Abu Dhabi Global Market (ADGM) and payments processor Mastercard have entered into a partnership to develop FinTech activities in Abu Dhabi, and the wider region.

Under the collaboration, both firms will develop latest solutions that will add value and transform businesses. Furthermore, they will work on projects that will accelerate the expansion and depth of the FinTech ecosystem.

Mastercard has offered innovative products and solutions which simplifies the payments journey for all of its stakeholders. It is also mentoring some of the finalists of ADGM’s ongoing FinTech Abu Dhabi Innovation Challenge programme.

Mastercard division president for Middle East and North Africa Khalid Elgibali said: “We are pleased to collaborate with ADGM to support and promote FinTech initiatives in Abu Dhabi as part of our continuous efforts to engage and grow relationships with the best and brightest startups who are reimagining financial technology.

“As a payments technology leader, we see a great deal of potential for FinTech companies in the wider region, and this the new collaboration will help us play our part in supporting companies that will shape the future of commerce in the coming years.”

Richard Teng, CEO, FSRA of ADGM said: “We are excited to partner with Mastercard in building and enhancing the FinTech ecosystem in Abu Dhabi and regionally.

“With an advanced innovation agenda in the Middle East and Africa, Mastercard’s expertise in working with FinTech innovators on proofs of concepts in the payments technology space will greatly complement ADGM’s regulatory expertise in supporting and mentoring participants in our RegLab programme and Mastercard’s innovation programme for start-ups.

“ADGM will continue to collaborate with strategic industry leaders and introduce new initiatives that will effectively cater to the needs of the financial services community.”