SCA cooperates with a leading fintech company to launch a platform for developing prototypes and experimenting with technological solutions in a testing environment, sandbox

The Securities and Commodities Authority (SCA) entered into a memorandum of understanding (MoU) with Fintech Galaxy Limited to cooperate in promoting financial technology and facilitating the conduction of business and the carrying on of financial services activities.

The MoU was signed by H.E. Dr. Obaid Saif Al Zaabi, CEO of SCA, and Mirna Sleiman, founder and CEO of Fintech Galaxy. It included provisions relating to the launch of the FinX22 platform, a platform aimed at exploring and testing fintech solutions and designing prototypes within a centralized, digital sandbox.

Following the signing of the MoU, Dr. Al Zaabi stressed the importance of entering into an MoU with a fintech company to promote the adoption of fintech solutions, explaining that SCA’s purpose was to “develop an exploratory model for the presentation of statistical data and reports, taking into consideration its ongoing efforts to create a national, open data platform through which data and information are made available and accessible to the public and everybody to reuse and redistribute without any legal or financial limitations or restrictions”. He explained that “this is consistent with the decentralization efforts pursued by global economies, and it allows the parties concerned in SCA to readily access data using the platform”.

Under the MoU and using FinX22, SCA and Fintech Galaxy will seek to facilitate cooperation between UAE-based financial institutions, host hackathons, organize workshops and training sessions, and connect financial institutions with qualified startups and software developers to come up with new products that can contribute to finding innovative solutions to the problems facing users.

Additionally, the platform—planned to be launched this year—will connect entrepreneurs with financial institutions, consultants, technology companies, investors, and mentors to promote financial technology and cultivate local entrepreneurship in emerging markets.

According to the MoU, both parties may seek input and opinions from each other when it comes to matters relating to the fintech industry and may participate in relevant activities.

Fintech Galaxy Limited was incorporated in the United Arab Emirates in 2018 and is registered with the Abu Dhabi Global Market as a regional platform that fuels financial services innovation, drives cooperation on ecosystems, and facilitates integration between financial institutions and fintech companies.


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