Abu Dhabi Global Market (ADGM) announced two developments that could drive the region to being the next FinTech hub.

During the FinTech Abu Dhabi summit that took place on the 22nd and 23rd of October, the  CEO of ADGM Financial Services Regulatory Authority, Richard Teng, announced the establishment of an innovation center in ADGM and the signing of an agreement with a startup accelerator in Silicon Valley.

“[This] will bring about the ecosystem of financial institutions, angel investors, venture capitalists, the talent pool as well as the FinTech innovators into the innovation center to network, to engage each other, to innovate,” says Teng on the centers establishment. “We’ll bring in “Plug and Play”, the largest global accelerator that’s based in Silicon Valley, to ADGM to help us accelerate innovation to bring with the global network of venture capitalists and financial institutions working together, and the technology providers and FinTech investors into this space.”