Abu Dhabi Global Market (ADGM) and the Swiss Finance + Technology Association (SFTA) have joined forces to support development of the fintech ecosystem in the UAE and Switzerland.

The alliance between ADGM and SFTA, a non-profit association, will allow sharing of fintech expertise.

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The partnership will also help Swiss and UAE fintech firms to connect with business opportunities and investments in each other’s jurisdictions.

Commenting on the alliance, SFTA president John Hucker said: “This connection is expected to benefit entrepreneurs, investors, and companies from both of these two global centres of wealth and finance. We also plan to share knowledge, for example, at the upcoming ADGM FinTech Summit, but also by connecting with a range of relevant public sector partners in Switzerland.

“In particular, there is clear opportunity for synergies with topics such as crypto finance, wealth management, insurance, and ethical FinTech.”

ADGM Financial Services Regulatory Authority CEO Richard Teng added: “With Switzerland as one of the world’s leading blockchain and crypto-currency centres, this new FinTech Bridge and partnership dovetail well with Abu Dhabi’s focus as a global FinTech hub. We look forward to working closely with SFTA to advocate an inclusive FinTech ecosystem that brings FinTech innovators and financial institutions together to build deep capabilities in seeking new growth opportunities and shifting our respective economies into higher gear.”

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ADGM has inked fintech agreements with multiple regulators across the globe, the most recent one being the one signed with the Capital Markets Authority of Kenya.