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‘Aim is to promote Abu Dhabi as a fintech hub in GCC’, says ADGM

Speaking during the opening session of the NBAD Global Financial Markets Forum 2016 in Abu Dhabi, Ahmed Al Sayegh, chairman of the Abu Dhabi Global Market said that they aimed at making Abu Dhabi the financial technology – or fintech – capital of the Arabian Gulf under a new initiative.

“We have not yet seen a deeply established fintech ecosystem in the GCC. Our intention is to promote Abu Dhabi as the fintech hub in the GCC in partnership with key stakeholders,” Mr Al Sayegh said.

He said that fintech was a fast growing part of the international financial industry, which had expanded threefold in the past three years and could be worth as much as US$8 billion by 2018.He also announced two new financial members of the ADGM. Macquarie Capital, the Australian-based international investment banking group, and Aberdeen Asset Management, one of the UK’s leading wealth management businesses, have both applied to become ADGM licensees.

 

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