Abu Dhabi Global Market Adds Regtech Startup to Automate Licence Applications

Regulatory technology firm Nexus FrontierTech has joined forces with Abu Dhabi Global Markets (ADGM) to pilot an AI-based system to automate the licence application process for VC fund managers entering the emirate.

Nexus has developed technology solutions for clients in the UK, Japan, Vietnam and the Middle East since 2015.

The firm has a team of more than 100 researchers and practitioners, working on solving enterprises’ most common problems with the firm’s AI solutions.

Nexus and ADGM's Financial Services Regulatory Authority (FSRA) have built a “RegBot”, which utilises natural language processing and Machine Learning Machine Learning Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained Read this Term to identify and immediately clarify information and risk gaps in licence applications.

A draft application form is automatically completed for the applicant. At the same time, an assessment report is generated for review by the FSRA.

Nexus says the bot should help increase business efficiency for all stakeholders and reduce turnaround time while ensuring Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term with FSRA’s rules and regulations.

“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,” says Nexus regional director Derrick Liao.

ADGM

AGDM is an International Financial Centre located in the UAE’s capital.

It was established by the UAE Decree, ADGM’s jurisdiction, in 2015 and quickly gained global recognition for its responsive ecosystem.

Three independent authorities, the Registration Authority (RA), the Financial Services Regulatory Authority (FSRA) and ADGM Courts, together ensure that its business-friendly environment operates in line with international best practices, recognised by major financial centres worldwide.