Hanfa and the ADGM affirm FinTech and Investment Management Collaboration
Published: 18 November 2019
The Croatian Financial Services Supervisory Agency (HANFA) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM FSRA) have signed two Memoranda of Understanding (MoUs) to enhance their regulatory collaboration in the areas of financial technology (FinTech) and Investment Management.
The MoUs were signed by Ante Žigman, President of the HANFA Board, and Philippe Richard Executive Director of International Affairs of the ADGM FSRA in Abu Dhabi.
The Agreements expand both ADGM and HANFA’s supervisory cooperation network and provides a framework for information sharing between the two Authorities to assist each other in keeping abreast of regulatory and market related developments in their respective jurisdictions.
On the FinTech front, the MoU provides a framework for cooperation to support financial innovation and FinTech businesses in better understanding the respective regulatory regimes of each jurisdiction.
Mr. Ante Žigman, President of the HANFA Board, said: ‘‘Fintech allows developing financial markets to stay relevant in a global and competitive environment. The ability to solve complex problems connected with the use of new technologies by financial infrastructures and financial services providers also largely depends on effective international cooperation arrangements. This is especially relevant for developing markets today. We are pleased that HANFA and ADGM FSRA will work closely together to further develop our respective markets. HANFA is committed to facilitating innovation in financial services through enhanced cross border cooperation with the second global largest Fintech RegLab and Middle East and North Africa Regional Hub.'’
Mr. Philippe Richard Executive Director of International Affairs of the ADGM FSRA said: “We are pleased to establish closer cooperation with the Croatian Financial Services Authority and look forward to embarking on mutually beneficial initiatives that further our investment and FinTech sectors. Digital technologies are being deployed to provide financial services to populations across borders, and Croatia has been particularly active on that front. Together, we will encourage and support technology start-ups and innovators in advancing their creative solutions into new markets.”
This new agreement establishes ADGM’s 33rd MoU across19 countries following its recent collaborations with Australia, Bahrain, Canada, China, Egypt, Estonia, France, Hong Kong, India, Japan, Kazakhstan, Kenya, Kuwait, Luxembourg, Malaysia, Singapore, Switzerland and the UAE.
ADGM will continue to establish new initiatives and work closely with local and global stakeholders to foster an open and inclusive global FinTech hub to serve Abu Dhabi and the greater MENA region.
On the Alternative Investment Fund Managers Directive (AIFMD) fronat,ADGM FSRA and HANFA have also signed the European Securities and Markets Authority’s Memorandum of understanding for Alternative investment management (ESMA’s AIFMD MoU).
The agreement allows fund managers in ADGM to manage and market Alternative Investment Funds (AIFs including hedge funds, private equity funds and real estate funds) to professional investors in the EEA under the AIFMD.
Ante Žigman said: ‘‘This is the first AIFMD MoU signed by HANFA, and I sincerely welcome such a significant step forward in fostering cross-border investment flows in the area of investment funds. We look forward to cooperating closely with the ADGM FSRA when it comes to supervision of AIFMD entities, focusing on investor protection, market and financial integrity and maintaining confidence and systemic stability. For HANFA, this marks a beginning of further initiatives related to international cooperation with regulators from non-EU jurisdictions based on the AIFMD MoU.”
Philippe Richard said: “The ADGM FSRA already has in place AIFMD MoUs with 20 EU Members States competent authorities (out of 28). Our AIFMD MoU with HANFA illustrates the efforts of both regulators to facilitate cross-border opportunities and promote investment flows across jurisdictions, thus allowing access to a greater pool of opportunities for both investors and the investment funds industry.”