Abu Dhabi Global Market (ADGM)’s Financial Services Regulatory Authority (FSRA) has entered into an agreement with China-based banking software and technology company Sunline Holding Ltd to promote the development of ADGM’s FinTech ecosystem.
The Memorandum of Understanding (MoU) is expected to enhance AGGM’s services to support and connect businesses and markets in the Middle East and North Africa and the Belt-and-Road corridor, including developing digital financing and loans solutions for the SMEs to support and grow their operations in a post-pandemic environment.
Sunline specializes in providing best-in-class technological solutions for the financial sector. It has the largest installed base for both core and digital banking systems in China which serves more than 700 banking and finance customers worldwide and assists them transform digitally over the past decade.
Sunline will provide a FinTech development suite in the ADGM Digital Lab, an online marketplace where FinTechs and financial institutions (FIs) can co-create and test solutions to address challenges with direct oversight and engagement by the regulator. Harnessing the tools and collaborating with ecosystem participants in the Digital Lab, banks can create specialized end-to-end workflows for loan products tailored to the needs of the SME.
ADGM’s collaboration with Sunline will help to build connectivity and partnerships among the FinTech ecosystems in MENA, Asia and along the Belt and Road corridor.
Richard Teng, CEO of the FSRA, said, “With digital transformation accelerating, ADGM seeks to support the growth and development of a vibrant FinTech and innovation ecosystem through collaboration with industry, community and regulatory stakeholders. The Digital Lab consolidates the synergistic benefit of an ecosystem, fostering holistic solutions that are more effective and sustainable.”
Matthew Chen, CEO of Sunline Overseas Business said, “Sunline will create a digital platform on ADGM’s digital sandbox to connect banks with FinTech companies. Empowered with the latest technologies on an agile digital platform, banks can push out more flexible loans to SMEs, especially those going through hardship under the current pandemic situation via this platform.”