Abu Dhabi Global Market, ADGM, the International Financial Centre in Abu Dhabi, and the Capital Markets Authority, CMA, Kenya signed a FinTech cooperation agreement which provides a framework to support financial innovation in each jurisdiction.

Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority, FSRA, of ADGM, and Paul Muthaura, Chief Executive, CMA Kenya signed the agreement, which expands both parties' FinTech cooperation network to growth markets with enormous potentials. It provides a framework for information sharing between the two sides to assist each other in keeping abreast of regulatory and relevant economic or commercial developments in the respective markets.

Both Authorities are also looking forward to render support to innovative FinTech businesses in better understanding the regulatory regimes in each of their jurisdictions.

Richard Teng said, "This is our first FinTech bridge with an African regulatory counterpart. Through closer collaboration, ADGM and CMA hope to harness the strength of each other’s innovation platform to encourage and support technology startups and innovators in advancing their creative solutions into new markets. ADGM will continue to work with more like-minded partners like the Kenya CMA to advocate robust financial inclusion and regulatory cooperation."

Paul Muthaura said, ‘‘We are committed to facilitating innovation in financial services, leveraging Kenya’s positioning in the region as an innovation centre. This is central to the implementation of the Capital Markets 10-year Master Plan which identified FinTech as an area in which Kenya could emerge as a centre of excellence.'’ This new agreement establishes ADGM’s fourth FinTech bridge with a global FinTech hub, following its recent collaborations with the Monetary Authority of Singapore, the Australian Securities and Investments Commission and the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Qianhai Authority).

Source: Wam