Abu Dhabi Global Market Financial Services Regulatory Authority has signed a memorandum of understanding with du to develop a FinTech ecosystem in the UAE.
Under the MoU, the two will collaborate to develop a platform created for testing and launching innovative products, services and business solutions. The agreement will draw on du's expertise in new technologies such as blockchain, the company said.
The agreement was signed by Richard Teng, CEO of Abu Dhabi Global Markets Financial Services Regulatory Authority, and Hany Fahmy Aly the Executive Vice President of Enterprise Business, EITC, the parent company of du.
"Our partnership with the Abu Dhabi Global Market Financial Services Regulatory Authority will help us establish the FinTech ecosystem in the UAE. This partnership will allow us to create the infrastructure and enhance new environments with ecosystems, stimulate technological innovation, make financial markets and systems more efficient, and improve the overall customer experience in the UAE," said Fahad Al Hassawi, Deputy CEO, EITC.
Richard Teng added: "We are pleased to be partnering with du, whose mobile technology infrastructure and capabilities will support the deployment and adoption of financial services solutions in a wider market and underserved customers. We look forward to working with du to foster the digital ecosystem and bring about greater integration between innovators and financial institutions in delivering innovation to the market."