(MENAFN - Emirates News Agency (WAM))
ABU DHABI, 4th December, 2017 (WAM) -- Abu Dhabi Global Market, ADGM, today signed a Memorandum of Understanding with the National Health Insurance Company, Daman, to collaborate and consult on initiatives to promote the growth and development of the insurance-related FinTech ecosystem, InsurTech, in Abu Dhabi and the UAE.
The MoU was signed by Dr. Michael Bitzer, CEO of Daman, and Richard Teng, CEO of the Financial Services Regulatory Authority, FSRA, of ADGM.
The MoU enables ADGM and Daman to collaborate closely on a range of technology-related initiatives that serve to support entrepreneurs, start-ups and technology firms, who are active in the InsurTech environment. Daman and ADGM teams will specifically explore and participate in joint innovation projects on the development and application of technologies related to insurance management.
Commenting on signing the MoU, Dr. Bitzer said, "We are proud to support ADGM in creating a global FinTech hub here in Abu Dhabi. We believe that this partnership will support the programmes outlined in the Abu Dhabi Plan concerning the development of a financial services sector that support economic diversification and the promotion of entrepreneurship among SMEs. With Daman's unique experience and capabilities; and ADGM's robust regulatory framework, there will be a lot we can do encourage and nurture new types of insurance solutions fit for the 21st century."
Mr. Teng said, "Based on an industry report, the technology spent in the global insurance industry is expected to reach US$205 billion by 2019. Yet the state of InsurTech is still at a stage of infancy. We are pleased to partner with the leading home-grown insurance company, Daman. We look forward to tapping on Daman's wealth of experience and extensive market to identify and create initiatives that serve the needs of Abu Dhabi and the UAE. At the same time, ADGM will engage the relevant stakeholders and industry leaders to foster a conducive InsurTech environment and ecosystem."
WAM/Rola Alghoul/Esraa Ismail
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