Indian Bank Signs Pact with UAE to Facilitate Fintech Growth
India’s YES Bank and the Abu Dhabi Global Markets (ADGM) have signed a pact to facilitate interaction between the fintech industries of India and United Arab Emirates.
Under the pact, fintechs from the Middle East will be able to apply to YES’ fintech Programs, while Indian fintechs will be able to apply to ADGM’s Regulatory Lab, thus facilitating cross-border growth for fintechs from both regions.
Established last year, ADGM’s Regulatory Lab lets fintechs test and launch their products for two years in a closed environment, free from certain regulatory pressures. YES bank, one of India’s largest privately owned banks, has an expansive accelerator program for fintech startups in the country.
YES Bank CEO, Rana Kapoor told the Economic Times India:
Abu Dhabi has emerged as a prominent regional financial hub and like India has prioritized financial technology as a key enabler of competitive advantage. Our partnership with Abu Dhabi Global Markets will act as a springboard to create a borderless ecosystem for technology and talent, bringing in fintech solutions from the GCC to India while providing GCC market access for Indian fintechs. India can also benchmark the Regulatory Lab set up by ADGM, in its efforts to further scale up the Indian fintech ecosystem.
Read more at Finextra and Economic Times.
