HSBC, Europe’s largest lender, is joining The Abu Dhabi Global Market Digital Lab, a platform for financial institutions and FinTech firms to collaborate, test and develop solutions for the financial services sector. New solutions will be developed in a controlled environment supervised by the ADGM’s Financial Services Regulatory Authority. HSBC is developing and deploying some of the industry’s most advanced and innovative technology to make banking easier and more secure. Regulators of banks and financial free zones in the UAE jointly issued guidelines to help financial institutions safely adopt enabling technologies as the coronavirus pandemic hastens digitization.
The guidelines were issued by the Central Bank of the UAE, the Securities and Commodities Authority, the Dubai Financial Services Authority of the Dubai International Financial Centre, and the Financial Services Regulatory Authority of Abu Dhabi Global Market. The guidelines set out best practices for financial institutions when adopting enabling technologies such as application programming interfaces, which allow FinTechs to work with banks’ software; Big Data analytics; artificial intelligence; biometrics; cloud computing and distributed ledger technology.