Abu Dhabi Global Market, UAE Exchange partner to promote fintech

Richard Teng, the chief executive of the ADGM’s regulator, the Financial Services Regulatory Authority, left, with Promoth Manghat, the chief executive of UAE Exchange. (Courtesy UAE Exchange)
Updated 12 August 2017
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Abu Dhabi Global Market, UAE Exchange partner to promote fintech

ABU DHABI: Abu Dhabi Global Market, the emirate’s global financial free zone, has partnered with UAE Exchange to help startups engaged in the remittance, foreign exchange and payments business develop and deploy financial technology.
UAE Exchange and ADGM will jointly implement innovation programs emerging payments, blockchain and distributed ledgers, artificial intelligence, and P2P solutions, a statement said.
ADGM’s Regulatory Laboratory — or RegLab — is the Middle East region’s first fintech incubator where startups can benefit from a more flexible regulatory regime during the early stages of their operation, before they go on to full regulatory membership at the Abu Dhabi financial free zone.
“This strategic partnership dovetails well with ADGM’s vision to establish a vibrant and well-functioning fintech ecosystem that bolsters innovation, facilitates investment flows and supports greater growth of financial services activities,” Richard Teng, the chief executive of the ADGM regulator Financial Services Regulatory Authority, said in the statement.
“The collaboration with UAE Exchange will create a feedback loop for ADGM as a financial services regulator to fine-tune and enhance its rules and regulatory approach to financial innovation.”
“Collaboration between established financial services providers and fintech start-ups is necessary to build a sustainable innovation ecosystem. Our partnership with ADGM will nurture local fintech innovation through incubator, accelerator and academic programs,” said Promoth Manghat, the chief executive UAE Exchange. “Such partnerships will add greater depth to the financial services industry, creating additional value for customers through digitally delivered services.”
The ADGM in May chose the first batch of fintech startups — from 11 applicants — to mentor under its RegLab program, with two of those in the list coming from the UAE.
The UAE companies, Now Money, which uses mobile technology to help low-income migrant workers to access banking and remittances services, and Titanium Escrow, an automated escrow services company that seeks to bring stability to the cash cycle of small businesses, joined India’s CapitaWorld and Rubique as well as Finalytix, a US robo-advisory platform.


OPEC oil ministers gather to discuss production increase

Updated 19 June 2018
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OPEC oil ministers gather to discuss production increase

  • Analysts expect the group to discuss an increase in production of about 1 million barrels a day
  • The officials were arriving in Vienna ahead of the official meeting Friday

VIENNA: The oil ministers of the OPEC cartel were gathering Tuesday to discuss this week whether to increase production of crude and help limit a rise in global energy prices.
The officials were arriving in Vienna ahead of the official meeting Friday, when they will also confer with Russia, a non-OPEC country that since late 2016 has cooperated with the cartel to limit production.
Analysts expect the group to discuss an increase in production of about 1 million barrels a day, ending the output cut agreed on in 2016.
The cut has since then pushed up the price of crude oil by about 50 percent. The US benchmark in May hit its highest level in three and half years, at $72.35 a barrel.
Upon arriving, the energy minister of the United Arab Emirates, Suhail Al Mazrouei, said: “It’s going to be hopefully a good meeting. We look forward to having this gathering with OPEC and non-OPEC.”
The 14 countries in the Organization of the Petroleum Exporting Countries make more money with higher prices, but are mindful of the fact that more expensive crude can encourage a shift to renewable resources and hurt demand.
“Consumers as well as businesses will be hoping that this week’s OPEC meeting succeeds in keeping a lid on prices, and in so doing calling a halt to a period which has seen a steady rise in fuel costs,” said Michael Hewson, chief market analyst at CMC Markets UK
The rise in the cost of oil has been a key factor in driving up consumer price inflation in major economies like the US and Europe in recent months.
Already US President Donald Trump has called on OPEC to cut production, tweeting in April and again this month that “OPEC is at it again” by allowing oil prices to rise.
Within OPEC, an increase in output will not affect all countries equally. While Saudi Arabia, the cartel’s biggest producer, is seen to be open to a rise in production, other countries cannot afford to do so. Those include Iran and Venezuela, whose industries are stymied either by international sanctions or domestic turmoil. Iran is a fierce regional rival to Saudi Arabia, meaning the OPEC deal could also influence the geopolitics in the Middle East.