UAE-based Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM FSRA) and Israel’s national securities regulator, Israel Securities Authority (ISA) has signed a fintech cooperation agreement, marking the first of its kind in the MENA region.
The agreement is a vital step forward in promoting the region as a linked and collaborative climate in which fintech can flourish. It facilitates the sharing of information and the movement of startups, knowledge and skills between the two jurisdictions.
With this latest alliance, the ADGM FSRA and the ISA will continue actions to promote economic development in financial services through the introduction of the latest technologies and the strengthening of related fintech sectors.
The agreement will allow exchange of information on trends, services and products, as well as promote the collaborative development between the ADGM FSRA and the ISA of fintech initiatives.
“Following the signature of the historic Abraham Accords, we are excited to enter this FinTech Cooperation Agreement with the ISA. From our close discussions with the Israel Securities Authority, in particular, during the FinTech Abu Dhabi Festival, it is clear that both authorities value the importance of collaboration and mutual support. I look forward to working closely with our partner to bring forward a more connected, collaborative network to meet the demands of our growing fintech ecosystem.”
Besides, both jurisdictions will participate in technical knowledge transfer activities, accelerator programs and the promotion of advancement of associated technologies such as digital payments and blockchain, which are the prominent components for the expansion of the fintech sector.
The agreement would also provide fintech startups with the opportunity to access information from one shared point of contact from their respective jurisdictions.
ADGM has achieved significant milestones as an International Financial Centre and Fintech Center and has formed strategic alliances to reinforce the regional fintech ecosystem, supporting regional and global secure fintech growth. The alliance with the ISA further expands the fintech cooperation network of ADGM which currently spans across five continents.