Yes Bank partners with Abu Dhabi Global Markets for collaboration on fintech

MUMBAI: Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and Yes Bank have signed a memorandum of understanding to further foster cross-border exchange between the fintech ecosystems of the United Arab Emirates and India.

The collaboration will enable fintech innovators from the Middle East region and India to apply into Yes FinTech programmes and the ADGM’s Regulatory Laboratory and will get the opportunity to expand into each other’s markets.

“Abu Dhabi has emerged as a prominent regional financial hub and like India has prioritized financial technology (Fintech) as a key enabler of competitive advantage. Our partnership with Abu Dhabi Global Markets will act as a springboard to create a borderless ecosystem for technology and talent, bringing in fintech solutions from the GCC to India while providing GCC market access for Indian fintechs. India can also benchmark the Regulatory Lab set up by ADGM, in its efforts to further scale up the Indian fintech ecosystem,” said Rana Kapoor, Chief Executive Officer, Yes Bank.

Yes Bank which is India's fifth largest private sector bank has an in-house fintech accelerator (Yes FinTech), which is a platform for Yes Bank and fintech startups to co-create innovative solutions and partner in taking the solution to the bank’s customers.

“There is a lot of synergy in the way the UAE and Indian financial markets and fintech ecosystems complement each other. Both markets have a strong enterprising culture that are poised to drive the next stage of innovation-led economic growth. The knowledge and talent exchange facilitated by our respective innovation programmes will accelerate that,” said Richard Teng, chief executive officer, FSRA of ADGM.