Latest news with #ArvindRamamurthy
The Sun
25-05-2025
- Business
- The Sun
Carta Receives Financial Services Permission from ADGM's Financial Services Regulatory Authority, Unlocking New Phase of Growth in MENA's Venture Capital and Private Equity Ecosystem
RIYADH, SAUDI ARABIA - Media OutReach Newswire - 23 May 2025 - Carta, the software platform purpose-built for private capital, today announced its Financial Services Permission (FSP) from ADGM's Financial Services Authority (FSRA), unlocking a new phase of growth in Middle East and North Africa (MENA). This milestone significantly advances Carta's global mission to make private markets more accessible, transparent, and equitable. As the world's largest fund administrator for venture capital, Carta will support the private market ecosystem in the MENA region with its end-to-end software platform for fund operations, in addition to its equity management solutions for companies (including startups). Abu Dhabi, renowned as the 'capital of capital,' has shown exceptional growth in the financial services sector. Carta's expansion comes as the UAE establishes itself as a key player in the Middle East, constituting 40% of all funding rounds in the region—a 9% year-on-year increase—according to industry reports. In 2024, assets under management (AUM) within ADGM grew by 245%, with 134 fund and asset managers operating 166 funds by the end of 2024. Carta has strategically chosen ADGM as the location for its new Middle Eastern office, strengthening the company's commitment to aligning with regions that demonstrate significant market potential and robust economic policies. Located at Hub71 WeWork, in the heart of the financial district, Carta's new office serves as a strategic base for expanding sales and marketing efforts in the MENA region, a region the company sees as highly promising. 'The Middle East is the perfect place for Carta expansion,' said Bhavik Vashi, Managing Director of Carta APAC & MENA. 'The regulatory framework in ADGM is one of the most progressive we've seen globally—exactly the type of environment needed to fuel the private markets, which is why we have made a big bet here.' Over the past few years, Carta has been working closely with government regulators and is confident that its comprehensive suite of services—such as quarterly reporting, compliance services, and tax and audit readiness—will effectively address the needs of the local community. Arvind Ramamurthy, Chief of Market Development Officer at ADGM said; 'We congratulate Carta on receiving their FSP from ADGM. We are thrilled to welcome them to ADGM's dynamic ecosystem, where innovation, growth, and opportunity thrive. Your presence enriches Abu Dhabi's financial landscape, and we look forward to supporting your success in this vibrant and forward-thinking community.' Carta currently supports a number of prominent regional customers, including Global Ventures, BECO Capital, Cotu Ventures, Outliers VC, Dubai Future District Fund, and Middle East-based unicorns Foodics and Kitopi. With ADGM license approval, Carta will continue to collaborate with the local VC & PE ecosystem to further enhance the company's service offerings and deliver greater value for the Middle East's growing private markets.
Fintech News ME
21-05-2025
- Business
- Fintech News ME
Bitcoin Suisse Secures In-Principle Approval to Operate in ADGM
Bitcoin Suisse, a Swiss crypto financial services provider, has announced that its subsidiary, BTCS (Middle East), has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). This development is part of Bitcoin Suisse's ongoing international expansion and will allow the firm to move toward obtaining full authorisation to operate within ADGM. Upon securing full licensing, BTCS (Middle East) Ltd. will be permitted to offer regulated crypto financial services in Abu Dhabi, including virtual asset trading, crypto securities and derivatives, as well as local custody services. ADGM is recognised for its advanced regulatory framework and is considered a key jurisdiction for virtual assets in the MENA region. The FSRA's virtual asset regulations are among the most comprehensive globally, positioning ADGM as a major hub for digital finance. Ceyda Majcen, Head of Global Expansion and designated Senior Executive Officer of BTCS (Middle East), commented: 'The In-Principle approval marks an important milestone in our global expansion journey. It reflects our strong commitment to maintaining the highest standards of transparency, security, and regulatory excellence. We look forward to working closely with the FSRA to obtain our full license and bring our decade of experience in crypto finance to the region's rapidly evolving digital asset ecosystem.' Arvind Ramamurthy, Chief of Market Development at ADGM, said: 'ADGM congratulates Bitcoin Suisse on receiving its IPA from the FSRA. Their expansion plans to the region to provide regulated crypto financial services within the international financial centre is a testament to the immense opportunities available within Abu Dhabi. We look forward to Bitcoin Suisse receiving their Financial Services Permission (FSP) and their contribution to ADGM's dynamic ecosystem.' Bitcoin Suisse currently manages over US$6 billion (AED 22.2 billion) in digital assets under custody and more than US$2.6 billion (AED 8.9 billion) in institutional staking services. With its entry into the ADGM ecosystem, the firm aims to operate within a regulated framework that supports the delivery of crypto financial services to clients in the region. The IPA indicates that BTCS (Middle East) has met the FSRA's initial regulatory standards. The company will continue to develop its product offerings and operations as it progresses toward full licensing.
Zawya
20-05-2025
- Business
- Zawya
'Tradition' interdealer broker opens office in ADGM
Tradition, the interdealer broking arm of Compagnie Financière Tradition (CFT) and one of the world's largest interdealer brokers in over-the-counter financial and commodity related products, announced the opening of its first office in Abu Dhabi, becoming one of the first interdealer brokers to establish a presence within ADGM. The company secured Financial Services Permission (FSP) from the Financial Services Authority of ADGM and has opened a new office in Abu Dhabi's International Financial Centre (IFC). This strategic expansion strengthens Tradition's global footprint and enhances its ability to support clients seamlessly across all major macro markets. Located within ADGM, Tradition benefits from a world-class regulatory framework that combines strong governance with commercial pragmatism, as well as the advantages offered by its international financial free zone status. Mike Anderson, CEO Tradition, EMEA, said, 'Establishing a presence in Abu Dhabi is a significant milestone for Tradition and a natural progression of our EMEA strategy. ADGM offers a compelling environment for financial institutions, and we are confident this expansion will enhance our ability to serve clients with precision, insight, and proximity. Abu Dhabi's ambition aligns with our own—to be forward-looking, trusted, and at the forefront of global financial markets." Arvind Ramamurthy, Chief Market Development Officer, ADGM, added, 'We are pleased to welcome Tradition to ADGM's dynamic ecosystem. Tradition's strategic expansion within the region as one of the first interdealer brokers to establish a presence in ADGM is a testament to continued interest of global firms choosing the IFC in Abu Dhabi. We look forward to seeing the value they bring to and to supporting their journey through ADGM's robust regulatory framework and growing ecosystem."
Al Etihad
29-04-2025
- Business
- Al Etihad
Circle secures in-principle regulatory approval from ADGM's FSRA
29 Apr 2025 19:12 ABU DHABI (ALETIHAD) Circle Internet Group, a global financial technology company and stablecoin market leader, on Tuesday announced that it has received in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM to operate as a money services provider. This IPA marks a significant step towards Circle securing a Financial Services Permission (FSP) under ADGM's framework. This milestone follows Circle's incorporation in ADGM in December 2024 and builds on its expanding presence across the UAE.'The UAE is paving the way for responsible innovators to build the internet financial system,' said Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle.'This IPA from ADGM advances our strategy to establish deep roots in markets embracing the onchain economy''We are excited about Circle's contribution to ADGM's dynamic ecosystem leveraging their regulatory-first approach, commitment to innovation, and global credibility in the stablecoin space' said Arvind Ramamurthy, Chief of Market Development at ADGM. 'Their presence aligns with ADGM's position as a hub for innovation, offering a robust regulatory environment for the growth of next-generation financial services.''Circle's IPA from ADGM represents more than a regional milestone—it is a global signal that regulatory clarity and innovation can, and must, coexist.' said Dante Disparte, Chief Strategy Officer & Head of Global Policy and Operations at Circle. 'As forward-looking jurisdictions like the UAE establish clear pathways for digital finance, Circle continues to demonstrate how trusted infrastructure, built on rigorous compliance and transparency, can advance the safe adoption of stablecoins worldwide.'Circle also announced a strategic collaboration with Hub71, Abu Dhabi's global tech ecosystem, to strengthen innovation within the digital assets space. Circle and Hub71 will explore initiatives around ADGM's digital regulatory sandbox, offering founders access to grants, institutional networks, and opportunities to accelerate fintech innovation through hackathons, educational workshops, and mentorship programms. As part of the collaboration, Circle will join Hub71's Digital Assets specialist ecosystem, contributing its global expertise to a community of more than 500 tech startups and venture capital partners."Our collaboration with Circle underscores our commitment to positioning Abu Dhabi as a global hub for FinTech and digital assets,' said Ahmad Ali Alwan, CEO of Hub71. 'Circle's expertise will enrich our digital assets ecosystem, providing Hub71 founders with greater access to resources, mentorship, and growth opportunities" Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications worldwide. Circle is building the world's largest, most-widely used, stablecoin network, and issues, through its regulated affiliates, USDC and EURC stablecoins.
Zawya
29-04-2025
- Business
- Zawya
Circle secures in-principle regulatory approval from ADGM's FSRA
ABU DHABI, UAE – Circle Internet Group, Inc., a global financial technology company and stablecoin market leader, today announced it has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM to operate as a money services provider. This IPA marks a significant step towards Circle securing a Financial Services Permission (FSP) under ADGM's progressive regulatory framework, and reinforces the company's commitment to enabling compliant innovation in digital finance throughout the Middle East and Africa (MEA). This milestone follows Circle's incorporation in ADGM in December 2024 and builds on its expanding presence across the UAE. 'The UAE is paving the way for responsible innovators to build the internet financial system,' said Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle. 'This IPA from ADGM advances our strategy to establish deep roots in markets embracing the onchain economy, creating new pathways for investment and innovation in the region. It also underscores Circle's enduring commitment to global stablecoin oversight—strengthening trust, compliance, and adoption worldwide, while laying a resilient foundation for the internet financial system.' 'We are excited about Circle's contribution to ADGM's dynamic ecosystem leveraging their regulatory-first approach, commitment to innovation, and global credibility in the stablecoin space' said Arvind Ramamurthy, Chief of Market Development at ADGM. 'Their presence aligns with ADGM's position as a hub for innovation, offering a robust regulatory environment for the growth of next-generation financial services. We look forward to working with Circle as they expand their operations and contribute to the advancement of digital finance in the UAE.' 'Circle's IPA from ADGM represents more than a regional milestone—it is a global signal that regulatory clarity and innovation can, and must, coexist.' said Dante Disparte, Chief Strategy Officer & Head of Global Policy and Operations at Circle. ' As forward-looking jurisdictions like the UAE establish clear pathways for digital finance, Circle continues to demonstrate how trusted infrastructure, built on rigorous compliance and transparency, can advance the safe adoption of stablecoins worldwide. This moment reinforces our belief that regulation is not a constraint on innovation, but its most powerful catalyst.' Circle also announced a strategic collaboration with Hub71, Abu Dhabi's global tech ecosystem, to strengthen innovation within the digital assets space. Circle and Hub71 will explore initiatives around ADGM's digital regulatory sandbox, offering founders access to grants, institutional networks, and opportunities to accelerate fintech innovation through hackathons, educational workshops, and mentorship programs. As part of the collaboration, Circle will join Hub71's Digital Assets specialist ecosystem, contributing its global expertise to a community of more than 500 tech startups and venture capital partners. "Our collaboration with Circle underscores our commitment to positioning Abu Dhabi as a global hub for FinTech and digital assets.' said Ahmad Ali Alwan, CEO of Hub71 'Circle's expertise will enrich our digital assets ecosystem, providing Hub71 founders with greater access to resources, mentorship, and growth opportunities. Through this partnership, we are enabling the adoption of leading digital financial infrastructure that supports startup growth and drives the evolution of Web3 and digital finance from Abu Dhabi." About Circle Internet Group, Inc. Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications worldwide. Circle is building the world's largest, most-widely used, stablecoin network, and issues, through its regulated affiliates, USDC and EURC stablecoins. Circle provides a comprehensive suite of financial and technology services that empower enterprises and developers to integrate stablecoins and blockchains into their products, services and business operations. Learn more at Media Contact Zara Gleasure
