ADGM Promotes Its New FinTech RegLab In Singapore
by Lorys Charalambous, Lowtax.net, Cyprus
18 November, 2016
Abu Dhabi Global Market, the low-tax financial center, touted its new regime catered to financial technology start-ups at the recent Singapore FinTech Festival.
The ADGM launched its FinTech Regulatory Laboratory (RegLab) on November 2, 2016. RegLab, said to be the first of its kind in the Middle East and North Africa region, offers bespoke regulation and oversight for innovative FinTech companies, to offer them an enabling environment to develop and test their products.
ADGM's presence at the Singapore FinTech Festival allowed global FinTech participants and investors to meet with the ADGM FinTech team to learn more about the project. Richard Teng, Chief Executive of the zone's regulator, said: "Since the launch of our Reglab and framework, we have received positive feedback and support from Abu Dhabi entities and global FinTech players. This event provided an opportunity for ADGM to raise greater awareness of Abu Dhabi's financial services forte and economy. At the same time, we [were able to] reach out to FinTech participants who are interested in the ADGM regulatory framework and its FinTech environment."
ADGM is a low-tax International Financial Center in Abu Dhabi offering a range of attractive benefits to firms, 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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