Media IN Abu Dhabi 10th-07-2019

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) announced that local and global applications are welcome to set up digital banks in its International Financial Centre within the emirate.

The ADGM aims at offering innovative customer and transactional solutions via digital banks to add significant value to the small- and medium-sized enterprises (SMEs) and corporate and wholesale.

Applications will be accepted from conventional banks and firms with innovative value propositions to establish digital banks or branches of digital banks.

This initiative will help develop the overall financial ecosystem, promote inclusion, and improve financial services and intermediation in ADGM and more widely.

CEO FSRA of ADGM Richard Teng, said: “This announcement and the Guidance comes in response to substantive interest from the industry, and demonstrates ADGM’s track record in advancing innovation and supporting growth while managing risks to promote a strong and sustainable financial ecosystem.”

The FSRA will require applicants that meet requirements and safeguard systemic stability a base capital of $10 million, robust governance structures, compliance and risk management policies, IT security measures, and certain mandatory senior management appointments to guarantee high quality.