The Global Market of Abu Dhabi (ADGM), a new free zone in the United Arab Emirates (UAE), to strive to become a regional center of financial technologies, or “FinTech”, said the Chairman Ahmed Al Sayegh, during a Global Financial Markets Forum 2016.
Al Sayegh said that the investments in the global FinTech sector tripled between 2008 and 2014 reached $ 3 billion, And could double again by 2018. “However, now we have not seen a deep set FinTech ecosystems among the countries of Gulf Cooperation Council (GCC).
The Chairman said that the world market in Abu Dhabi is committed to working with key stakeholders in order to create an environment conducive to FinTech sector.
During his speech, Al Sayegh also drew attention to some of the events on the Global market. These include the Office of Financial Regulation and Supervision recognized as a member of the International Association of Insurance Supervisors and the Basel Consultative Group of the Basel Committee on Banking Supervision.
The Global market for Abu Dhabi operating since October 2015. It offers companies a number of advantages, including tax exemptions for 50 years and acceptable rules on profit repatriation. The zone allows 100% foreign ownership.