23 Apr Nexus FrontierTech Collaborates with Abu Dhabi Global Market in Pilot to Automate Licence Application Process
Singapore/London/Abu Dhabi, 23 April 2020 – RegTech startup Nexus FrontierTech is pleased to collaborate with the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to spearhead the use of artificial intelligence to automate ADGM’s licence application process for Venture Capital (VC) fund managers. The co-created AI-enabled “RegBot”, which utilises natural language processing (NLP) and machine learning, will drive greater business efficiency and compliance for stakeholders operating in one of the fastest-growing financial centres globally.
FSRA, responsible for the regulation and supervision of financial services in ADGM – Abu Dhabi’s award-winning International Financial Centre, oversees the authorisation and supervision of financial institutions looking to expand their footprint in the region. The FSRA has launched a series of RegTech pilot initiatives which employ emerging technologies such as AI to facilitate the quick and compliant entry of new players to support rapid industry growth.
Nexus FrontierTech, a globally-recognised RegTech startup that caters to clients primarily in the financial services sector, has developed an AI-powered RegBot that potential applicants can interact with when applying for the licence online.
Powered by NLP and machine learning, the RegBot identifies and immediately clarifies information and risk gaps in the application as it assesses the applicant’s readiness to proceed. A draft application form is automatically completed for the applicant. At the same time, an assessment report is generated for FSRA’s review. This increases business efficiency for all stakeholders and reduces turnaround time while ensuring compliance with FSRA’s rules and regulations.
For the trial implementation, FSRA has invited prospective VC fund managers exploring business opportunities in ADGM to try out the RegBot. Nexus looks forward to engaging FSRA and the VC community to test and improve the RegBot solution.
The collaboration was forged during Singapore Fintech Festival 2019, a testament to the city state’s ability to foster innovation and international collaboration in digital services.
“In the face of unprecedented change to the way services are being delivered, we are delighted to be part of ADGM’s journey to spur innovation and productivity in the UAE and the region,” commented Nexus’ Regional Director, Derrick Liao. “Having the opportunity to connect with ADGM also demonstrates Singapore’s strength as a centre for global cooperation and technological adoption.”
The firm has had its eyes set on Singapore as a financial and technological hub and has expanded its team there to tap into the business opportunities present in Asia.
Recently, Nexus welcomed two new advisors to their Senior Advisory Board: Jennifer Lewis, former Managing Director and Advisor to GIC, Singapore’s sovereign wealth fund, and David Hardoon, former Chief Data Officer and Special Advisor (AI) to the Monetary Authority of Singapore (MAS), to advise on communications and organisational leadership strategy, respectively.
About Abu Dhabi Global Market (ADGM)
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global trade and business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths panning over private banking, wealth management, asset management, derivatives and commodities trading, financial innovation, sustainability and more. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs the entire 114 hectares (1.14sqkm) of Al Maryah Island which is a designated financial free zone.
It enables registered financial and non-financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on common law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for four consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details on ADGM, please visit www.adgm.com or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)
* Source: The Global Investor Middle East and North Africa (MENA) Awards
About Nexus FrontierTech
Nexus Frontier Tech is a London-based AI solutions company specialising in the automation of data-intensive processes within the regulatory and compliance realm, helping enterprises save time, money and resources by employing solutions that tackle the issues of inefficiencies and data waste. While industry-agnostic, many clients are in the financial services space and are seeking to streamline their operations. The company also boasts a proprietary AI automation platform that enterprises can use to shorten the implementation cycle of production-level AI models from months to within hours.