Abu Dhabi’s international financial centre and Kenya’s market watchdog will support fintech firms for a better understanding of the respective regulatory regimes.
The agreement also provides a framework for information sharing and for mutually benefitting from economic or commercial developments in both jurisdictions.
It was signed by Richard Teng, chief executive of ADGM’s Financial Services Regulatory Authority (FSRA) and by Paul Muthaura, chief executive of CMA Kenya.
Building on other MoUs
The deal “serves as a timely addition to the memorandum of understanding (MoU) already entered with the Australian Securities and Investments Commission (Asic)”, Muthaura said.
“This is our first fintech bridge with an African regulatory counterpart,” echoed his UAE equivalent, Teng.
“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,” Teng added.
Fintech bridges
The agreement establishes ADGM’s fourth fintech “bridge” with a global financial hub.
Recent partnerships by ADGM include collaborations with the Monetary Authority of Singapore; the Labuan Financial Services Authority (FSA) and International Business and Financial Centre (IBFC) in Malaysia; the Australian Securities and Investments Commission; and the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Qianhai Authority), with more deals in the pipeline, ADGM announced.
“We will continue to establish new initiatives and work closely with local and global stakeholders to foster an open and inclusive global fintech hub to serve Abu Dhabi and the greater Mena region.”
Back in May, the international financial centre in the UAE capital also launched a ‘talent hub’ for financial services, with a specific focus on fintech.
