The Abu Dhabi financial regulator’s Regulatory Laboratory (RegLab) is a regulatory framework which provides a controlled environment for fintech firms to develop and test innovative fintech solutions.
The Abu Dhabi Global Market (ADGM) has admitted four new fintech start-ups in its fourth RegLab cohort.
The regulator stated that the four local and international firms, UAE’s DAPI and PointCheckout as well as Swiss Jibrel Network and Luxemburg’s Ekofolio, were selected from a pool of 14 applications with market-ready solutions focusing on areas including sustainable finance and the Application Programming Interface economy to be tested in Abu Dhabi and wider UAE market.
Richard Teng, the CEO of Financial Services Regulatory Authority of ADGM, said, “The RegLab has been an instrumental platform not just for fintech start-ups to innovate but also for us as regulators to adapt, re-invent and update our regulatory requirements.”
The ADGM also said that two of its RegLab firms, NOW Money and Pyypl, graduated from the RegLab programme and have already deployed their new solutions into the marketplace, both firms are UAE-founded and based start-ups from the early cohort of ADGM RegLab initiative.
ADGM stated that successful RegLab applicants can test their product according to regulatory requirements tailored to contain the specific risks and impact of their particular test, allowing participants to explore as well as develop innovative solutions in a risk-appropriate and cost-effective environment.