Abu Dhabi Free Zone Wins FinTech Recognition
by Lorys Charalambous, Lowtax.net, Cyprus
20 April, 2017
Abu Dhabi has been ranked the top financial technology (FinTech) hub for the Middle East and North Africa region.
The finding was made in the global FinTech hub review, "A Tale of 44 Cities," prepared by Deloitte in partnership with the Global FinTech Hubs Federation.
The review was released at the 2017 Innovate Finance Global Summit held in London on April 10, 2017, to an audience of 2,500 international FinTech sector participants.
Deloitte's report, which covered 44 jurisdictions that seek to promote FinTech, said the launch of the Abu Dhabi Global Market's Regulatory Laboratory (RegLab) initiative for FinTech startups was a key factor in its decision. It noted it is the only "live" FinTech regulatory regime in the MENA region, with a total of 11 companies seeking bespoke rules from the low-tax zone to develop their FinTech offerings there. It said the launch of RegLab was a "milestone success for Abu Dhabi and marked the openness and support by regulators and government towards innovation."
ADGM is an international financial center established in 2013. It offers a range of attractive benefits to firms, including exemption from taxes guaranteed for 50 years, and relaxed rules on the repatriation of profits. ADGM permits 100 percent foreign ownership.
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