India YES Bank and Abu Dhabi Global Markets have signed an agreement to further foster cross-border exchange between the FinTech ecosystems of the UAE and India.?
The new collaboration will enable FinTechs from the Middle East apply to YES FinTech Programs, while Indian FinTechs will be able to apply to ADGM Regulatory Lab. It will also hand the companies the opportunity to expand into each other markets.
Established last year, ADGM Regulatory Lab allows FinTechs to test and launch their products for two years in a closed environment, free from certain regulatory pressures.
YES Bank is India’s fifth largest private sector bank and is claims to be one of the pioneers of FinTech in India from the banking industry. It focuses on cyber security, AI and ML, Big data analytics and biometrics. The bank has an in-house FinTech accelerator (YES FinTech), which is a platform for it and FinTech startups to co-create innovative solutions and partner in taking the solution to the bank customer
Richard Teng,?CEO ofADGM?said: ?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.?Already, we have seen great interest among Indian innovators participating in our RegLab.?Through this partnership with YES BANK, we look forward to building on our strengths to enhance the connectivity between the two FinTech ecosystems in a concrete fashion.p>
One97 Communications and Flipkart have between them made up the top eight largest FinTech deals in India according to data by FinTech Global.
Last month, India-based e-commerce marketplace Flipkart reportedly bagged $156m in a credit line from Axis Bank.
In May, Softbank sealed a funding round of Rs 9,000 crore ($1.bn ) in One 97 Communications which owns mobile payments provider Paytm.?Two months later, India-based e-commerce marketplace Flipkart reportedly raised around $2.5bn in an investment from SoftBank Vision Fund.
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