Abu Dhabi Global Market, ADGM, has announced it is accepting applications for the third cohort of its Regulatory Laboratory, Reglab, until 10th May 2018, with a theme focusing on enhancing access to financial services for small and medium-sized enterprises, SME.
The international financial centre based in Abu Dhabi says the SME sector is a fundamental part of the UAE’s plans for economic transformation and diversification. According to the UAE Ministry of Economy, the SME sector represents more than 94 percent of the total number of companies operating in the country and provides jobs for more than 86 percent of the private sector's workforce.
International advancements in FinTech have immense potential to improve financing opportunities and unlock economic value for the SME sector. For example, open APIs to allow FinTech startups to experiment with institutional data to better analyse and offer tailored credit facilities, machine-learning analytics to process traditional and alternative data for credit scoring purposes, innovative KYC solutions and cloud-based enterprise financial and risk management for SMEs.
ADGM encourages all FinTech and RegTech companies, in particular those with a SME focus, to apply and be part of its RegLab. This includes technology start-ups which offer tools to both institutions and SMEs alike.
Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM, said, "It is encouraging that our RegLab today is the world’s 2nd most active FinTech sandbox globally. The ADGM RegLab has grown from strength to strength, doubling the number of accepted firms in its second cohort and we are excited to open up for the 3rd batch."
"Serving the SME sector is a key priority for ADGM since we began operations. Being at the forefront of innovation, it is clear to us that providing easier access to better data through powerful technologies such as Open APIs and artificial intelligence could fundamentally change the way the financial sector engages with this crucial part of the economy. Our focus on SMEs further underlines our commitment to the principles of leadership, innovation and nurturing the younger entrepreneurs and generation which is aligned with the spirit of the Year of Zayed," he concluded.