Article: Abu Dhabi and Singapore join forces to accelerate smart city development

Cities, Innovation, Open Space

Abu Dhabi and Singapore join forces to accelerate smart city development

Abu Dhabi Investment Office joined forces with Enterprise Singapore (ESG), a government agency championing enterprise development, and its subsidiary IPI Singapore to accelerate smart city development in the emirate. Under the agreement, Singaporean companies will submit solutions to address challenges outlined by the Abu Dhabi-based entities.

Eligible companies will also receive funding from ESG to develop smart city solutions. This will increase “collaboration, connect innovation ecosystems and promote the exchange of knowledge and expertise between both sides”, Adio and ESG said in a joint statement on Thursday.

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Article: How banks can leverage technology to explore the digital economy

Money, Open Governance

How banks can leverage technology to explore the digital economy

The classical banking world is in a state of radical change. Interest rates are low and revenues are dwindling. Challenger and neobanks are dominating the customer interface. Traditional players design their digital opportunities primarily from their viewpoint, focusing on their banking products, and becoming financial superstores for customers.

With open banking and open finance, financial institutions are now required to work more closely with non-banking players, often outside the world of finance. Digitization of key spheres of a customer’s lifestyle provides a plethora of opportunities for both banks and non-banks to create value services across shopping, housing, recreation, and healthcare. A winning strategy will be to surround end-customers with convenient digital services with easy access and the right pricing.

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Article: ADGM rolls out framework to regulate open banking platforms

Money, Open Governance

ADGM rolls out framework to regulate open banking platforms

The Financial Services Regulatory Authority of Abu Dhabi Global Market introduced a new regulatory framework to supervise financial technology companies providing third-party services to customers, the financial free zone said.

Third-party providers (TPPs) are companies that act as intermediaries between customers and financial institutions to help users manage their data more effectively when performing financial transactions, ADGM said in a statement on Thursday.

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Article: Urban Company, partner create open-source ESOP framework for startups

Free, Libre, Open Software, Open Source

Urban Company, partner create open-source ESOP framework for startups

Urban Company, India and the UAE’s largest tech-enabled home services marketplace, has open-sourced a specially crafted ESOP (employee stock ownership plan) policy for startups in collaboration with MyStartupEquity, a platform of venture capital firm LetsVenture.

Urban Company, which is backed by Accel Partners, Ratan Tata, and Flipkart CEO Kalyan Krishnamurthy, said the framework is available free. With ESOP implementation generally being a tedious process, the framework aims to guide startups and other on structuring terms and conditions.

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