Abu Dhabi Global Market, ADGM, the International Financial Centre in Abu Dhabi, and the Responsible Finance and Investment Foundation, RFI, have announced the setting up of a partnership to bolster the growth and sustainability of the FinTech ecosystem through financial inclusion and ethical and responsible finance practices.

The collaboration agreement was signed by Blake Goud, Chief Executive Officer of the RFI Foundation and Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority, FSRA, of ADGM.

In a statement released on the occasion, ADGM and RFI officials said that they share a mutual commitment to cultivating and advancing FinTech under their respective charges. Both parties recognised the significant advantages of strategic collaboration and joint efforts enabling them to better cultivate entrepreneurship, foster ethical and responsible investments, and highlight opportunities for Sharia compliant FinTech services and Islamic finance activities for the region and beyond.

The partnership establishes an open platform for both RFI and ADGM to share expertise and knowledge, as well as to create joint efforts which will enhance and strengthen the FinTech ecosystem that ADGM initiated for the MENA region in March 2016. ADGM and RFI will also work closely to enable and assist investors, FinTech entrepreneurs and innovation firms in testing and introducing innovative products, services and solutions within a well-structured and conducive environment under the ADGM Reglab programme.

Blake Goud said, "FinTech has a major opportunity to transform how Islamic financial institutions connect with their customers and promote a unique and differentiated approach to financial services. We are optimistic that this partnership with ADGM, building on the regulatory environment they have created in Abu Dhabi, can encourage and support emerging FinTech companies to adopt ethical, responsible and Islamic approaches. We look forward to working with ADGM to expand responsible FinTech in a way that encourages more equitable, inclusive and sustainable growth."

Richard Teng said, "FinTech has been progressively shaping and enhancing Abu Dhabi and the region’s technology reach and financial ecosystem. This partnership and collaboration with RFI Foundation feeds well into ADGM’s mandate of maintaining a conducive financial environment that nurtures innovation, promotes market transparency and trust, and encourages sustainable growth and stability. We look forward to working closely with the RFI team to develop joint initiatives and programmes to capture new business opportunities and augment our FinTech efforts in the region and globally."