Abu Dhabi - Mubasher: The UAE Securities and Commodities Authority (SCA) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) announced signing a Memorandum of Understanding (MoU).
The Agreement was recently signed by Obaid Saif Al Zaabi, the acting CEO of SCA, and Richard Teng, the CEO of ADGM FSRA , at the inaugural FinTech Abu Dhabi Summit.
The Agreement at enhancing cooperation to foster financial innovation that serves the needs of the capital markets in the UAE, providing a framework for SCA and the FSRA to share and exchange pertinent information on innovation, regulatory approaches to financial innovation, economic and commercial developments that impact each other’s jurisdictions.
The MoU also enables the SCA and FSRA to provide support and facilitate financial and FinTech activities that are beneficial to the financial services industry in the UAE, according to a press release issued on Saturday.
“SCA is seeking to keep open communication channels with its financial industry partners, especially those concerned with the development of financial technology (FinTech), and to understand their needs. This comes as part of its role to create a favorable regulatory environment, one that facilitates the development of innovative products and services to enhance the efficiency of securities market officials and to improve market performance,” said Al Zaabi, SCA’s CEO.
