The Abu Dhabi Global Market created an online community where entities such as banks, investors, FinTech companies and regulators can come together to test the feasibility of new products and services.
The Digital Marketplace initiative, part of the ADGM's Digital Lab, went live yesterday, the financial free zone said.
“In the GCC region, the digital transformation agenda has steadily become an important focus of many financial institutions and banks," said Wai Lum, senior executive director of capital markets at the ADGM's Financial Services Regulatory Authority.
"However, when it comes to actual implementation, banks are faced with a few challenges. There is a lack of a safe and conducive environment for them to test out their innovation before procurement," he said.
"There were instances when the banks realised after going through the procurement process that the technology was not up to their requirements. So, we decided to invest in a digital laboratory or a digital sandbox.”
Regional FinTech companies became more prominent as the pandemic fuelled demand for online payments.
The number of FinTechs in the region is set to grow to 1,845 by 2022, an increase of 230 per cent compared with 559 companies in 2015, according to a report by Mena Research Partners.
Within hours of launch, there were 37 stakeholders on the Digital Marketplace. These included regulators, banks, venture capitalists, FinTechs and technology companies, ADGM said.
It also listed 17 application programming interfaces or products on the platform. An API allows other software systems to work together.
“Our unique selling point is that we involve regulators in the development process. When FinTechs and financial institutions test their products on the platform, we are able to provide regulatory inputs from day one to ensure they are compliant by design,” said Mr Wai.
“It is a vibrant marketplace for interactions ... banks can source for FinTechs ... while FinTechs can look for potential investors.”
The platform will allow the ADGM to attract companies and regulators from around the world, said Mr Wai.
For example, start-ups from Singapore to London to New York can collaborate on the platform with banks in this part of the world, he said.
“The Digital Marketplace saw a very positive start and we can move from strength to strength.”
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Winner RB Grynade, Bernardo Pinheiro, Eric Lemartinel.
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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Fourth Arab Economic and Social Development Summit
As he spoke, Mr Aboul Gheit repeatedly referred to the need to tackle issues affecting the welfare of people across the region both in terms of preventing conflict and in pushing development.
Lebanon is scheduled to host the fourth Arab Economic and Social Development Summit in January that will see regional leaders gather to tackle the challenges facing the Middle East. The last such summit was held in 2013. Assistant Secretary-General Hossam Zaki told The National that the Beirut Summit “will be an opportunity for Arab leaders to discuss solely economic and social issues, the conference will not focus on political concerns such as Palestine, Syria or Libya". He added that its slogan will be “the individual is at the heart of development”, adding that it will focus on all elements of human capital.
Roll of honour: Who won what in 2018/19?
West Asia Premiership: Winners – Bahrain; Runners-up – Dubai Exiles
UAE Premiership: Winners – Abu Dhabi Harlequins; Runners-up – Jebel Ali Dragons
Dubai Rugby Sevens: Winners – Dubai Hurricanes; Runners-up – Abu Dhabi Harlequins
UAE Conference: Winners – Dubai Tigers; Runners-up – Al Ain Amblers
