Regulators of Israel, Abu Dhabi markets to cooperate on FinTech

The flags of UAE and Israel fly upon the arrival of Israeli and US delegates at Abu Dhabi International Airport, in Abu Dhabi, United Arab Emirates August 31, 2020. (Reuters)

The securities regulators of Israel and Abu Dhabi said on Wednesday they would cooperate in innovation and financial technologies, the latest collaboration after Israel and the United Arab Emirates agreed to normalize relations in September.

Under the memorandum of understanding, the Israel Securities Authority (ISA) and Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM FSRA) said they would undertake initiatives to promote economic growth in financial services by adopting new technology and strengthening their respective FinTech sectors.

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They also said the partnership would seek to achieve greater connectivity and market access for start-ups and investment between the two countries and promote the development of technologies, such as digital payments and blockchain, which are key elements for the growth of the FinTech sector.

The two regulators will consider cooperating in joint projects for companies and entrepreneurs involved in technology in fields such as artificial intelligence (AI), solar energy, automotive innovation, smart cities, water utilization, desert agriculture, cyber and others, they said.

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Last Update: Wednesday, 18 November 2020 KSA 16:38 - GMT 13:38
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