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Emirates based telcom company, du, recently signed a Memorandum of Understanding at the FinTech Abu Dhabi summit with the Abu Dhabi Global Market Financial Services Regulatory Authority, in the presence of Richard Teng, CEO of Abu Dhabi Global Markets Financial Services Regulatory Authority and Hany Fahmy Aly, Executive Vice President of Enterprise Business, EITC, to promote a FinTech ecosystem in the UAE.

"Our partnership with the Abu Dhabi Global Market Financial Services Regulatory Authority will help us to establish the FinTech ecosystem in the UAE. This partnership will allow us to create the infrastructure and enhance new environments with ecosystems, stimulate technological innovation, make financial markets and systems more efficient, and improve the overall customer experience in the UAE," said Fahad Al Hassawi, Deputy CEO, EITC.

Richard Teng added, "We are pleased to be partnering with du, whose mobile technology infrastructure and capabilities will support the deployment and adoption of financial services solutions in a wider market and underserved customers. We look forward to working with du to foster the digital ecosystem and bring about greater integration between innovators and financial institutions in delivering innovation to the market."

Fintech means technological development and innovation in financial services, and this collaboration will see a platform created for testing and launching innovative products, services and business solutions. du is currently supporting several new technologies that will transform multiple industries, for example it has recently worked with the Global Blockchain Council to enhance healthcare services for patients and doctors.