Abu Dhabi Global Market (ADGM) and Autorite des Marches Financiers (AMF), France’s financial markets regulator, have signed a cooperation agreement to promote innovation in financial services in the UAE and France.

The agreement was signed by Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority, FSRA, of ADGM and Robert Ophele, Chairman of AMF.

The FSRA and AMF share a common interest in FinTech developments and have set up innovative functions to develop their FinTech ecosystems and support financial industries in their respective markets. This cooperation framework enables both sides to support and refer innovative projects and FinTech startups to ADGM’s FinTech Regulatory Laboratory, RegLab, and the AMF’s Fintech, Innovation, and Competitiveness (FIC) team respectively.

Both regulators will also share relevant information on innovation, provide support in the context of authorisation processes where appropriate, as well as, refer cross-border activities that can benefit to the growth of the financial and FinTech industries in each other’s jurisdiction.

The FSRA launched its RegLab in November 2016 to provide a controlled environment for Innovator Businesses to develop and test innovative solutions that promote efficiency and consumer choices in the financial sector, and to support the FSRA in the development of risk-appropriate and effective regulations for such innovation.

The AMF launched its Fintech, Innovation, and Competitiveness division in June 2016. The team accompanies firms developing innovative projects to help them navigate the regulatory system, and monitors market developments to identify and propose ways to address emerging regulatory issues. More generally the FIC supports the AMF’s efforts to promote an effective regulatory framework for market participants in France.

Teng said, “This is the first FinTech collaboration and bridge with the French securities market regulator.”


The Gulf Today/Gulf base