ADGM Partners With Indian Bank On Fintech
by Lorys Charalambous, Lowtax.net, Cyprus
13 October, 2017
Abu Dhabi Global Market, the international financial center in Abu Dhabi, and YES BANK, India's fifth largest private sector bank, have signed a memorandum of understanding on cross-border FinTech collaboration.
The MoU is intended to help FinTech innovators from the Middle East region and India expand into each other's markets, and to take advantage of the FinTech accelerator programmes offered by YES BANK and ADGM's Regulatory Laboratory.
Rana Kapoor, CEO of YES BANK, said: "Abu Dhabi has emerged as a prominent regional financial hub and like India has prioritized Fintech as a key enabler of competitive advantage. Our partnership with ADGM will act as a springboard to create a borderless ecosystem for technology and talent, bringing in Fintech solutions from [Gulf Cooperation Council (GCC) member states] to India while providing GCC market access for Indian FinTechs. India can also benchmark the Regulatory Laboratory set up by ADGM, in its efforts to further scale up the Indian Fintech ecosystem."
Richard Teng, CEO of ADGM's regulator, said: "There is a lot of synergy in the way the United Arab Emirates and Indian financial markets and FinTech ecosystems complement each other. Both markets have a strong enterprising culture that is poised to drive the next stage of innovation-led economic growth. The knowledge and talent exchange facilitated by our respective innovation programs will accelerate that. Already, we have seen great interest among Indian innovators participating in our Regulatory Laboratory. Through this partnership with YES BANK, we look forward to building on our strengths to enhance the connectivity between the two FinTech ecosystems in a concrete fashion."
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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