Abu Dhabi Global Market (ADGM) just announced that it is accepting application for the third cohort of its Regulatory Laboratory, Reglab, until May 10th.
This year’s theme focuses on enahncing access to financial services for small and medium-sized enterprises, SME. The international financial centre based in Abu Dhabi stated that the SME secor is a fundamental part of UAE’s plans for economic transformation and diversification. According to the UAE Ministry of Economy, the SME sector represents more than 94% of the total number of companies operating in the UAE, in addition to providing jobs for more than 86% of the private sector’s workforce.
Do you also happen to be a FinTech or RegTech startup? Because ADGM is encouraging all FinTech and RegTech companies with an SME focus to apply and be part of the prgram. The progam is also open to tech startups which provides tools and services to both instituions and SMEs alike.
Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM, said, “It is encouraging that our RegLab today is the world’s 2nd most active FinTech sandbox globally. The ADGM RegLab has grown from strength to strength, doubling the number of accepted firms in its second cohort and we are excited to open up for the 3rd batch.”
“Serving the SME sector is a key priority for ADGM since we began operations. Being at the forefront of innovation, it is clear to us that providing easier access to better data through powerful technologies such as Open APIs and artificial intelligence could fundamentally change the way the financial sector engages with this crucial part of the economy. Our focus on SMEs further underlines our commitment to the principles of leadership, innovation and nurturing the younger entrepreneurs and generation which is aligned with the spirit of the Year of Zayed,” he concluded.
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