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Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and YES BANK have signed an MOU to further foster cross-border exchange between the FinTech ecosystems of the UAE and India. The collaboration will enable FinTech innovators from the Middle East region and India to apply into YES FinTech programmes and the ADGMs Regulatory Laboratory (RegLab) and have the opportunity to expand into each others markets.
Mr. Rana Kapoor, Chief Executive Officer, YES BANK, said, Abu Dhabi has emerged as a prominent regional financial hub and like India has prioritized financial technology (Fintech) as a key enabler of competitive advantage. Our partnership with Abu Dhabi Global Markets will act as a springboard to create a borderless ecosystem for technology and talent, bringing in Fintech solutions from the GCC to India while providing GCC market access for Indian FinTechs. India can also benchmark the Regulatory Lab set up by ADGM, in its efforts to further scale up the Indian Fintech ecosystem.
YES BANK is India's fifth largest private sector bank and is one the pioneers of FinTech in India from the banking industry with clear focus on cyber security, AI and ML, Big data analytics and biometrics. YES BANK has an in-house FinTech accelerator (YES FinTech), which is a platform for YES BANK and FinTech startups to co-create innovative solutions and partner in taking the solution to the banks customers.
Mr Richard Teng, Chief Executive Officer, FSRA of ADGM said, There is a lot of synergy in the way the UAE and Indian financial markets and FinTech ecosystems complement each other. Both markets have a strong enterprising culture that are poised to drive the next stage of innovation-led economic growth. The knowledge and talent exchange facilitated by our respective innovation programmes will accelerate that. Already, we have seen great interest among Indian innovators participating in our RegLab. Through this partnership with YES BANK, we look forward to building on our strengths to enhance the connectivity between the two FinTech ecosystems in a concrete fashion.
ADGM is pleased to share that Mr Rana Kapoor, CEO of YES BANK will be delivering one of the first keynote addresses at the FinTech Abu Dhabi Summit which is taking place in Abu Dhabi on 22 to 23 October 2017. The FinTech Abu Dhabi event is designed to support the Abu Dhabi Governments overall growth strategy and its initiatives to advance its core sectors including financial services, innovations, entrepreneurship and local human talents.