The Abu Dhabi Global Market (ADGM) has signed the first agreement with Kenya’s Capital Markets Authority (CMA) for joint initiatives and projects in the field of FinTech. The deal also includes mutual support of FinTech companies and assistance for a better understanding of the respective regulatory framework. Information sharing and mutual benefits from economic and commercial developments are also an important part of the agreement.
Richard Teng, CEO of the ADGM’s Financial Services Regulatory Authority (FSRA), said that it was the first FinTech bridge between the UAE and an African watchdog:
The African continent is providing a compelling story of how digital technology can be deployed to provide financial services to the unbanked and unserved populations.
The partnership with Kenya’s CMA is the next collaboration with a global financial hub. In the past couple of months, ADGM signed similar deals with Singapore, Malaysia, Australia, and Hong Kong. Richard Teng admitted that the UAE would keep establishing such initiatives with other nations to foster the FinTech industry not only in Abu Dhabi but the whole MENA region.