Abu Dhabi Islamic Bank (ADIB) and Abu Dhabi Global Market (ADGM) are doubling down on their fintech collaboration under a new formal framework for cooperation and mutual assistance.
The MoU signed between the two parties will see them co-hosting the ADGM Digital Lab, a prototype-testing virtual environment for fintech companies, financial institutions and regulators.
“The association will further reinforce cooperation in various fintech initiatives, drive awareness, support in business development while focusing on education, and engagement,” according to a joint statement. “The partnership will further drive UAE national work placements and tailored Shariah compliant finance training programs, SME Shariah compliant financing platform, fintech sandbox, and corporate innovation programs, among others.”
ADIB will also provide ADGM-registered and licensed entities preferential Islamic banking services under the MoU and facilitate knowledge-sharing on banking developments.