In a first for the region, Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM FSRA) and the Israel Securities Authority (ISA) have signed a financial technology cooperation agreement.
It provides a framework for information sharing and facilitating the movement of start-ups, knowledge, and talent between the two jurisdictions.
The authorities will undertake initiatives to promote economic growth in financial services through the adoption of new technology and the strengthening of their respective FinTech sectors.
The deal will allow for the exchange of information on trends, services and products, as well as facilitate the collaborative development of FinTech initiatives.
Both jurisdictions will engage in professional knowledge transfer activities, accelerator programmes and the promotion of the development of relevant technologies, such as digital payments and blockchain, which are fundamental elements to the growth of the sector.
Richard Teng, the Chief Executive Officer of the ADGM FSRA, said "Following the signature of the historic Abraham Accords, we are excited to enter this FinTech Cooperation Agreement with the ISA."
Teng added "From our close discussions with the Israel Securities Authority, in particular during the FinTech Abu Dhabi Festival, it is clear that both authorities value the importance of collaboration and mutual support. I look forward to working closely with our partner to bring forward a more connected, collaborative network to meet the demands of our growing FinTech ecosystem."
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