Abu Dhabi Global Market represents an esteemed International Financial Center based in the UAE. The organization embodies 3 independent authorities including Financial Services Regulatory Authority, Registration Authority and ADGM Courts. As part of its Financial Services Regulatory Authority, ADGM has developed a highly powerful international Fin-tech sandbox which is the 2nd most active sandbox globally. The ADGM Sandbox is also the best successful fin-tech regulatory sandbox across Abu Dhabi and the UAE.
ADGM had recently conducted its 3rd Regulatory Laboratory Cohort with the mission to discover the most potential firms that can provide functional fin-tech solutions for the SMEs. As per the reports, 10 firms have been chosen as official participant as part of the Cohort. Selections were made from both local & international markets including India, Singapore, Kenya and the UK- added to the UAE market.
The FIRST of its kind in the UAE, ADGM’s RegLab stands as a major bespoke regulatory body which enables fin-tech companies to develop & evaluate breakthrough FinTech solutions under a controlled ambiance. Applicants chosen through Cohorts will be allowed to test their solutions as per the regulatory standards customized to contain specific impact and risks of the typical test. These important safeguards enable chosen fin-tech companies to explore as well as develop various innovative fin-tech solutions in economical and risk-appropriate circumstances.
Selected from 36 applicants, these 10 fin-tech companies will join the 16 participants chosen from ADGM’s first and second Regulatory Laboratory Cohorts. As of now, ADGM RegLab has selected 26 firms from 69 applications submitted from as many as 20 countries across the world.
Some of the major firms chosen by ADGM 3rd Regulatory Laboratory Cohort include:
Based in Singapore, XinFin is an enterprise-grade hybrid blockchain technology firm for global trade & finance. The company is aimed to eliminate the problems plaguing the global infrastructure development area through its secured, scalable and decentralized Blockchain design which will allow institutions to offer convenient real-time payments & settlement benefits. XinFin will also facilitate the benefit of cross-border digital smart contracts.
Based in the UAE only, Lucid Pay represents a next-gen blockchain powered smart settlement benefit especially for hospitality sector. The platform is engineered to enable hotel guests pay for different hotel amenities & services via LucidPay digital wallet or wristband. The system assures to eliminate fraud risks and issue of disputed payments by facilitating record-keeping of every transaction right on blockchain.
Based in Kenya, BitPesa is driven to extend breakthrough solutions for treasury management that can minimize friction, enhance efficiency as well as support interoperability digitally. The company is aimed leverage growth of SMEs in the frontier markets.
Follow me : @sydneyifergan