OneConnect Appointed as Technology Partner to support Abu Dhabi Global Market’s (ADGM) Digital Lab
Summary
In recent years, digital innovation has become a focal point in Abu Dhabis plans and initiatives in building a knowledge-based economy to support economic growth and diversification. Since its establishment in October 2015, ADGM has led significant efforts in accelerating the digital transformation of the financial services sector in the Middle East. Leveraging the ADGM Digital Lab, FIs such as banks can enable rapid prototyping by: - Replicating their operating systems within the testing environment of the Lab; - Choosing from an ecosystem of FinTech solutions to test new product offerings or replace legacy infrastructure; and - Developing new business models and picking and choosing components from different FinTech providers. Through collaboration between industry and regulators, the Digital Lab aims to create a trusted marketplace for experimentation to build the enablers for the smart financial centre of the future. As early as July 22, 2019, OneConnect signed a memorandum of understanding (MoU) with ADGM to jointly promote and develop FinTech innovation, ecosystems and market opportunities that will support and connect the economies in both the Belt-and Road corridor and the Middle East and North Africa region.