The Abu Dhabi Global Market created an online community where entities such as banks, investors, FinTech companies and regulators can come together to test the feasibility of new products and services.
The Digital Marketplace initiative, part of the ADGM's Digital Lab, went live yesterday, the financial free zone said.
“In the GCC region, the digital transformation agenda has steadily become an important focus of many financial institutions and banks," said Wai Lum, senior executive director of capital markets at the ADGM's Financial Services Regulatory Authority.
"However, when it comes to actual implementation, banks are faced with a few challenges. There is a lack of a safe and conducive environment for them to test out their innovation before procurement," he said.
"There were instances when the banks realised after going through the procurement process that the technology was not up to their requirements. So, we decided to invest in a digital laboratory or a digital sandbox.”
Regional FinTech companies became more prominent as the pandemic fuelled demand for online payments.
The number of FinTechs in the region is set to grow to 1,845 by 2022, an increase of 230 per cent compared with 559 companies in 2015, according to a report by Mena Research Partners.
Within hours of launch, there were 37 stakeholders on the Digital Marketplace. These included regulators, banks, venture capitalists, FinTechs and technology companies, ADGM said.
It also listed 17 application programming interfaces or products on the platform. An API allows other software systems to work together.
“Our unique selling point is that we involve regulators in the development process. When FinTechs and financial institutions test their products on the platform, we are able to provide regulatory inputs from day one to ensure they are compliant by design,” said Mr Wai.
“It is a vibrant marketplace for interactions ... banks can source for FinTechs ... while FinTechs can look for potential investors.”
The platform will allow the ADGM to attract companies and regulators from around the world, said Mr Wai.
For example, start-ups from Singapore to London to New York can collaborate on the platform with banks in this part of the world, he said.
“The Digital Marketplace saw a very positive start and we can move from strength to strength.”
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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UAE currency: the story behind the money in your pockets
The Byblos iftar in numbers
29 or 30 days – the number of iftar services held during the holy month
50 staff members required to prepare an iftar
200 to 350 the number of people served iftar nightly
160 litres of the traditional Ramadan drink, jalab, is served in total
500 litres of soup is served during the holy month
200 kilograms of meat is used for various dishes
350 kilograms of onion is used in dishes
5 minutes – the average time that staff have to eat
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
MATCH INFO
Uefa Champions League, last-16. first leg
Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports
THE SPECS
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Transmission: Constant Variable (CVT)
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Top New Zealand cop on policing the virtual world
New Zealand police began closer scrutiny of social media and online communities after the attacks on two mosques in March, the country's top officer said.
The killing of 51 people in Christchurch and wounding of more than 40 others shocked the world. Brenton Tarrant, a suspected white supremacist, was accused of the killings. His trial is ongoing and he denies the charges.
Mike Bush, commissioner of New Zealand Police, said officers looked closely at how they monitored social media in the wake of the tragedy to see if lessons could be learned.
“We decided that it was fit for purpose but we need to deepen it in terms of community relationships, extending them not only with the traditional community but the virtual one as well," he told The National.
"We want to get ahead of attacks like we suffered in New Zealand so we have to challenge ourselves to be better."
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
