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ADGM, Australian Agree FinTech Collaboration

by Lorys Charalambous, Lowtax.net, Cyprus
27 July, 2017

Abu Dhabi Global Market, the international financial center in Abu Dhabi, and the Australian Securities and Investments Commission have signed an agreement to collaborate on supporting the growth of FinTech firms.

The agreement is said to establish a strategic framework for both regulators to share relevant information on innovation, provide support through the application and authorization process, and discuss cross-border activities that could benefit and add to the growth of the their respective financial and FinTech industries.

Richard Teng, CEO of ADGM's Financial Services Regulatory Authority, said: "We are pleased to partner ASIC and share the common interest in fostering an inclusive international Fintech hub that supports innovation in a safe regulatory environment."

This new agreement establishes ADGM's fourth FinTech "bridge" with a global FinTech hub, the zone said, following recent deals with the Monetary Authority of Singapore, the Kenya Capital Markets Authority, and the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone.

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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