ADGM aims to use AI to automate licence application – ZAWYA

ADGM aims to use AI to automate licence application – ZAWYA

Abu Dhabi Global Market (ADGM) has partnered with RegTech startup Nexus FrontierTech in its move to use artificial intelligence (AI) 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.. The Financial Services Regulatory Authority (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.. 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..