Four blockchain startups have been selected for the second batch of Abu Dhabi Global Market’s (ADGM) Regulatory Laboratory (Reglab).

ADGM, Abu Dhabi’s International Financial Centre, has announced a total of 11 local and international fintech startups approved for its second batch of Reglab. According to the official release, the successful participants have been selected from a pool of 22 applications.

Four blockchain startups including UK-based Equichain, UAE-based Pyppl, Hong Kong-based OKLink, and Canada-based Remitr have made it to the selected cohort.

The selected startups have been admitted within the Financial Services Regulatory Authority’s (FSRA) framework to further develop and test their FinTech innovation.

ADGM RegLab provides a controlled environment for fintech firms to develop and test innovative FinTech solutions. Successful applicants can test their product according to regulatory requirements tailored to contain the specific risks and impact of their particular test.

“The overwhelmingly positive response we’ve had from the global Fintech industry in the first year of the RegLab programme is extremely encouraging. We are already seeing some great results from the first cohort, and are looking forward to seeing results from the second, which include fascinating projects such as an Initial Coin Offerings and blockchain-enabled payments, settlements and RegTech solutions, among others. In total, we have 16 FinTech firms in our RegLab programme and we will continue to expand this team to better serve the needs of the financial services industry and our economy,” Richard Teng, Chief Executive Officer of the Financial Services Regulatory Authority of ADGM, said.