Mastercard and ADGM collaborate to accelerate development

The Abu Dhabi Global Market, ADGM, the International financial centre in Abu Dhabi, and Mastercard, a leading technology company in the global payments industry, are collaborating on initiatives and fostering more opportunities to support the development and growth of FinTech activities in the UAE capital and the wider region.

ADGM and Mastercard share a mutual commitment to developing and nurturing innovations that will add value and transform businesses. The new partnership will enable both organisations to exchange expertise and knowledge and cooperate on projects that will accelerate the expansion and depth of the FinTech ecosystem.

Mastercard has been at the forefront of innovative products and solutions that are designed to simplify the payments journey for all of its stakeholders. As part of its in-house innovation programme, Mastercard Labs, the financial services giant has established dedicated offices in international hubs such as New York, London and Singapore. Mastercard is also one of the key industry leaders mentoring some of the finalists of ADGM’s ongoing FinTech Abu Dhabi Innovation Challenge programme.

Khalid Elgibali, Division President, Middle East and North Africa, Mastercard, said, "We are pleased to collaborate with ADGM to support and promote FinTech initiatives in Abu Dhabi as part of our continuous efforts to engage and grow relationships with the best and brightest startups, who are reimagining financial technology. As payments technology leader, we see a great deal of potential for FinTech companies in the wider region, and this the new collaboration will help us play our part in supporting companies that will shape the future of commerce in the coming years."

Richard Teng, CEO of the Financial Services Regulatory Authority at ADGM, said, "We are excited to partner with Mastercard in building and enhancing the FinTech ecosystem in Abu Dhabi and regionally. With an advanced innovation agenda in the Middle East and Africa, Mastercard’s expertise in working with FinTech innovators on proofs of concepts in the payments technology space, will greatly complement ADGM’s regulatory expertise in supporting and mentoring participants in our RegLab* programme and Mastercard’s innovation programme for start-ups. ADGM will continue to collaborate with strategic industry leaders and introduce new initiatives that will effectively cater to the needs of the financial services community."