Maqta Gateway, a subsidiary of Abu Dhabi Ports, has agreed to collaborate on innovation projects and new technologies such as mobile payments, blockchain and distributed ledgers with Abu Dhabi Global Market.
The collaboration aims to spur economic growth, creative thinking and entrepreneurism, by setting up a platform from which financial technology (FinTech) innovator firms can test and launch products.
Another term of the partnership includes the establishment of knowledge transfer programmes, which aim to facilitate the sourcing of project partners and sponsors, as well as helping FinTech entrepreneurs to meet commercial or regulatory requirements.
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Abu Dhabi Ports established the Maqta Gateway, inaugurated in October 2017, to re-define Abu Dhabi’s trade services, processes and information exchange.
Maqta’s unified interface transfers data and connects various trade customers, including shipping agents, traders, custom brokers, freight forwarders and clearing agents, with entities integrated within the system locally and internationally.
Dr. Noura Al Dhaheri, CEO of Maqta Gateway, commented: “Through combining our respective resources and expertise, ADGM and Maqta Gateway will better be able to support entrepreneurs and innovators studying and developing emerging technologies and innovative solutions to contribute to the economic development of the UAE.
“Our company is characterized by its innovative and technological solutions, and through our partnership with ADGM's Financial Services Regulatory Authority (FSRA), we to support and enhance the digital community and innovators.”
Richard Teng, CEO of FSRA, said: “We are excited to be partnering with Maqta Gateway and the Abu Dhabi Ports, to support innovation and initiatives that serve the commerce and trading in Abu Dhabi and the wider UAE economy. International trade supports the growth of SMEs and corporations.
“Maqta Gateway is a natural partner in our efforts to provide our SME and entrepreneurial community with greater access to trade finance and growth opportunities.
“As an IFC and financial regulator, we will continue to collaborate with like-minded partners to support the growth of the FinTech and business communities locally and globally.”