Collaborative international fintech meets regtech.
The Abu Dhabi Global Market (ADGM) and Singapore-based ASEAN Financial Innovation Network (AFIN) have set up the first common regulatory sandbox to enhance international collaboration around fintech and push for positive cross-border synergies.
The new sandbox is a cloud-based digital space where entrepreneurs, start-ups, banks and other financial bodies can experiment with new technologies, test ideas and share data in a secure and regulated environment.
The Anglo-Gulf Trade Bank—an ADGM-registered lender—tested the sandbox during the Singapore Fintech Festival in November.
“We’re excited that the first pilot testing of the fintech digital sandbox took place successfully under regulatory supervision,” Richard Teng, CEO of the Financial Services Regulatory Authority at ADGM told the press. “The ability to test innovative solutions and collaborate on a cross-border basis form an important part of our fintech strategy. Our digital-sandbox platform will be a portal to the digital economy and the next generation of financial services for MENA [Middle East North Africa] and beyond.”
Singapore and Abu Dhabi started working together on fintech regulation back in 2017. Areas of partnership include mobile payments, digital banks and blockchain.