Abu Dhabi Global Market (ADGM), an international financial center, and Mastercard Asia/Pacific Pte Ltd, a leading technology company in the global payments industry, are collaborating on initiatives to foster more opportunities that support the development and growth of fintech activities in the UAE capital, and the wider region.

The new partnership will enable both organizations to exchange expertise and knowledge and cooperate on projects that will accelerate the expansion and depth of the fintech ecosystem.

As part of its in-house innovation program, Mastercard Labs, Mastercard established dedicated offices in international hubs such as New York, London, and Singapore. Mastercard is also one of the key industry leaders mentoring some of the finalists of ADGM’s ongoing fintech Abu Dhabi Innovation Challenge programme.

Khalid Elgibali, division president, Middle East and North Africa at Mastercard, said: “We are pleased to collaborate with ADGM to support and promote fintech initiatives in Abu Dhabi as part of our continuous efforts to engage and grow relationships with the best and brightest startups who are reimagining financial technology. As a payments technology leader, we see a great deal of potential for fintech companies in the wider region, and this the new collaboration will help us play our part in supporting companies that will shape the future of commerce in the coming years.”

Richard Teng, CEO, FSRA of ADGM, said: “We are excited to partner with Mastercard in building and enhancing the fintech ecosystem in Abu Dhabi and regionally. With an advanced innovation agenda in the Middle East and Africa, Mastercard’s expertise in working with fintech innovators on proofs of concepts in the payments technology space will greatly complement ADGM’s regulatory expertise in supporting and mentoring participants in our RegLab program and Mastercard’s innovation program for startups.”