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Singapore in Fintech Tie-Up With Abu Dhabi
The Monetary Authority of Singapore has agreed to cooperate on financial technology with the Abu Dhabi Global Market (ADGM).
ADGM is a newly established financial free zone in the UAE that aims to provide a home for branches of international financial companies.
“The agreement will open up new avenues and create opportunities for fintech firms in Singapore and Abu Dhabi looking to expand into each other’s markets,” said Sopnendu Mohanty, chief fintech officer at the Singapore authority.
Singapore is investing in fintech in the hope of becoming an Asian hub for innovation in financial services. In 2015, the Monetary Authority of Singapore created a financial technology and innovation group aimed at developing regulation that would support the emerging sector.
ADGM officially opened for business in October 2015 and is regulated under a similar regime to the nearby Dubai International Financial Centre.
©2017 funds global asia
This article was originally published in Funds Global Asia.
Photo: uberof202 ff