The Abu Dhabi Global Market opened its fifth Regulatory Laboratory (RegLab) sandbox programme and has invited FinTech organisations to pitch their ideas on decentralised applications.
The latest cohort, which will run under the ADGM's Financial Services Regulatory Authority, will focus on decentralised finance (DeFi), Web3 and tokenisation.
This will give FinTech businesses the opportunity to foster innovation within the UAE financial services market, the financial free zone said on Wednesday.
Participants will have direct access to the Digital Lab, the FSRA's online sandbox environment.
A sandbox is generally defined as a testing ground for applications. The entry period for the fifth programme, which is open to new entrants and existing companies, will close on July 15.
“As the financial services sector continues to evolve globally at a rapid pace, the FSRA needs to remain agile in policy thinking and regulatory tools to address emerging risks while supporting the opportunities that DeFi can bring," said FSRA chief executive Emmanuel Givanakis.
"To this end, the formulation of an appropriate regulatory framework will be a key to ensuring trust and confidence in the deployment of DeFi protocols.
"Through the RegLab programme, we are committed to working closely with the Web3 community of talent in tapping the potential of DeFi."
Web3 is the latest iteration of the World Wide Web, with blockchain, decentralisation, openness and greater user utility among its core components.
The value of the Web3 market is expected to be valued at about $6.2 billion in 2023, and is expected to grow at a compound annual rate of 44.6 per cent from 2023 to 2030, according to Market Research Future.
Meanwhile, DeFi can potentially replace middlemen, such as brokers and banks, in the financial system. It is generally considered to be a safer way to conduct transactions based on blockchain technology.
The global DeFi platform market is expected to hit $507.92bn, a compound annual growth rate of about 44 per cent in 2028, according to Emergen Research.
Tokenisation is a process where a piece of sensitive data, such as a credit card number, is replaced by a surrogate value known as a token, according to Gartner.
This can prevent fraud and reduce risk from data breaches as the sensitive data still generally needs to be stored securely at one centralised location for subsequent reference. It also requires strong protections around it.
The global tokenisation industry is expected to grow by a compound annual growth rate of about 20 per cent to $5.6bn by 2026, from $2.3bn in 2021, according to research company Markets and Markets.
The UAE is increasing its focus on future technology. Dubai's Virtual Assets Regulatory Authority said earlier this month that it had entered into the metaverse after establishing its Metaverse HQ, making it the first regulator to have a presence in the emerging digital space.
"The development of robust and efficient DeFi services can help develop a strong foundation for Web3 by creating an effective mechanism for managing the transfer of value between decentralised Web3 services," the ADGM said.
While DeFi has the potential to positively affect the financial services sector, it has some associated risks. The FSRA recently issued a discussion paper to establish dialogue with the industry.
"Any future regulatory framework must ensure the relevant risks are mitigated, in order to fully realise the potential benefits of DeFi," it said.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
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Director: Shazia Iqbal
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Specs
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
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On sale: Later in 2025 or early 2026, depending on region
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The specs
Engine: 4.0-litre flat-six
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Total eligible population
About 57.5 million people
51.1 million received a jab
6.4 million have not
Where are the unvaccinated?
England 11%
Scotland 9%
Wales 10%
Northern Ireland 14%
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%3Cp%3EThe%20new%20UAE%20league%20has%20been%20boosted%20this%20season%20by%20the%20arrival%20of%20five%20Pakistanis%2C%20who%20were%20not%20released%20to%20play%20last%20year.%20%0D%3Cbr%3E%0D%0D%0D%3Cbr%3E%3Cstrong%3EShaheen%20Afridi%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3ESet%20for%20at%20least%20four%20matches%2C%20having%20arrived%20from%20New%20Zealand%20where%20he%20captained%20Pakistan%20in%20a%20series%20loss.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EShadab%20Khan%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3E%0DThe%20leg-spin%20bowling%20allrounder%20missed%20the%20tour%20of%20New%20Zealand%20after%20injuring%20an%20ankle%20when%20stepping%20on%20a%20ball.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAzam%20Khan%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3EPowerhouse%20wicketkeeper%20played%20three%20games%20for%20Pakistan%20on%20tour%20in%20New%20Zealand.%20He%20was%20the%20first%20Pakistani%20recruited%20to%20the%20ILT20.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMohammed%20Amir%20(Desert%20Vipers)%20%3C%2Fstrong%3E%0D%3Cbr%3EHas%20made%20himself%20unavailable%20for%20national%20duty%2C%20meaning%20he%20will%20be%20available%20for%20the%20entire%20ILT20%20campaign.%20%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EImad%20Wasim%20(Abu%20Dhabi%20Knight%20Riders)%20%3C%2Fstrong%3E%0D%3Cbr%3EThe%20left-handed%20allrounder%2C%2035%2C%20retired%20from%20international%20cricket%20in%20November%20and%20was%20subsequently%20recruited%20by%20the%20Knight%20Riders.%26nbsp%3B%3C%2Fp%3E%0A
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The specs: 2019 Jeep Wrangler
Price, base: Dh132,000
Engine: 3.6-litre V6
Gearbox: Eight-speed automatic
Power: 285hp @ 6,400rpm
Torque: 347Nm @ 4,100rpm
Fuel economy, combined: 9.6L to 10.3L / 100km
