The Central Bank of the UAE (CBUAE) and Abu Dhabi’s renowned international financial center and free zone Abu Dhabi Global Market (ADGM), have entered into a memorandum of understanding (MoU) to collaborate on the development and expansion of the UAE’s fintech ecosystem.
As part of the agreement, CBUAE and ADGM will enhance the collaboration under their co-sandbox program that will allow fintech companies to test their innovative solutions under the existing digital sandbox initiative.
The MoU also stipulates collaboration on fintech initiatives and activities between the parties, including accelerator programs, competitions, workshops, seminars, conferences and projects.
The agreement was signed by HE Ahmed Ali Al Sayegh, Minister of State and Chairman of ADGM, and HE Khaled Mohamed Balama, Governor of CBUAE, as part of CBUAE’s inaugural Future of Finance conference, held during Expo 2020 on 13th and 14th October 2021.
“The UAE’s ability to develop a regulatory environment conducive to innovation and digitization is amongst the foremost determinants of the future of its financial system. Our signing of this agreement with ADGM plays an important role in CBUAE’s commitment to enabling the greater proliferation of fintech solutions across the UAE. We are confident that this agreement will attract key fintech players to the country and result in an enhanced environment that enables innovation to thrive, in alignment with the nation’s ambitious economic growth plans and digitization aspirations.”
Commenting on the agreements, His Excellency Ahmed Ali Al Sayegh, Minister of State and Chairman of ADGM, said, “The fintech sector is fast shaping the face of the global financial system, requiring coordinated attention by regulators to ensure its robust development and integration. ADGM has, since its inception, striven to introduce regulatory frameworks and solutions, as well as partner with leading regulators locally and globally, to create an environment that enables innovation and progressive technology adoption. Our agreement with the CBUAE further reinforces this joint commitment to bolstering the UAE’s thriving fintech sector.”