ADGM unveils first cohort of RegLab participants

UAE fintech test bed admits first-ever batch of platforms that will be honed and refined prior to approval for full commercial activity

From data-analytics tools for gauging credit risk to financial-inclusion and robo-advisory platforms, the first-ever entrants to Abu Dhabi’s Regulatory Laboratory (or ‘RegLab’) reflect all the range that has come to typify the fintech sector.

As The Treasurer has previously reported, leading Middle East financial hub Abu Dhabi Global Market (ADGM) set up RegLab to test and polish novel and innovative business models in a safe, contained environment, en route to their approval for full market activity.

Unveiled on 16 May, the batch of firms that RegLab will hone and refine in its debut intake hail not just from the United Arab Emirates (UAE), but from the US and India as well.

The selected businesses are:

• Now Money (UAE) Uses mobile technology to improve the lives of low-income migrant workers in the UAE by helping them access otherwise hard-to-reach banking and remittance services.
• Titanium Escrow (UAE) Automated escrow service that aims to stabilise the cash cycle for small businesses, enhance their welfare and boost their trust in counterparties.
• CapitaWorld (India) One-stop digital service that automates the entire loan value chain, from application to credit appraisal and post-disbursement credit monitoring.
• Rubique (India) Online platform that connects banks and borrowers through smart-financing processes, empowering individuals and SMEs with easy access to finance through a range of loan and credit card products.
• Finalytix (US) Robo-advisory tool that helps clients grow their wealth, mitigate risks, realise savings and optimise holdings. It also identifies superior products and new investment opportunities.

ADGM CEO Richard Teng said: “We are pleased to welcome our first group of RegLab participants, who have successfully demonstrated their understanding of market needs with their transformational solutions.

“We will support our RegLab participants to focus on sharpening their solutions while leaning on ADGM and its partners to take them through the develop-test-and-implement journey.”

Teng described the RegLab system as a “valuable journey for ADGM and the region”, as the organisation guides “the very first team of fintech companies through the regulatory environment to realise their innovations”.

In response to positive feedback and encouragement from fintech start-ups and the wider industry, he pointed out, ADGM’s application process for the second cohort is already open.

“The application period will close on 31 July,” he added, “and we welcome local and international fintech participants and businesses to pitch their solutions and be part of ADGM RegLab.”

Find out more about the RegLab application process from this online brochure.