The first-of-its-kind fintech regulatory sandbox and framework in the middle-east and North Africa region will enable Rubique to further develop and test its fintech innovations
Mumbai, May 18, 2017: India’s leading one-stop online marketplace providing technology enabled end-to-end solutions to the financing needs of individuals & SMEs, Rubique is paving its way onto the most prestigious global fintech daises time and again. The platform has now been selected by Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, to be a part of the first batch of its FinTech Regulatory Laboratory (RegLab) programme. Comprising 5 successful local and international FinTech startups with various innovation offerings, Rubique is one of the only two Indian fintech companies selected among the 11 applications. The platform will now develop and test its fintech innovations further as part of the programme.
The newly announced members are offering a range of innovations from data analytics for credit risk assessments, robo-advisory, artificial intelligence in digital ID, to solutions that can promote financial inclusion among the unbanked, and digital services that enhance operational risk management. As a member, Rubique along with all its fellow participants will receive regulatory guidance from a dedicated ADGM fintech team, and support from ADGM fintech ecosystem partners.
Commenting on this opportunity, Manavjeet Singh, CEO & founder said, “It is a moment of pride for Rubique to be selected for such a prestigious programme and share the platform with some of the top fintech platforms of UAE, the USA and another one from India. We will leverage this opportunity to further enhance our innovation by elevating the wave of technology and putting India’s fintech segment on the global map. Our aims are to share and enhance our advanced and ground-breaking technology in transforming the global fintech ecosystem.”
Mr Wai Lum Kwok, Executive Director of Capital Markets of the Financial Services Regulatory Authority, ADGM said, “We are pleased to welcome Rubique as one of the pioneering Reglab participants, which have demonstrated a sound understanding of the market needs with their transformational solutions. As an International Financial Centre, it is important that we value and embrace innovations that support the development and growth of our financial markets. What better way than to get up close to guide the RegLab firms through the develop-test-and-implement journey and assist them in better understanding the regulatory environment to realise their innovations.”
Rubique has rapidly established itself as the definitive fintech player in India, disrupting the landscape of financial products driven by its innovative and robust tech infrastructure. Through its various technological applications such as the Rubique Advantage feature, it enables users to quickly process loans through tools such as e-KYC. It expedites the process of in-principle approval of credit card applications and also ensures a hassle-free and seamless lending process thanks to its massive integration with lending systems of multiple financial institutions. Rubique endeavours to ultimately plug in the gap between lenders and borrowers through a wide range of capital financing options.
The ADGM RegLab is the first of such fintech regulatory sandbox and framework in the Middle East and North Africa (MENA) region. It is a tailored regulatory regime for fintech participants designed to foster innovation within the UAE financial services market for both new market entrants and existing financial institutions. By taking into account the unique business model and risks of the fintech participants and customising the test boundaries and regulatory requirements accordingly, the RegLab allows participants to develop and test their fintech propositions in a safe environment without putting an undue regulatory burden on them.