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Abu Dhabi regulators are embracing digital technology to simplify the process of doing business in the emirate.
For example, last month, the Abu Dhabi Department of Economic Development launched a digital platform connecting free zones called electronic link To make doing business in the emirate easier.
The platform, which provides a single digital portal for sharing and viewing economic licenses, will digitally link businesses in four free zones – KEZAD Group (consisting of 12 economic zones), Abu Dhabi Airport Free Zone, Media Free Zone – Abu Dhabi (twofour54) and Masdar City Free Zone.
There are more than 40 free zones throughout the United Arab Emirates (UAE), which are an integral part of the country’s economy and where the emirate’s main business activities are located.
From skyscraper-strewn financial centers to sprawling industrial parks and ports, the free zones are designed to entice foreign companies to set up shop in the Middle Eastern country, with benefits such as complete exemption from import and export duties, corporate and personal taxes.
To make them more attractive, e-link will simplify business processes by creating a unified database of economic licenses in the emirate of Abu Dhabi.
Thanks to the integration with the database of the Ministry of Economy and the National Economic Register, platform users can also view data on the beneficial owners of economic institutions.
Digitize processes with AI
While the Ministry of Economic Development is digitizing the way businesses obtain and view licenses, the UAE’s financial services regulator has mobilized artificial intelligence (AI) to help automate the license application process.
The AI ​​licensing solution launched by Abu Dhabi Global Market (ADGM), dubbed ‘RegBot’, Built in partnership with Nexus FrontierTech And use natural language processing (NLP) to guide applicants to sign up for new venture capital (VC) funds.
For example, if applicants do not provide sufficient information about their risk management systems in relation to regulatory requirements, RegBot will prompt them to provide additional data.
It also automatically extracts data from uploaded documents, classifies a company’s readiness for approval from Abu Dhabi’s Financial Services Regulatory Authority (FSRA), and creates assessment reports for review by the regulator. Overall, this is expected to improve business efficiency and reduce the overall turnaround time for VC applications.
in a Report its use of RegTech Published in November last year, the FSRA further outlined how it could leverage a range of AI solutions to help businesses navigate the ADGM regulatory environment.
For example, authorities use clause matching The AI ​​platform presents information in structured network diagrams by automatically labeling and interconnecting concepts within FSRA’s vast document library.
related: OCC encourages banks to explore RegTech’s AI solutions
According to the FSRA, “Fintech firms wishing to offer new services or products can immediately understand which parts of a statute or rule apply to multiple pieces of legislation, and in what way they relate to each other.”
To ease the reporting burden on FSRA-licensed firms such as asset managers, the authority will also use application programming interfaces (APIs) to monitor client funds held by custodian banking firms in real time. These can then be checked against the company’s internal records, helping to report any breaches to the company and regulators.
along with UAE commits to boosting its knowledge economy By supporting and investing in the digital realm, digital platforms can create a more open and connected business ecosystem, while artificial intelligence can be used to automate daily business processes and improve company efficiency.
This appears to be the aim of FSRA and the Department of Economic Development with this new initiative, which pioneers a digital-first approach to regulation and compliance, which then serves as a model for other regulators to follow.
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