Latest news with #EnglishCommonLaw
Forbes
21-04-2025
- Business
- Forbes
What Can FinTech Learn From The UAE's Rise As The Next Hotspot?
Founder & CEO of Excellent Webworld. A tech innovator with 12+ years of experience in IT, leading 900+ successful projects globally. The United Arab Emirates (UAE) is shaping up to be the world's next FinTech hub, and this should not come as a surprise. Initiatives like the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) have boosted foreign direct investments (FDI) in the financial sector. In fact, according to UAE government records, the region ranks second globally in terms of FDI. Many of these FDIs are from FinTech startups performing incredibly well. For example, the UAE FinTech market is projected to reach $3.56 billion in 2025 and $6.43 billion by 2030, growing at a CAGR of 12.56%. In comparison, the United Kingdom FinTech market is expanding at a CAGR of 10%. The difference between the markets is clear, but there's more. As the CEO of a tech company that creates FinTech solutions, I have closely followed innovations in the financial services sector over the years. Providing FinTech solutions to clients in the MENA region has given me more profound insights into the regulatory framework. In this article, I'll discuss what the UAE is doing right and highlight some critical lessons tech professionals can learn from their example. The UAE has a strategic advantage in FinTech, with massive innovations like generative AI and blockchain transforming financial operations. UAE FinTech startups like Warburg AI are already transforming financial transactions by focusing on innovating cryptocurrencies. Many such startups are looking to transform the FinTech market in the UAE, and these startups and enterprises are gaining more traction. Alongside the AI boom, FinTech companies in the UAE are taking advantage of the regulatory haven established by the local government. Arif Amiri, the chief executive at the Dubai International Financial Centre, states, 'By giving FinTechs in the UAE a holistic, dynamic ecosystem with an independent regulatory and English Common Law judicial system and global financial exchange, start-ups can be better equipped to promote their innovative solutions and expansion plans to investors.' The cost of starting a business in the UAE is lower than in other hubs like London, which is a primary reason FinTech companies are thriving there. Startup costs in the UAE are reduced due to the availability of free zones, such as the DIFC and ADGM. Furthermore, licensing costs in the UAE range from AED 10,000 to AED 50,000, while in London, they can vary from £1,500 to over £5,000. Additionally, FinTech businesses in London must navigate complex regulations imposed by the Financial Conduct Authority (FCA), which raises their overall expenses. The UAE also offers a 0% corporate tax rate for eligible businesses in free zones. For those outside the UAE, there's still a lot to learn. For example, if your FinTech company provides specific financial services recognized by the local government, it might also be eligible for VAT exemptions. The regulatory framework in the UAE mandates that multiple licenses be obtained for your FinTech business, supervised by ADGM, DIFC and the Central Bank of the UAE. ADGM issues the Financial Services Permission (FSP) permits. It also provides category 3 and 4 licenses for FinTech companies with a minimum capital requirement of USD 10,000. At the same time, DIFC provides an Innovation Testing License (ITL), which generally takes 5 to 15 weeks for approval. The Central Bank of the UAE regulates key financial services such as payments and cryptocurrency activities. Therefore, you need to obtain a license from the Central Bank to facilitate transactions on your platform. However, if you are not based in the UAE, regulatory compliance and licensing laws can differ. This is why it's crucial to identify the applicable laws and licensing guidelines specific to your business location. For example, in the U.S., you must submit AML/KYC compliance documents to FinCEN. The UAE government is implementing essential initiatives, such as integrating the AANI payment systems with India's UPI. This enables cross-border payments and assists FinTech startups in providing financial services across the Asian subcontinent. Apart from government initiatives, private players in the UAE are also making progress in facilitating cross-border payments. A recent collaboration between e& Enterprise and PayPal is one such initiative that will support FinTech businesses in the UAE over the next three years. Moreover, startups can also take advantage of the emergence of the GCC RTGS (Gulf Cooperation Council Real Time Gross Settlement System, also known as the Afaq Payment System). For businesses outside of MENA countries, overcoming the challenges of cross-border payments can be challenging. However, if you are one such business, you can implement specific systems to enable real-time cross-border settlements. You can also add multiple payment methods like ACH, wire transfers and digital wallets to ensure seamless payments. The UAE's strong investment and funding ecosystem creates more opportunities for startups. In 2024, "the UAE led the region with $1.1 billion raised across 207 startups, followed by Saudi Arabia ($700 million in 186 deals). Startups can use the UAE's funding ecosystem to secure funds and innovate rapidly. This supportive environment for startups is already helping the UAE's FinTech sector grow. There has been a notable shift among global investors, and the UAE has reaped the benefits. For example, significant investors like Kevin O'Leary have already relocated to the UAE. This shift is expected to heighten the investment appetite for startups. Even if you aren't ready to move your FinTech operations to the UAE, there are other ways of improving financial services. A key aspect that tech professionals need to follow is local regulatory frameworks. Each region has different regulatory frameworks, and proper compliance can lead to more secure financial operations. So, invest in innovation, collaborate with local government authorities and enhance compliance. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
Zawya
17-04-2025
- Business
- Zawya
ADGM launches game changing ‘Virtual Sell and Purchase' service for its real estate sector
The first of its kind service within the real estate sector virtually brings all stakeholders under a secure online platform to conduct a set of services in a single digital process, which redefines the sell & purchase journey. Abu Dhabi, UAE: ADGM, the international financial centre of the UAE capital, Abu Dhabi, proudly announces the launch of the Virtual Sell and Purchase, the first-of-its-kind real estate service, which allows multiple steps within property transactions to be completed virtually by buyers, sellers, and associated banks. ADGM's new service streamlines and consolidates three key real estate procedures – Discharge of Mortgage, Register a Transfer, and Register a Mortgage – into a single digital service. By bringing together all relevant parties to a secure online platform to perform a single transaction, the virtual sell and purchase service aims to deliver a significantly enhanced and effortless customer experience. The service is powered by a groundbreaking virtual presence feature, which enables all parties to complete their part of the transaction remotely. This feature is a major leap in digital innovation for real-estate services as it eliminates the need for physical meetings or document handovers, reducing processing time while maintaining the highest standards of security and compliance. The Virtual Sell and Purchase service is being launched via ADGM's state-of-the-art digital property platform AccessRP, which was started in collaboration with ADGM's strategic partner ADRES. AccessRP offers a comprehensive and enhanced suite of real estate transaction services, from selling and purchasing transactions to off-plan development and mortgage services, providing end-to-end solutions for developers, owners, and investors. Hamad Sayah Al Mazrouei, CEO of the Registration Authority (RA) of ADGM, commented, "The launch of the Virtual Sell and Purchase service marks a significant milestone in our ongoing efforts to enhance ease of doing business and reinforces customer experience in the real estate sector. We are not only making services simpler and faster, but we are also redefining what a real estate journey should look like in a modern, digital economy.' With this initiative, ADGM continues to set new standards for digital transformation and drive growth in the real estate and financial services sectors, reinforcing its position as a leading international financial centre and innovation hub. About ADGM ADGM is the international financial centre (IFC) of the capital city of the United Arab Emirates, which opened for business on 21 October 2015. ADGM augments Abu Dhabi's position as a leading financial centre and a business hub, serving as a strategic link between the growing economies of the Middle East, Africa, South Asia, and the rest of the world. Operating within an international regulatory framework based on the direct application of English Common Law, ADGM governs the entirety of Al Maryah Island and Al Reem Island, collectively designated as the financial free zone of Abu Dhabi. ADGM is ranked as one of the most preferred and top-ranking IFCs in the Middle East and Africa region. Its progressive and inclusive business ecosystem fosters growth, resilience, and optimism for global financial and non-financial institutions. Growing synergies between ADGM and multiple jurisdictions have positioned the centre as one of the world's most advanced, diverse, and progressively governed financial hubs. For more details on ADGM, please visit or follow us on LinkedIn and Instagram: @ADGM X: @adglobalmarket For media queries, please contact: Email: media@
Zawya
13-02-2025
- Business
- Zawya
ADGM appoints Justice Paul Heath KC as a Judge to ADGM Courts
Abu Dhabi, UAE,: ADGM Courts, the internationally recognised independent courts of ADGM, announced the appointment of Justice Paul Heath KC as a Judge, effective from 7th December 2024. Justice Heath KC succeeds Justice William Stone SBS KC, who retired on 31st December 2024. Commenting on Justice Heath's appointment, the Right Honourable Lord David Hope of Craighead KT, Chief Justice of ADGM Courts, said, 'We are delighted that Justice Heath has joined the Court. He has extensive experience in cross-border insolvency and general commercial disputes. Since retiring from the High Court of New Zealand, and demonstrating the breadth of his experience, he has conducted numerous international arbitrations as a sole arbitrator and been involved in both domestic and international mediations, mainly in the commercial environment. His appointment adds to our reputation for providing exceptional judicial services, in support of the increasing number of global financial institutions and companies that have selected ADGM as a jurisdiction that will enhance their chances of future prosperity and growth.' Justice Heath commenced his practice as a barrister and solicitor of the High Court of New Zealand in 1978. In 1997, he became a consultant on commercial law matters to the New Zealand Law Commission (a statutory law reform agency) and was appointed a Commissioner in 1999. While at the Law Commission, Justice Heath oversaw the preparation of reports on cross-border insolvency, domestic insolvency issues, arbitration and electronic commerce. He moved to the independent bar in 1998 and was immediately appointed as Queen's Counsel. Primarily in recognition of his work on cross-border insolvency, in 2000 he was inducted as a Fellow of the American College of Bankruptcy. In 2002, he was appointed as a Judge of the High Court of New Zealand, and particularly a Judge of the Commercial List and the Commercial Panel. From 2003 until 2017, he sat regularly as an ad hoc member of the Court of Appeal in both its criminal and civil appeal divisions. ADGM Courts is renowned for its advanced technology driven services, including its unique eCourts Platform, state-of-the-art digital courtroom and ground-breaking blockchain solution for the enforcement of judgments. ADGM's foundation on English Common Law, bolstered by a robust regulatory framework and supported by an outstanding judiciary, reinforce ADGM's reputation as a leading international financial centre. About ADGM ADGM is the international financial centre (IFC) of the capital city of the United Arab Emirates, which opened for business on 21 October 2015. ADGM augments Abu Dhabi's position as a leading financial centre and a business hub serving as a strategic link between the growing economies of the Middle East, Africa, South Asia, and the rest of the world. Operating within an international regulatory framework based on the direct application of English Common Law, ADGM governs the entirety of Al Maryah Island and Al Reem Island collectively designated as the financial free zone of Abu Dhabi. ADGM is ranked as one of the most preferred and top-ranking IFCs in the Middle East and Africa region and named MENA's largest Fintech hub. Its progressive and inclusive business ecosystem gravitates toward global financial and non-financial institutions whilst leveraging synergies between ADGM and multiple jurisdictions positioned as one of the world's most advanced, diverse, and progressively governed financial hubs. For more details on ADGM, please visit or follow us on Twitter and Instagram: @adgm and LinkedIn: @ ADGM
USA Today
11-02-2025
- Politics
- USA Today
Letter to the editor: Executive order isn't legal
Letter to the editor: Executive order isn't legal President Trump's executive order to limit birthright citizenship will do irreparable harm to families across our community. Not only is its moral wrongness clear, its legal wrongness is too. Section 1 of the 14th Amendment states that 'All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside.' Trump's legal team argues that children of illegal immigrants aren't subject to U.S. jurisdiction, and thus aren't citizens. Looking at past Supreme Court cases on this clause, his interpretation cannot stand to reason. From Elk v. Wilkens (1884) to United States v. Wong Kim Ark (1898) and beyond, not only do we find no support for his executive order, but we also find evidence directly to the contrary. Time after time, the Supreme Court has found that Section 1 of the 14th Amendment applies to all persons born in the United States with few exceptions. Whether one looks at the text, its legislative history, the spirit of the law, the history of the early United States, the English Common Law or beyond, they all point to this very same conclusion. President Trump's legal team knows this and have chosen to declare all illegal immigrants invaders. This is how he plans to skirt around the courts and limit birthright citizenship – by abusing his executive authority to falsely declare invasion. He'll treat millions of unorganized and peaceful people the same way we'd treat a foreign army. I can only hope the Supreme Court doesn't fall for this ruse, and that they do what's so clearly right. Bradley Silvernail, Ventura
Zawya
27-01-2025
- Business
- Zawya
ADGM launches an all-in-one mobile app to enhance connectivity and elevate experience across the financial district
Streamlined services to support businesses, professionals, residents, and visitors by driving efficiency and collaboration. Abu Dhabi, UAE: ADGM, the UAE capital's international financial centre, has officially launched today its all-in-one mobile App, which is set to redefine how businesses, employees, and residents engage within the financial district. Designed to streamline connectivity, the app provides seamless access to exclusive tools and services, enhancing the overall experience within ADGM's dynamic community. An all-in-one digital solution for businesses and professionals, the ADGM App offers real-time updates on regulatory developments, compliance calendars, commercial licence renewals, and an exclusive professional networking feature to foster collaboration and unlock business opportunities within the community. For residents and visitors, it provides access to lifestyle features, cultural activities, exclusive offers, and a range of services designed to elevate their experience within the financial district. S alem Mohammed Al Darei, CEO of ADGM Authority, said, 'As a leading international financial centre, ADGM remains committed to driving innovation and operational excellence. The launch of the ADGM App is a significant step forward in enhancing connectivity within our ecosystem, reinforcing our dedication to creating a digitally advanced, collaborative environment that fosters growth and progress across all sectors of our community.' This initiative underscores ADGM's commitment to fostering collaboration, supporting sustainable development, and enhancing engagement across Abu Dhabi's ecosystem. Strategic partnerships with key stakeholders such as Hub71, ADIO, Aldar Properties, The Galleria, and Numou have enabled the integration of key services into the ADGM App, ensuring a seamless, efficient, and enriching user experience. The ADGM App reinforces Abu Dhabi as a premier destination to live, work, and explore. The ADGM App is now available for download on the App Store and Google Play. About ADGM ADGM is the international financial centre (IFC) of the capital city of the United Arab Emirates, which opened for business on 21 October 2015. ADGM augments Abu Dhabi's position as a leading financial centre and a business hub serving as a strategic link between the growing economies of the Middle East, Africa, South Asia, and the rest of the world. Operating within an international regulatory framework based on the direct application of English Common Law, ADGM governs the entirety of Al Maryah Island and Al Reem Island collectively designated as the financial free zone of Abu Dhabi. ADGM is ranked as one of the most preferred and top-ranking IFCs in the Middle East and Africa region. Its progressive and inclusive business ecosystem fosters growth, resilience, and optimism, for global financial and non-financial institutions. Growing synergies between ADGM and multiple jurisdictions have positioned the centre as one of the world's most advanced, diverse, and progressively governed financial hubs. For more details on ADGM, please visit or follow us on LinkedIn and Instagram: @ADGM X: @adglobalmarket For media queries please contact: E: media@
