The Financial Services Regulatory Authority of the Abu Dhabi Global Market introduced a new framework to supervise FinTech companies that provide third-party services to customers.
Third-party providers are companies that act as intermediaries between customers and financial institutions to help users manage their data more effectively when performing financial transactions, the ADGM said on Thursday.
“It will help TPPs and financial institutions collaborate in order to serve their customers more efficiently, and it lays the ground for the development and growth of open finance in the region,” said Emmanuel Givanakis, chief executive of the regulatory authority.
The new framework will ensure the financial companies and customers' interests are protected as it requires TPPs to take appropriate care of the data, he said.
Globally, lenders have embraced open banking to revolutionise the traditional banking model and boost their balance sheets as the pandemic led to record low interest rates and slower loan growth.
However, privacy concerns persist as open banking allows lenders to share customer data, such as transaction history and spending patterns, with regulated third-party providers after obtaining the account holder’s consent.
Before the coronavirus outbreak, 88 per cent of UAE banks expected to enable open banking in the next 12 months, according to a survey conducted by FinTech company Finastra in January last year.
The new framework will regulate how TPPs gain access to, process and transfer customer data, ADGM said.
In addition, there will be regulatory requirements for TPPs in areas such as data protection and privacy of information, conduct of business, technology risk, anti-money laundering and countering terrorist financing, the ADGM said.
The system will allow TPPs to work along with financial institutions in a “secure and efficient manner that facilitates transactions, while protecting the data and interests of customers”.
The framework will help TPPs and financial institutions collaborate to serve their customers more efficiently
The ADGM framework will also provide a foundation to support the growth of open banking, with the focus on giving customers and businesses more control over their financial data.
“This is all part of ADGM’s ongoing efforts to develop a sound and progressive FinTech ecosystem that fosters innovation and new models to deliver financial services,” the free zone said.
The new system will cater to a range of FinTech services that fall under the auspices of the FSRA.
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Company%20Profile
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THE%20HOLDOVERS
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5