Capital Markets Authority chief executive Paul Muthaura. PHOTO | FILE
Summary
- News deal seeks to support of innovative financial technology (fintech) businesses.
- It will also provide a framework for information sharing between the two authorities.
- This will help the authorities in keeping abreast of regulatory and relevant economic or commercial developments in the respective markets.
The Capital Markets Authority (CMA) has
signed an agreement with Abu Dhabi Global Market (ADGM) for support of
innovative financial technology (fintech) businesses.
CMA
on Monday said the agreement will also provide a framework for
information sharing between the two authorities, to assist each other in
keeping abreast of regulatory and relevant economic or commercial
developments in the respective markets.
ADGM is an international financial centre located in the capital city of the United Arab Emirates (UAE).
The state agency opened in October 2015.
“The
CMA has conducted public consultations on its strategy towards the
establishment of a regulatory Sandbox structure that is designed to
encourage innovation in the capital markets,” said CMA chief executive
Paul Muthaura.
“This serves as timely addition to Fintech MoU with the Australian Securities and investments Commission.”
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