11 October 2017, UAE/India : Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and YES BANK have signed an MOU to further foster cross-border exchange between the FinTech ecosystems of the UAE and India. The collaboration will enable FinTech innovators from the Middle East region and India to apply into YES FinTech programmes and the ADGM’s Regulatory Laboratory (RegLab)* and have the opportunity to expand into each other’s markets.
Mr. Rana Kapoor, Chief Executive Officer, YES BANK, said, “Abu Dhabi has emerged as a prominent regional financial hub and like India has prioritized financial technology (Fintech) as a key enabler of competitive advantage. Our partnership with Abu Dhabi Global Markets will act as a springboard to create a borderless ecosystem for technology and talent, bringing in Fintech solutions from the GCC to India while providing GCC market access for Indian FinTechs. India can also benchmark the Regulatory Lab set up by ADGM, in its efforts to further scale up the Indian Fintech ecosystem.”
YES BANK is India's fifth largest private sector bank and is one the pioneers of FinTech in India from the banking industry with clear focus on cyber security, AI and ML, Big data analytics and biometrics. YES BANK has an in-house FinTech accelerator (YES FinTech), which is a platform for YES BANK and FinTech startups to co-create innovative solutions and partner in taking the solution to the bank’s customers.
Mr Richard Teng, Chief Executive Officer, FSRA of ADGM said, “There is a lot of synergy in the way the UAE and Indian financial markets and FinTech ecosystems complement each other. Both markets have a strong enterprising culture that are poised to drive the next stage of innovation-led economic growth. The knowledge and talent exchange facilitated by our respective innovation programmes will accelerate that. Already, we have seen great interest among Indian innovators participating in our RegLab. Through this partnership with YES BANK, we look forward to building on our strengths to enhance the connectivity between the two FinTech ecosystems in a concrete fashion.”
ADGM is pleased to share that Mr Rana Kapoor, CEO of YES BANK will be delivering one of the first keynote addresses at the FinTech Abu Dhabi Summit which is taking place in Abu Dhabi on 22 to 23 October 2017. The FinTech Abu Dhabi event is designed to support the Abu Dhabi Government’s overall growth strategy and its initiatives to advance its core sectors including financial services, innovations, entrepreneurship and local human talents.
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre located in the capital city of the United Arab Emirates, opened for business on 21st October 2015. In line with the Abu Dhabi’s Economic Vision, ADGM is a natural extension of Abu Dhabi’s role as a reliable and responsible member of the global financial community. Strategically situated in Abu Dhabi, home to one of the world’s largest sovereign wealth funds, ADGM plays a pivotal role in positioning Abu Dhabi as a global centre for business and finance that connects the growing economies of the Middle East, Africa and South Asia.
ADGM’s three independent authorities, the Registration Authority, the Financial Services Regulatory Authority and ADGM Courts, enable registered companies to conduct business in a zero-percent tax environment and operate with confidence within an international regulatory framework with its own independent judicial system and legislative infrastructure based on the Common Law.
Established by a UAE Federal Decree as a broad based financial centre, ADGM’s foundation is anchored on three of Abu Dhabi’s strategic strengths - private banking, wealth management and asset management and will continually expand its financial services in response to the needs of its businesses and marketplace.
Overview of ADGM’s FinTech Achievement and Commitment
As an IFC and FinTech Hub ADGM has accomplished notable milestones and established strategic partnerships to bolster the FinTech ecosystem since March 2016. ADGM is also the first in the MENA region to establish a dedicated and open regulatory framework in November to licence FinTech stakeholders and launched a Regulatory Laboratory (Reglab)* – a regulatory sandbox - that offers a controlled environment for FinTech innovators to develop and test their products and services.
To-date, ADGM has established about eight FinTech bridges with key IFCs and jurisdictions in the recent six months. These cross-border partnerships enable ADGM to maintain a practical, open and inclusive global FinTech centre that has been serving the communities in Abu Dhabi and the greater MENA region.
As a global FinTech Hub, ADGM continues to enhance its international network with the MENA region, Asia, Australia, US, UK, Europe to facilitate greater access to markets, capital and regulatory recognition for Fintech players. ADGM actively engages its stakeholders, forge partnerships and collaborations to develop a conducive and effective FinTech ecosystem.
ADGM will be hosting its first FinTech Abu Dhabi event from 22 to 23 October 2017. For more details of the ADGM’s FinTech Abu Dhabi event, visit www.fintechabudhabi.com to register interest.
ADGM is located on Al Maryah Island, a 114-hectare development that is home to world-class business and lifestyle facilities such as the Rosewood and Four Seasons Hotels and Residences, the first ever specialty Cleveland Clinic Hospital outside of USA, luxury retail at the Galleria Mall, and grade-A offices spaces to meet Abu Dhabi’s long-term development and economic needs. All these complement ADGM’s international financial centre position as a vibrant destination in the capital city in Abu Dhabi. For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket, @FinTechAD, #FinTechAD, and Linked : ADGM
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 9 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
Joan Lew, Senior Manager, Communications