIDS: Arab League Slams Israel

The Arab League condemned the airstrikes and called on the international community and the United Nations to confront what it described as “repeated violations committed by Israel against the Syrian state.” The

Abu Dhabi, Beirut Reconnect 

A key highlight of Aoun’s visit to UAE was the agreement to ease travel restrictions between the two countries — a move set to facilitate the movement of citizens and promote closer

ATM 2025 sets new standard 

The global event drew over 55,000 travel and tourism professionals from 166 countries, marking a 16% year-on-year increase in attendance and cementing Dubai’s role as a key hub for shaping the future

Iran Calls on India to Break Sanctions Barrier 

Calls grow louder from Iran’s industry leaders for India and international bodies to mediate financial and shipping barriers imposed by Western sanctions.  Top Iranian manufacturers are appealing to India and global organisations
Go toTop

Don't Miss

e& Named Fastest Growing Brand Globally 

Brand value surges to $15.3 billion, earning e& global recognition

World Council of Muslim Communities Conference kicks off

The World Muslim Communities Council (TWMCC) kicked off Monday, featuring