Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and the Capital Markets Authority (CMA) Kenya have signed a co-operation agreement for fintech innovation.
The agreement provides a framework for information sharing; and keeping abreast of regulatory and relevant economic or commercial developments in the respective markets. They will also support fintech firms for a better understanding of the regulatory regimes in each of their jurisdictions.
Paul Muthaura, chief executive, CMA Kenya, says the deal “serves as a timely addition” to the memorandum of understanding (MoU) already entered with the Australian Securities and Investments Commission (ASIC).
Richard Teng, CEO, Financial Services Regulatory Authority of ADGM, adds: “This is our first fintech bridge with an African regulatory counterpart. 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.”
Other deals by ADGM include collaborations with Malaysia, the Monetary Authority of Singapore (MAS), ASIC and the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Qianhai Authority).