Australia and Abu Dhabi Sign Cooperation Agreement to Support and Understand Financial Innovation

On July 26, 2017, the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) and the Australian Securities and Investment Commission (ASIC) signed a cooperation agreement to support and understand financial innovation in both jurisdictions.

Several cities in the Middle East and North Africa (MENA) have been boosting fintech development, setting themselves up as fintech hubs; therefore, the agreement would provide ASIC with enormous potential in innovation. Trade of goods and services between the two countries was worth US$8.8bn in 2015.

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