Abu Dhabi Global Market (ADGM) and the Capital Markets Authority (CMA) of Kenya have partnered in order to provide an information sharing framework to support financial innovation, like digital banking for the unbanked, in each jurisdiction.
According to news from Finextra, the partnership expands both Abu Dhabi Global Market’s and the Capital Markets Authority’s FinTech cooperation network and provides a framework for information sharing between the two.
The agreement will enable both to assist each other in keeping up to date when it comes to regulatory and relevant economic or commercial developments in the respective markets.
‘‘We are committed to facilitating innovation in financial services, leveraging Kenya’s positioning in the region as an innovation center,” said Paul Muthaura, chief executive, CMA Kenya. “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 center of excellence.”
This new agreement also 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).
“This is our first FinTech bridge with an African regulatory counterpart,” said Richard Teng, CEO, FSRA of the Abu Dhabi Global Market. “The African continent is providing a compelling story of how digital technology can be deployed to provide financial services to the unbanked and unserved populations. Kenya is particularly active on that front. 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 has also formed strategic partnerships with FinTech leaders and industry players in the Middle East and Africa region, India, Europe, USA, the United Kingdom and others.