4 new Fintech Startups Selected for Abu Dhabi Regulatory Lab

Abu Dhabi Global Market welcomes four new FinTech start-ups in its fourth Regulatory Laboratory (RegLab) cohort.

These four local and international firms, DAPI (United Arab Emirates), PointCheckout (United Arab Emirates), Jibrel Network (Switzerland) and Ekofolio (Luxemburg), were selected from a pool of 14 applications with market-ready solutions focusing on areas including sustainable finance and the API economy to be tested in Abu Dhabi and wider UAE market.

ADGM is also excited to announce that two of its RegLab firms, NOW Money and Pyypl, have successfully graduated from the RegLab programme and deployed new solutions into the marketplace. Both NOW Money and Pyypl are UAE-founded and based start-ups from the early cohort of ADGM RegLab initiative.

Mr Richard Teng, CEO, Financial Services Regulatory Authority of ADGM, said:

“We warmly welcome the latest batch of FinTech innovators into the RegLab. We are also happy to see home-grown innovators such as Now Money and Pyypl graduating from RegLab and becoming successful locally and regionally. They offer innovative solutions to real world challenges. ADGM looks forward to supporting their growth and wishes them every success on their journey ahead.

The RegLab has been an instrumental platform not just for FinTech start-ups to innovate, but also for us as regulators to adapt, re-invent and update our regulatory requirements. For instance, the insights gained from the RegLab has enabled us to launch new regulatory frameworks in relation digital assets, digital banking and robo-advisory. As a smart digital IFC, ADGM will continue to support innovative and new business models that meets the need of a fast evolving digital landscape and tap opportunities offered by the future economy.”

— Richard Teng

Details of 4th RegLab cohort firms

DAPI (United Arab Emirates): DAPI offers an API-enabled solution that lets FinTech applications connect with their users’ bank accounts, to authorise bank transactions, initiate payments and access real-time banking data. By allowing any FinTech application to connect to different banks with client authorisation through a single API, DAPI aims to power the next-generation of FinTech applications that will enable automated accounting, instant credit score reports, e-KYC and frictionless bank transfers amongst its many use-cases.

PointCheckout (United Arab Emirates): PointCheckout is a payment platform for loyalty points, converting loyalty programs into lifestyle programs through allowing members to earn and redeem their points on everyday purchases. Reward programs get to work with hundreds of merchants in one integration and are in turn able to significantly increase point earnings, redemptions and consequently user engagements. Merchants in turn can boost transactions and footfall by targeting loyalty program members directly through PointCheckout integrations, and members get the flexibility to spend their points on anything they like.

Jibrel Network (Switzerland): Jibrel is a blockchain development company focused on digitizing traditional financial assets. In 2018, alongside Al Hilal Bank, Jibrel settled the first blockchain-powered Islamic Bond (“Smart Sukuk”) in collaboration with ADGM. Jibrel is currently developing an investment platform to enable start-ups and investors to connect in previously unimaginable ways to create capital formation. The platform aims to digitize start-up equity, thereby providing greater liquidity, transparency and reach. Jibrel collaborates across the technology, regulation, and finance spheres to bring real-world equity ‘on-chain’, redefining how companies are built, funded and managed.

Ekofolio (Luxemburg): Ekofolio’s core mission is to enable impact investments in forestry assets. The global forestry investment sector, while niche, accounts for approximately US$100+ billion in institutional investments – including Timber Investment Management Organisations (TIMOs), REITs, securities, and direct holdings in private capital. Ekofolio intends to use tokenization to enable Sharia compliant “Green Sukuk” investments in forestland, to make forest investments tradeable and liquid.

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