The MOU, signed earlier this week between the two parties, seeks to grow and support fintech initiatives in the Middle East and Africa.
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“The new partnership with Techpreneur Africa marks another achievement towards strengthening the connections between fintech communities and harnessing synergies in innovations and capabilities through global collaboration,” said Richard Teng, the CEO of ADGM on Monday in a press release.
ADGM’s regulatory labs is a fintech sandbox which provides participants with a safe place to test their products and services, while providing them with regulatory certainty.
Entrepreneurs along with curious businessmen and women admitted into the lab will be granted access to dedicated support and guidance as well as a two-year period in which to develop and test their solutions.
“The MEA region has tremendous demand and growth opportunities for financial services,” said Teng.
ADGM aims to grow financial inclusion in Africa by 30%
“We hope that through closer collaboration with like-minded FinTech hubs, we are able to leverage the strengths and expertise of our markets to more efficiently address the needs of the industry and support economic growth and development in the region,” Teng continued.
Techpreneur Africa’s CEO Bolaji Finnih expressed his commitment to the mutual goal of promoting financial inclusion at the commissioning of the new MIT REAP accelerator in Lagos.
The impact firm is “delighted” at the potential that the MOU could bring to various entrepreneurs, firms and financial services industries in driving inclusion by 30% by 2020.
“This new partnership will open up new avenues and create opportunities for fintech firms in the Middle East and Africa looking to expand into each other’s markets,” said Teng.
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