Following the reveal of the ADGM’s Innovation Center at the FinTech Abu Dhabi Summit yesterday, the Abu Dhabi Global Market and the FinTech software specialist Temenos have announced their new collaboration. Both companies would work together towards strengthening the position of the Emirate as a fintech center. Temenos would support the new FinTech Innovation Center to foster the fintech development and the realization of innovative business ideas in the field of banking and finance.
Furthermore, Temenos would grant a sandbox service to all the startups incubating at the Innovation Center. The young entrepreneurs would be able to integrate their products and services in the cloud-based version of the Temenos banking system. This way, they will be able to test all the functionalities and the scalability of their solutions before presenting them officially on the market.
Next to that, ADGM and Temenos would organize diverse team-building activities. ADGM would host the Temenos events, while the last would ensure the technical part. It would provide technical support to all the ADGM events. The most promising startups incubated at ADGM FinTech Innovation Center would join the Temenos’ award-winning app store connecting banks and fintech companies.
Jean-Paul Mergeai, Temenos Managing Director for Middle East & Africa commented that the new partnership was a win-win situation for both sides. In his view, both companies would work together to cement Abu Dhabi’s leading position as a global fintech center. The partners would also nurture the local startup system and help it grow.
Richard Teng, the CEO of ADGM agreed with Mergeai and added that the collaboration would allow RegLab and FinTech firms test their services before launching them. In Teng’s words, the new partnership would benefit not only the UAE but the whole region.