French and Emirati financial market authorities – the AMF and the Financial Services Regulatory Authority of Abu Dhabi Global Market – have signed a cooperation agreement to promote innovation in financial services in France and the United Arab Emirates (UAE).
This cooperation framework enables both the AMF and the FSRA to support and refer innovative projects and fintech startups to ADGM’s fintech regulatory laboratory (RegLab) and the AMF’s fintech, innovation, and competitiveness team respectively.
According to the terms of the agreement, the regulators will also share relevant information on innovation, provide support in the context of authorisation processes where appropriate, as well as, refer cross-border activities that can benefit to the growth of the financial and fintech industries in each other’s jurisdiction.
AMF’s chairman Robert Ophèle said: “This new communication channel between France and Abu Dhabi Global Market opens a new window of opportunity for knowledge sharing both on a new typology of companies and on advanced technologies applied to financial services. Cooperation between our respective authorities should also enable FinTech firms to extend their global reach and learn from their foreign counterparts.”
Richard Teng, CEO of FSRA, ADGM, added: “This is the first FinTech collaboration and bridge with the French securities market regulator. This cooperation further deepens the mutually beneficial partnership between Abu Dhabi and France; it corroborates the value and significance of ADGM’s ongoing FinTech efforts and achievements in Abu Dhabi and the Middle East, Africa and South Asia region. I look forward to working closely and meaningfully with the AMF to support both our technology startups and innovators in advancing their creative solutions into new markets.”