ADGM Partners With University To Promote FinTech
by Lorys Charalambous, Lowtax.net, Cyprus
17 June, 2016
The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and the New York University Abu Dhabi (NYUAD) signed a Memorandum of Understanding (MoU) on June 6, 2016, to develop the financial technology ("FinTech") eco-system in Abu Dhabi.
This MoU follows closely on the recent announcement of ADGM's proposed Regulatory Laboratory (RegLab), a framework tailored to enable firms to deploy innovative technology in the financial services sector. It aims to offer a controlled and cost-effective environment.
The new partnership provides for cooperation between FSRA and NYUAD on initiatives that would support the development and growth of the FinTech ecosystem in ADGM, Abu Dhabi, and beyond, said the ADGM.
Under the agreement, the FSRA will assist entrepreneurs and companies engaged in the FinTech sector on understanding and navigating any commercial or regulatory requirements in relation to their business activities.
Through the partnership, NYUAD will offer access to entrepreneurship training and skills development to participants of ADGM's RegLab platform.
The FRSA published a consultation paper on May 10, 2016, and is seeking industry views on its proposed FinTech regulatory framework including the "Regulatory Laboratory" initiative.
In a separate statement, ADGM announced that the FSRA signed an MoU with the Cayman Islands Monetary Authority (CIMA) on June 9, 2016, to develop a framework for mutual assistance and exchange of information. It is intended to foster high standards of regulatory practice and compliance with tax standards in both jurisdictions.
ADGM offers firms a number of benefits, including exemption from taxes guaranteed for 50 years, and relaxed rules on the repatriation of profits. The zone permits 100 percent foreign ownership.
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