Expanding on the achievements of the largest Fintech Festival in the Middle East and North Africa (MENA) region, hosted by Abu Dhabi Global Market (ADGM), the 7th edition of Fintech Abu Dhabi attracted a remarkable gathering of global financial technology leaders and visionaries. The event brought together individuals at the forefront of innovation from prominent financial institutions, startups, innovators, entrepreneurs, venture capitalists, scientists, and academics, further establishing Abu Dhabi as a progressive hub for innovation and technology.
Read more: ADFW 2023: Navigating Abu Dhabi’s evolving investment landscape at Asset Abu Dhabi
In partnership with Huawei, ADGM’s flagship event, Fintech Abu Dhabi, once again took center stage during Abu Dhabi Finance Week (ADFW) this year. With its core theme of ‘The Convergence of Finance and Technology’, the event commenced with a dynamic discussion on the financial crime economy, bringing together prominent AI institutions in Abu Dhabi to explore the city’s early commitment to AI. The participants also delved into the evolution of the crypto industry. Dr. Alexander Lipton, global head of Research & Development at ADIA, shared valuable insights on how social media is reshaping the global banking landscape, while the CEO of Circle outlined strategies for leveraging digital assets to enhance global financial stability.
Among the other captivating sessions, Financial Times Investigative Reporter Dan McCrum and Themis Founder and CEO Dickon Johnston shed light on the investigation into Wirecard in a session titled ‘Decoding a “Skandal” – Inside Wirecard’s Investigation’, and VaynerX Chairman and CEO Gary Vaynerchuk explored the entrepreneurial mindset in a session titled ‘Finding an Entrepreneurial Mindset’.
One-of-a-kind forums
Fintech Abu Dhabi showcased unique forums dedicated to Blockchain, AI, and Risk & Security. In collaboration with Circle, Blockchain Abu Dhabi explored various subjects, including the pursuit of stability in digital currencies, the enhancement of digital asset infrastructure through central bank digital currencies, and the broader influence of blockchain and Web3 on the financial sector. AI Abu Dhabi, held in partnership with Mastercard, focused on the advancements and implications of artificial intelligence. Additionally, Risk 4.0, organized in association with the Executive Council for Anti-Money Laundering and Counter Terrorism Financing, examined the evolving landscape of risk management in the context of emerging technologies.
Initiatives to redefine regulatory practices
During the event, ADGM, in partnership with its collaborators, introduced initiatives aimed at redefining regulatory practices. The Financial Services Regulatory Authority (FSRA) presented its “Regulation as a Service” strategy through its Digital Lab, which focuses on co-creating innovative solutions for licensing and supervision of companies. Notable partnerships included the utilization of large language models in collaboration with Mohamed bin Zayed University of Artificial Intelligence to enhance the ‘Risk Analyzer’ supervisory technology tool. Additionally, the FSRA joined forces with the National University of Singapore to develop an AI-powered assessment tool for virtual asset service providers seeking licensing in ADGM. Furthermore, the FSRA launched a technological solution it developed for enhanced monitoring of firms’ capital and client assets, as well as industry-facing versions of its SupTech tools, enabling regulated firms to intelligently evaluate their compliance and meet their regulatory obligations efficiently.
Enhancing firms’ operational resilience
As part of its commitment to ongoing enhancement, the FSRA has invited feedback on a discussion paper focusing on information technology (IT) risk management to strengthen the operational resilience of firms. Additionally, in support of fostering innovation in Decentralized Finance (DeFi), the FSRA announced collaborations with Coinbase Asset Management and Neoply. Furthermore, the FSRA indicated its intention to publish a DeFi consultation paper in 2024, along with updates to the existing regulatory framework, demonstrating its dedication to staying abreast of developments in the DeFi space.
Linda Fitz-Alan, registrar and chief executive at ADGM Courts, said, “In its staggering 7th edition, Fintech Abu Dhabi started as a pioneer, awakening our imagination, guiding the disruption of our norms and making innovation our constant. This is no longer an annual event; this is a pivotal marker to test the temperature and tap into the thoughts of global leaders in financial technology. The insightful discussions at Fintech Abu Dhabi do not just shape the future of the fintech landscape, but also create its landscape while opening our minds to the endless possibilities for the future of the financial sector.”
Signing deals
During the event, several significant collaborations were announced through the signing of Memoranda of Understanding (MoU). CPX Holding, a prominent provider of digital-first cybersecurity solutions and services, entered into a strategic collaboration with ADGM. This partnership aims to strengthen the overall resilience of companies operating within ADGM’s expanding jurisdiction while reinforcing cybersecurity regulations. ADGM also signed an MoU with Cisco, the global leader in IT and networking, to accelerate digital transformation initiatives through Cisco’s Country Digital Acceleration (CDA) Program.
Additionally, ADGM will benefit from Cisco’s Academy program, which provides education on the latest technologies. Another MoU was signed between dU and ADGM, exploring a joint initiative to offer exclusive discounted telecom services from the UAE’s telecommunications giant to startups based in ADGM’s international financial center.
Major annoucements
In addition, significant announcements were made by global companies during the event. GQG Partners (GQG), an independent asset management firm with over USD 100 billion in assets under management, and Offset8, a proprietary asset management firm specializing in the global verified carbon credits (VCC) market, announced that they have received In-Principle Approval (IPA) from the FSRA of ADGM. This approval highlights their commitment to operating within the regulatory framework of ADGM while contributing to sustainable finance. Furthermore, IOTA, an open public goods infrastructure driving digital asset innovation, proudly announced its registration as the first company under the DLT Foundations Regulations of ADGM, solidifying its position within the ADGM ecosystem.
As part of the new Sustainable Finance Regulatory Framework, Masdar Green REIT was awarded the ADGM Green Fund Designation by ADGM FSRA. This designation reinforces their leading role in advancing green real estate investment and their commitment to sustainable practices.
MEVCA and GPCA, headquartered in New York and Singapore respectively, announced a partnership that entails GPCA establishing a permanent presence in the Middle East with the support of MEVCA. This collaboration will facilitate GPCA’s expansion and operations in the region.
Joy Capital revealed their intention to establish joint-venture companies (“JVs”) in ADGM and Abu Dhabi, in collaboration with FEST Auto Technology, eHome Health, and Wicue Optoelectronics Co. This collaboration signifies their commitment to fostering innovation and driving collaborative ventures in these sectors.
Shaping the sustainable finance landscape
Concurrently with Fintech Abu Dhabi, the Global Financial Regulators Summit, an exclusive gathering of influential global financial regulatory leaders, took place. The summit delved into the pivotal role regulators play in shaping the landscape of sustainable finance in the future. The outcomes and insights from this summit will be announced tomorrow during the R.A.C.E (Regulation, Awareness, Collaboration & Ecosystem) Sustainability Summit.
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