Remitware Payments announced it is joining the ADGM RegLab program to launch MoneyOS as a mechanism for international payments that is safe, compliant and secure. Remitware will be working closely with the regulators at ADGM’s RegLab, to further develop and scale MoneyOS for global commerce and remittances.
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, launched its Regulatory Laboratory (RegLab) in November 2016. It is a tailored regulatory regime for fintech market participants to foster innovation within the UAE financial services market for both new market entrants and existing financial institutions.
International payments are currently dominated by wire transfers and debit/credit card based payment methods. MoneyOS enables users to collect and make international payments from a single MoneyOS account, bypassing both these traditional methods. In addition to facilitating transactions for businesses, MoneyOS allows financial institutions such as banks and other money transfer companies, to build their own cross-border payments offering on this platform and replace slow and expensive wire transfers.
Intelligent algorithms coupled with partnerships with banks and other regulated financial institutions in various countries, allow MoneyOS to automatically and intelligently find the best route to ensure money flows across diverse payment networks like bank accounts, wallets, and others new age payment instruments. MoneyOS uses machine learning technology to tackle complexities of cross-border payments, such as detecting patterns in money flow, routing of exceptions and intelligently processing unstructured data.
Mr. Wai Lum Kwok, Executive Director of Capital Markets at ADGM’s Financial Services Regulatory Authority welcomed Remitware to the 2nd RegLab cohort, saying:
“ADGM is committed to supporting the development and deployment of Fintech solutions that have the potential to make financial services more accessible, affordable and secure. We look forward to working closely with Remitware to test its innovative technology in a controlled and supervised environment.”
Speaking on the occasion, Mr. Kanchan Kumar – Co-founder & CEO of Remitware said:
“We are delighted to participate in ADGM’s RegLab to accelerate our innovation in cross-border payments. We firmly believe that orbit shifting innovation in payments space requires an active regulatory support that is receptive to creating new models. With the ADGM RegLab association, we will bring to market innovations which would not have been possible to develop or scale in an uncertain regulatory environment.”
