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Abu Dhabi / WAM
TechPreneur Africa, a social impact firm which focusses on harnessing innovation and entrepreneurship to achieve real economic impact across Africa, has signed a Memorandum of Understanding (MoU) with the Abu Dhabi Global Market (ADGM), an international financial centre in Abu Dhabi, to foster and support the growth and activities of FinTech in the Middle East and African regions (MEA).
ADGM is the first financial centre in the MEA region
to have a FinTech regulatory laboratory, RegLab, regime to foster innovation in financial services.
By taking into account
the unique business model and risks of the FinTech participant and customising the test boundaries and regulatory requirements accordingly, the ADGM RegLab allows the participant to develop and test its FinTech proposition in a safe environment while not putting undue regulatory burden on the participant.
FinTech participants admitted into the RegLab will have access to dedicated regulatory support and guidance, and have a period of up to two years to develop and test
their FinTech proposition.
Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority of ADGM, said, “The new partnership with TechPreneur Africa marks another achievement towards strengthening the connections between FinTech communities, and harnessing synergies in innov- ations and capabilities thro-ugh global collaboration.