(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 4th March, 2019 (WAM) -- Abu Dhabi Global Market, ADGM, will welcome applications for its fourth cohort of Regulatory Laboratory, RegLab, with dual themes of "API economy" and "Sustainable Finance".
Technological advances provide vast opportunities to transform financial services globally. Automated Programming Interfaces, APIs, power this transformation by assisting corporates to fuel internal innovation, reach new customers, extend products and create vibrant partner ecosystems.
By their nature, APIs allow for rapid prototyping, agile development and a fail-fast-learn-quick culture. They enable sharing, moving and accessing information previously ring-fenced within isolated systems.
Open APIs, for instance, could allow FinTech startups to experiment with institutional data to better analyse and offer tailored credit facilities, use machine-learning analytics to process traditional and alternative data for credit scoring or create innovative KYC solutions and cloud-based enterprise financial and risk management. ADGM will be releasing API Guidance in the coming months to promote the use of standardised, interoperable and trusted APIs.
ADGM also recognises the importance of Sustainable Finance and its role in the global economy. The financial sector plays a critical role in supporting the funding and investment needs of sustainable development objectives. Unprecedented levels of investment are necessary to develop sustainable energy sources, environment protection, healthcare and education, amongst many others to achieve long-term sustainability and growth for all. In line with ADGM's Sustainable Finance Agenda, ADGM will provide an innovation platform to channel finance into this important sector.
ADGM encourages FinTech and RegTech companies that deploy API-enabled solutions or focus on Sustainable Finance to apply in the fourth cohort of the RegLab. The application period will close on 25th April, 2019. ADGM is still open to accepting applications related to other themes within the financial sectors.
"The ADGM start-up and entrepreneurial ecosystem will further Abu Dhabi's drive for economic diversification and the growth of key sectors, such as Sustainable Finance. Last month, ADGM signed, with key federal authorities including the UAE Central Bank and Securities & Commodities Authority, the Abu Dhabi Sustainable Finance Declaration. It sets out our commitment to collaborate and explore innovative initiatives that promote and integrate green and sustainable investments in the UAE and regionally. Technology will form a crucial pillar in that effort. We welcome innovative product offerings and services to support the capital formation and generate accessible financing for the sustainable finance sector," said Richard Teng, CEO of the Financial Services Regulatory Authority of ADGM.
Successful applicants can test their product according to regulatory requirements tailored to contain the specific risks and impact of their particular test. These safeguards will allow RegLab participants to explore and develop innovative solutions in a risk-appropriate and cost-effective environment. Participants will also have access to a digital sandbox service that enables them to integrate their solutions with banking data and functionality and test the solutions for scalability and robustness.
WAM/Rola Alghoul/MOHD AAMIR
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