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Islamic FinTech Strengthens Ties with European Partners

Abu Dhabi Global Market (ADGM), the UAE capital’s international financial center, has announced two new partnership with non-profit organizations from London and Zurich. The first alliance is with the Swiss Finance + Technology Association (SFTA). That is a trade body representing companies from the Swiss FinTech ecosystem. The second one is the British think tank Responsible Finance and Investment Foundation (RFI).

The Swiss partnership will strengthen the collaboration between local FinTech businesses and will provide new opportunities for knowledge transfer and investments. According to Richard Teng, the CEO of ADGM, Switzerland was one of the first blockchain and crypto-currencies centers in the world. John Hucker, the president of SFTA, added that the new alliance illustrated the mutual interest in developing a neutral global network of FinTech hubs.

As a part of its efforts to integrate ethical and socially responsible practices into Sharia-compliant FinTech services, ADGM also signed an agreement with the London-based RFI. Both parties will work together to assist young FinTech entrepreneurs in testing and introducing innovative products under the ADGM Reglab program in the MENA region. In addition to that, RFI and ADGM will also set up an open platform to share knowledge and expertise.

According to Blake Goud, the CEO of RFI, FinTech can have a leading role in transforming the way the Islamic institutions connect with the clients and promote a custom-made approach to financial services:

We are optimistic that this partnership with ADGM, building on the regulatory environment they have created in Abu Dhabi, can encourage and support emerging FinTech companies to adopt ethical, responsible and Islamic approaches. We look forward to working with ADGM to expand responsible FinTech in a way that encourages more equitable, inclusive and sustainable growth.

Abu Dhabi’s international financial center is actively working towards establishing a global FinTech in the UAE capital city. It already inked partnerships with various nations all around the world – Kenya, Malaysia, Australia, and more.

 

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