After a worldwide hunt, the Abu Dhabi Global Market has hired a top executive from the fast-growing Singapore financial centre for one of the key jobs in the capital’s financial free zone.
Richard Teng, a 43-year-old Singaporean with 20 years of experience in financial governance, has been appointed chief executive of the ADGM regulatory authority, the financial watchdog that will oversee and enforce the rules that govern the new financial centre.
Ahmed Al Sayegh, the chairman of ADGM, said: “We welcome Richard and are delighted that he has joined ADGM. Richard brings a wealth of expertise and experience in the financial sector and particularly in establishing robust regulatory frameworks. He will be instrumental in ensuring that ADGM becomes a financial centre that is truly compatible with the world’s best regulatory regimes.”
Mr Teng has for the past seven years been chief regulatory officer of the Singapore Exchange, the market body that works closely with the main regulator the Monetary Authority of Singapore (Mas) to ensure fair, orderly and transparent financial business in the country.
Prior to that position, he was director of corporate finance at Mas, overseeing regulatory standards across banking insurance and capital markets.
At ADGM, he will be responsible for “overseeing the development and administration of the regulatory framework to govern ADGM and its member institutions”, an official statement said.
Mr Teng, who will take up his post early next year, said: “I am honoured to be given this opportunity to be part of ADGM’s ambition to become a leading global financial centre. I look forward to the exciting journey of establishing an open, efficient and integrated eco-system that meets the dynamic economic needs of the global market. There is no doubt that ADGM will play a pivotal role in shaping the future of the international financial landscape.”
One Abu Dhabi based regulator said: “Singapore is a well-regulated regime with a good record on running efficient and well-governed markets. It has a reputation for being tough, but also for being business-friendly.”
Singapore is one of the fastest growing financial centres in the world. It is challenging Hong Kong as the leading Asian financial hub.
In particular, it has benefited from the tougher regime in the West towards private banking and wealth management put in place since the global financial crisis. With a growing private banking index, Singapore is ranked No 4 in the biannual World Financial Centres Index published on the back of data from the World Bank, the OECD and the Economist Intelligence Unit.
A recent report by PwC forecast that Singapore would overtake Switzerland next year as the leading global centre for private banking and wealth management.
“As we move forward into an era of greater transparency and shifting wealth creation patterns, centres located in emerging markets stand to gain increased stature,” PwC said.
fkane@thenational.ae
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Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club
- 1st ODI, Wednesday, April 10
- 2nd ODI, Friday, April 12
- 3rd ODI, Sunday, April 14
- 4th ODI, Sunday, April 16
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- Zimbabwe: Peter Moor (captain), Solomon Mire, Brian Chari, Regis Chakabva, Sean Williams, Timycen Maruma, Sikandar Raza, Donald Tiripano, Kyle Jarvis, Tendai Chatara, Chris Mpofu, Craig Ervine, Brandon Mavuta, Ainsley Ndlovu, Tony Munyonga, Elton Chigumbura
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
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Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
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International Vets: Joining Jack
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What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
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