Abu Dhabi Global Market (ADGM) and the UAE Exchange have inked a memorandum of understanding (MoU) to support fintech innovation in the two markets.

Under the partnership, UAE Exchange will cooperate with fintech participants under ADGM’s Regulatory Laboratory (RegLab) to develop fintech solutions in remittance, foreign exchange and payments.

The two parties will collaborate to identify challenges in the fintech space, as well as explore joint innovation programmes in various areas including emerging payments, blockchain and distributed ledgers, artificial intelligence, and P2P solutions.

UAE Exchange Group CEO Promoth Manghat said: “Our partnership with ADGM will nurture local FinTech innovation through incubator, accelerator and academic programmes.”

ADGM Financial Services Regulatory Authority CEO Richard Teng added: “In addition to delivering solutions that would benefit the financial services sector, the collaboration with UAE Exchange will create a feedback loop for ADGM as a financial services regulator to fine-tune and enhance its rules and regulatory approach to financial innovation.”