The Financial Services Regulatory Authority (FSRA) of ADGM introduced a new framework for the authorization and supervision of third-party financial technology (FinTech) firms. Third-Party Providers (“TPPs”) are the intermediaries between customers and financial institutions. They help customers to make use of their data more effectively while conducting financial transactions.
This new Regulatory Framework will parallelly and safely work with financial institutions and help the customers in safe and secure transactions. The framework also provides a beginning step to support open finance with a focus on the customer point of view supporting investment and other financial products. This Framework is supposed to build a strong FinTech ecosystem that encourages innovation and other financial services.
This framework will aid in Abu Dhabi’s digital transformation plan and strengthen the growth of the UAE’s enterprise economy.
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