UAE – Mubasher: Abu Dhabi Global Market (ADGM), the award-winning International Financial Centre, signed a memorandum of understanding (MoU) with OneConnect Financial Technology Company (OneConnect) in a move to enhance and develop FinTech innovation, ecosystems, and market opportunities.
The deal will support and connect the economies in both the Belt-and-Road corridor and the Middle East and North Africa (MENA), according to ADGM’s statement on Tuesday.
Under the deal, ADGM and OneConnect will mutually support FinTech participants and ecosystem enablers in their respective community networks in leveraging Abu Dhabi as a platform to develop, test and launch innovative FinTech products, services and business solutions in the MENA markets and Belt and Road corridor.
OneConnect, which is a leading provider of advanced technology, enabled applications and business solutions to financial institutions.
It also offers world-class technology capabilities for financial services in AI, big data analytics and blockchain to support the digital transformation of the financial services industry, the statement added.
“Building connectivity and partnerships with key stakeholders such as OneConnect will help MENA FinTech participants tap opportunities in the Belt and Road corridor, and develop deep digital capabilities to accelerate the adoption and deployment of FinTech innovation in the MENA region,” Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM, commented on the deal.
He added that the ADGM aims at building stronger cooperation with OneConnect regarding the development of multilateral technology platforms that support the FinTech ecosystem.
“We value our partnerships with international financial institutions and regulators, and are deeply impressed by ADGM’s agile and responsive regulating structure, its proactive attitudes towards FinTech, as well as it open, innovative and sustainable ecosystem,” HUANG Runzhong, chief financial supervisor at OneConnect, said.
