Abu Dhabi is working to establish its new financial free zone as the financial technology, or 'Fintech', capital of the GCC.
Ahmed Al Sayegh, chairman of the Abu Dhabi Global Market (ADGM), told the Global Financial Markets Forum 2016 in Abu Dhabi this week that fintech was a fast-growing part of the international financial industry but that the GCC was not currently capitalising on this.
“We have not yet seen a deeply established fintech ecosystem in the GCC,” Al Sayegh said. “Our intention is to promote Abu Dhabi as the fintech hub in the GCC in partnership with key stakeholders.”
He claimed the global value of fin-tech investment has expanded threefold in the past three years and could reach $12 billion by 2018, according to The National.
Al Sayegh also said ADGM’s strategy to develop the sector would be implemented in collaboration with international and regional partners and details would be announced in due course.
He also revealed that two new ADGM financial members – Australian firm Macquarie Capital and the UK’s Aberdeen Asset Management – had applied for licences to operate at the free zone.
This will take the number of licensed financial members of ADGM to three since it declared itself open for business in October. There are a further 25 non-financial companies registered at the free zone.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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