IBS Journal July 2016


07


Stateside) rather than the fingerprint identification used by Apple Pay and Samsung Pay.


After a high profile launch, MCX quickly run into a number of obstacles, including Best Buy and fellow backer Rite Aid


getting onboard with Apple Pay. In May, it announced that it would postpone a nationwide roll-out and was laying off 30 employees. Instead, the focus would switch to developing partnerships with banks such as Chase.


Scott Thompson ADGM/Flat6Labs in FinTech team up


Flat6Labs have signed a Memorandum of Understanding to develop the FinTech ecosystem in Abu Dhabi. This follows on from ADGM’s proposed Regulatory Laboratory (RegLab), the first of its kind in the Middle East and North Africa (MENA) region. The initiative will give participants two years to develop, test and launch their products and services.


A bu Dhabi Global Market (ADGM) and


Richard Teng, CEO, Financial Services Regulatory Authority of ADGM, says: “As an Abu Dhabi-based establishment, Flat6Labs is well recognised as a successful, committed and experienced technology accelerator in the region. More importantly, it shares our desire in fostering a vibrant entrepreneurial environment to support the growth of FinTech in the region. We look forward to launching new initiatives with Flat6Labs in the near future.”


Scott Thompson


www.ibsintelligence.com


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