UAE - ADGM’s FinTech Digital Lab Opens for Applications
Wednesday, 10 30 2019, Category: Technology, Country: U.A.E
Abu Dhabi Global Market (ADGM), the award-winning International Financial Centre in Abu Dhabi, is excited to announce that its Digital Lab for financial technology is open for member applications.
The ADGM Digital Lab recognises that one of the biggest challenges financial institutions encounter in their ability to embrace innovation is the process of searching for, on-boarding and thereafter integrating their legacy systems with novel solutions offered by FinTechs and other technology providers. This challenge also poses a major obstacle that hinders collaboration between financial institutions with other stakeholders such as government entities and large corporate clients on a digital basis.
With the specific aim of solving this challenge, the Digital Lab will support and enable the creation of APIs, System Virtual Machines, data and applications that can enable seamless connectivity with the legacy systems of financial institutions to FinTechs, technology service providers or other relevant parties in a cost-effective and scalable manner. Apart from enjoying the benefits of cost-effective, multi-party product creation, the Digital Lab will also expedite time to market for financial institutions by enabling testing and verification of new products or solutions prior to procurement.