The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Emirates Business
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has initiated world’s first cross-border testing of fintech digital sandbox connectivity with Asean Financial Innovation Network (AFIN) between Abu Dhabi and Singapore. This is a continuation of ADGM’s first announcement in September to launch its fintech digital sandbox.
To enable cross-border connectivity, ADGM has partnered with AFIN, which is building a digital marketplace — the API Exchange (APIX) — for South-East Asia to support financial inclusion. Connectivity between these two global fintech hubs will propel both regions forward to a future of truly digital international financial services. APIX was launched by Narendra Modi, Prime Minister of India at the 2018
Singapore FinTech Festival.
ADGM and AFIN have showcased connectivity between their two platforms at Singapore FinTech Festival. This pilot test included Anglo-Gulf Trade Bank (AGTB), an ADGM-registered firm, which has extended trade finance to a Sing- apore-based seller of goods for purposes of simulating a UAE-Singapore trade transaction.