Startup regulator

THERE is no shortage of first moves when it comes to the Abu Dhabi Global Market (ADGM), a tax-free financial centre in the Emirates set up just two years ago that is key to the United Arab Emirates (UAE) capital's strategy of diversifying away from the oil business.

Richard Teng, CEO of ADGM's Financial Services Regulatory Authority, has been in the thick of the action, having been plucked from his previous role as chief regulatory officer of the Singapore Exchange (SGX) to establish sound regulation that meets global standards.

"We always tell people that we're a regulatory startup. We understand the startup mentality much better, and we can support stakeholders much better. I think our stakeholders appreciate that, which has resulted in the strong traction," the Singaporean tells The Business Times.