ADGM seeks market response to Joint Consultation on Global Financial Innovation Network

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is inviting the FinTech and RegTech companies and community in Abu Dhabi and the MENA region to participate and comment on a joint consultation proposing the role and details of a Global Financial Innovation Network (GFIN) initiated by the UK Financial Conduct Authority (FCA).  The GFIN is a newly-formed association comprising 11 financial regulators, including ADGM. This paper follows a proposition document published by the UK FCA in February 2018 on the concept of a “global sandbox” and provides an update on the next steps of the project.  

The GFIN initiative will create a network of FinTech-focused regulators, and for those that offer RegLab-like regulatory sandboxes, cross-border trials for those FinTechs seeking to run tests in multiple jurisdictions simultaneously. GFIN will also become a key forum for financial regulators to collaborate on RegTech solutions and develop innovation-related policies.

As a centre of innovation and financial services, ADGM is an active advocate of financial technology and developments locally and internationally. ADGM has formed vital international bridges with multiple financial regulators, governments and the private sector to promote and enable the development and adoption of FinTech across the various economies.   As a member of the GFIN, ADGM looks forward to further cooperate with its regulator counterparts at scale and bring greater value to the FinTech industry in Abu Dhabi and globally.