Digital investment managers targeted as more tech-savvy clients
Regulations have been issued for ‘robo-advisors’ operating in the Abu Dhabi Global Market (ADGM).
Also known as digital investment managers, ‘robo-advisors’ provide investment management services using algorithm-based tools and technology to interact with more tech-savvy clients.
They also have the potential to play an important role in promoting financial inclusion and providing a wider range of options for retail client investors in the Middle East and Africa region.
To support the industry, the Financial Services Regulatory Authority (FSRA) has prepared guidance to illustrate how its regulatory framework applies to businesses and how ‘robo-advisors’ can operate more effectively in ADGM, according to a report by Emirates News Agency (WAM).
Richard Teng, CEO of FSRA, said: “Robo-advice leveraging artificial intelligence and data analytics is an area of Fintech that has enormous potential to improve investment decision making in the Middle East and Africa region. With this guidance, we aim to make it easier for digital investment businesses to operate in ADGM and in turn provide investors with greater access to professional investment tools to help achieve their financial goals.”For all the latest tech 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.