4 new FinTech startups join ADGM’s RegLab, while 2 graduate

Abu Dhabi Global Market (ADGM) has announced the admission of four new FinTech startups in its fourth Regulatory Laboratory (RegLab) cohort. The four startups were selected from 14 applications having market-ready solutions focusing on areas including sustainable finance and the API economy.

In addition, two startups have graduated from the RegLab programme: NOW Money and Pyypl. Read more about them below:

1. DAPI from the UAE:

DAPI offers an API-enabled solution that lets FinTech applications connect with their users’ bank accounts, to authorise bank transactions, initiate payments and access real-time banking data.

By allowing any FinTech application to connect to different banks with client authorisation through a single API, DAPI aims to power the next-generation of FinTech applications that will enable automated accounting, instant credit score reports, e-KYC and frictionless bank transfers amongst its many use-cases.

2. PointCheckout from the UAE:

PointCheckout is a payment platform for loyalty points, converting loyalty programs into lifestyle programs through allowing members to earn and redeem their points on everyday purchases.

Reward programmes get to work with hundreds of merchants in one integration and are in turn able to significantly increase point earnings, redemptions and consequently user engagements. Merchants in turn can boost transactions and footfall by targeting loyalty program members directly through PointCheckout integrations, and members get the flexibility to spend their points on anything they like.

3. Jibrel Network from Switzerland:

Jibrel is a blockchain development company focused on digitizing traditional financial assets. In 2018, alongside Al Hilal Bank, Jibrel settled the first blockchain-powered Islamic Bond (“Smart Sukuk”) in collaboration with ADGM.

Jibrel is currently developing an investment platform to enable start-ups and investors to connect in previously unimaginable ways to create capital formation. The platform aims to digitize start-up equity, thereby providing greater liquidity, transparency and reach. Jibrel collaborates across the technology, regulation, and finance spheres to bring real-world equity ‘on-chain’, redefining how companies are built, funded and managed.

4. Ekofolio from Luxemburg:

Ekofolio’s core mission is to enable impact investments in forestry assets. The global forestry investment sector, while niche, accounts for approximately US$100+ billion in institutional investments - including Timber Investment Management Organisations (TIMOs), REITs, securities, and direct holdings in private capital.

Ekofolio intends to use tokenization to enable Sharia compliant “Green Sukuk” investments in forestland to make forest investments tradeable and liquid.

1. NOW Money

NOW Money developed a digital client on-boarding solution that will fully integrate into their mobile technology to improve the lives of low income migrant workers in the UAE. The solution helps workers access banking and remittance services, providing them with direct access to an account, debit card and remittance directly from NOW Money’s smartphone app and service centre.

Ian Dillon, Co-Founder of NOW Money, said, “The FinTech innovations we developed in the RegLab enhanced NOW Money’s progress with regulators and key partners, and we feel has pushed forward the whole agenda of secure and efficient technology-led KYC within the UAE, which stands to benefit customers, banks, exchange houses, other FinTech companies and the country as a whole.”

He added, “We have incorporated innovations developed in the RegLab into our core NOW Money offering, which has made the customer sign-up process the slickest in the UAE whilst fully operating within regulatory frameworks of the Central Bank of the UAE. With current expansion across the GCC region and an exciting product roadmap, NOW Money has an exciting future, and are looking forward to further opportunities to work with ADGM."

2. Pyypl

Pyypl developed a digital payments solution for smartphone users that leverages blockchain, decentralised web and machine learning for new levels of security and compliance, to transact in online purchases without the need for a bank account or credit card. Pyypl is now in the process of transitioning to a full financial licence with ADGM.

Phil Reynolds, Co-founder and Director of Pyypl, commented on the occasion, “We’re delighted to have worked alongside the ADGM’s expert and efficient RegLab team to now migrate to a broader mandate as an ADGM fully licensed company, with blockchain technology driving Pyypl’s operating efficiencies that only FinTechs can reach. ADGM is a real pioneer in supporting the FinTech sector in the region.