Abu Dhabi - Mubasher: The Abu Dhabi Global Market (ADGM) on Monday signed a memorandum of understanding (MoU) with National Health Insurance Company (Daman) to promote the growth and development of the insurance-related financial technology ecosystem in the UAE.
Under the agreement, ADGM and Daman will collaborate closely on a variety of technology-related initiatives that support entrepreneurs, start-ups and technology firms who are active in the insurance technology environment, ADGM stated.
“We believe that this partnership will support the programmes outlined in the Abu Dhabi plan concerning the development of a financial services sector that support economic diversification and the promotion of entrepreneurship among Small and Medium Enterprises (SMEs),” said Daman CEO Michael Bitzer.
“Based on an industry report, the technology spent in the global insurance industry is expected to reach $205 billion by 2019,” Richard Teng, The Financial Services Regulatory Authority’s (FSRA) CEO at ADGM, commented.
