The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has issued guidance on the development and use of APIs in the ADGM.
In a statement, the ADGM said that the FSRA recognises that the adoption of APIs is central to digital transformation within organisations and allows the establishment of an efficient, connected as well as secure economy powered by big data.
The guidance aims to promote the adoption of globally recognised and accepted standards for the sustainable growth of the digital economy, operability across sectors and connectivity to global markets.
Richard Teng, the CEO of Financial Services Regulatory Authority of ADGM, said, “The adoption of APIs has the potential to foster greater collaboration to this end, accelerate the pace of transformation and lead to greater financial inclusion in the region.”
Additionally, it seeks to promote internationally recognised security and governance practices to safeguard consumers and the integrity of the financial services market.
The regulatory guidance is part of ADGM’s ongoing commitment to support Abu Dhabi's digital transformation agenda and reinforce Abu Dhabi’s position as a global smart city.