The Emirates may have been less responsive than others to take action on the disruption happening with financial technology, but in the last year, along with the growing enthusiasm showed by the local environment of finance pioneers and investors, we have seen a good number of new initiatives that should catalyze the local digital finance market to scale.
The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), has released a consultation paper at the start of September, in order to get feedback and comments on the presented Regulation Laboratory (RegLab). This legislative framework, which is expected to take effect by end of 2016 and is something similar to the fintech sandboxes previously adopted by other countries including Singapore, the UK and Australia.
It’s not only Abu Dhabi that is making progress with their financial technology ecosystem in the area. Dubai as well is turning up the rivalry with their neighbors to become the fintech hub of UAE and Middle East. The Crown Prince, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, announced that Dubai will become the first government in the world to execute all its transactions on Blockchain by 2020.
Read the whole article on Crowd Valley News.
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