The Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM FSRA) and the Israel Securities Authority (ISA) have entered into a FinTech cooperation agreement, marking a significant first in the Mena region.
It provides a framework for information sharing, and for facilitating the movement of start-ups, knowledge, and talent between the two jurisdictions, reported Emirates news agency Wam.
With this new partnership, the ADGM FSRA and the ISA will undertake initiatives to promote economic growth in financial services through the adoption of new technology and the strengthening of their respective FinTech sectors.
"Following the signature of the historic Abraham Accords, we are excited to enter this FinTech Cooperation Agreement with the ISA," said Richard Teng, Chief Executive Officer of the ADGM FSRA.
"From our close discussions with the Israel Securities Authority, in particular during the FinTech Abu Dhabi Festival, it is clear that both authorities value the importance of collaboration and mutual support. I look forward to working closely with our partner to bring forward a more connected, collaborative network to meet the demands of our growing FinTech ecosystem."
The agreement will allow for the exchange of information on trends, services and products, as well as facilitate the collaborative development of FinTech initiatives between the ADGM FSRA and the ISA.
Both jurisdictions will also engage in professional knowledge transfer activities, accelerator programmes and the promotion of the development of relevant technologies, such as digital payments and blockchain, which are fundamental elements to the growth of the FinTech sector.
The agreement will also afford FinTech start-ups the ability to access information from the respective jurisdictions through one common point of contact.
As an International Financial Centre and FinTech hub, ADGM has reached significant milestones and established strategic partnerships to bolster the regional FinTech ecosystem, supporting the safe development of FinTech both regionally and globally. The partnership with the ISA further expands ADGM’s network of FinTech collaborations, which currently stretch over 5 continents.