Abu Dhabi allows the launch of four block-startups in Fintech Sandbox
The global market of Abu Dhabi (ADGM), which is the urban international financial free zone in the UAE – has recognized the second series of start-ups of Fintech in its regulatory laboratory (RegLab).
As a result, 11 local and international firms will begin work under the auspices of the Financial Services Authority (FSRA), one of the three independent bodies of ADGM, to develop and test their products in a controlled “sandbox” environment.
The last batch of projects – in particular, EquiChain and OKLink, based in the UK; based in the United Arab Emirates Pyppl; and the Canadian company Remitr – were selected from more than 20 applications from different countries, according to a press release.
FSRA CEO Richard Teng said the second stage was inspired by the “overwhelmingly positive response of the global Fintech industry in the first year of the RegLab program.”
He added: “We are already seeing excellent results from the first cohort and look forward to results from the second, including such exciting projects as the original coin offer and payments based on blockage, settlement, and RegTech solutions.”
Now in RegLab is, in total, 16 start-ups, including five of the first batch. The ADGM say that they are trying to expand their team to better serve the financial sector and the economy.