HomeCryptocurrencyAbu Dhabi Admits 4 Blockchain Startups to Fintech Sandbox

Abu Dhabi Admits 4 Blockchain Startups to Fintech Sandbox

-

The Abu Dhabi Global Market (ADGM) – the city’s international financial free zone within the UAE – has admitted a second batch of fintech startups to its Regulatory Laboratory (RegLab).

With the move, the 11 local and international fintech firms will work under the framework of the Financial Services Regulatory Authority (FSRA), one of three independent authorities of the ADGM, to develop and test their products within a controlled “sandbox” environment.

The latest batch of startups – including blockchain firms EquiChain and OKLink, both based in the U.K.; UAE-based Pyppl; and Canadian firm Remitr – were selected from over 20 applications from various countries, according to a press release.

Richard Teng, CEO of the FSRA, said that the second phase was encouraged by “overwhelming positive response from the global fintech industry in the first year of the RegLab programme.”

He continued:

“We are already seeing some great results from the first cohort, and are looking forward to seeing results from the second, which include fascinating projects such as an initial coin offering and blockchain-enabled payments, settlements and RegTech solutions, among others.”

With a total of 16 startups now within RegLab, including five from the first batch, ADGM said it is seeking to expand its team to better serve the financial services industry and the country’s economy.

LATEST POSTS

Cyprus registers Binance as a cryptocurrency service provider.

Binance, a cryptocurrency exchange, will be able to provide services for virtual currencies in Cyprus as a result of the platform's recent registration with the...

More than 24,000 ATMs in Brazil will offer USDT through Tether and Smartpay.

Usdt, the largest dollar-pegged stablecoin on the market, was created by Tether, a company. Tether recently announced that more than 24,000 ATMs in Brazil will...

To solve the blockchain modularity issue, Celestia raises $55 million.

The project Celestia, which seeks to address the alleged centralization issue in the current monolithic blockchains, has announced the completion of its most recent funding...

Hong Kong considers removing the “Professional Investor-Only Requirement” and allowing retail investors to trade cryptocurrency.

Securities and Futures Commission (SFC) of Hong Kong's director of licensing and head of the fintech division both confirmed that the regulator is taking into...

Follow us

13,033FansLike
3,703FollowersFollow
0SubscribersSubscribe

Most Popular

spot_img