Abu Dhabi Global Market appoints regulatory authority chief

29/10/2014 18:56 AST

After a worldwide hunt, the Abu Dhabi Global Market has hired a top executive from the fast-growing Singapore financial centre for one of the key jobs in the capital’s financial free zone.

Richard Teng, a 43-year-old Singaporean with 20 years of experience in financial governance, has been appointed chief executive of the ADGM regulatory authority, the financial watchdog that will oversee and enforce the rules that govern the new financial centre.

Ahmed Al Sayegh, the chairman of ADGM, said: “We welcome Richard and are delighted that he has joined ADGM. Richard brings a wealth of expertise and experience in the financial sector and particularly in establishing robust regulatory frameworks. He will be instrumental in ensuring that ADGM becomes a financial centre that is truly compatible with the world’s best regulatory regimes.”

Mr Teng has for the past seven years been chief regulatory officer of the Singapore Exchange, the market body that works closely with the main regulator the Monetary Authority of Singapore (Mas) to ensure fair, orderly and transparent financial business in the country.

Prior to that position, he was director of corporate finance at Mas, overseeing regulatory standards across banking insurance and capital markets.

At ADGM, he will be responsible for “overseeing the development and administration of the regulatory framework to govern ADGM and its member institutions”, an official statement said.

Mr Teng, who will take up his post early next year, said: “I am honoured to be given this opportunity to be part of ADGM’s ambition to become a leading global financial centre. I look forward to the exciting journey of establishing an open, efficient and integrated eco-system that meets the dynamic economic needs of the global market. There is no doubt that ADGM will play a pivotal role in shaping the future of the international financial landscape.”

One Abu Dhabi based regulator said: “Singapore is a well-regulated regime with a good record on running efficient and well-governed markets. It has a reputation for being tough, but also for being business-friendly.”

Singapore is one of the fastest growing financial centres in the world. It is challenging Hong Kong as the leading Asian financial hub.

In particular, it has benefited from the tougher regime in the West towards private banking and wealth management put in place since the global financial crisis. With a growing private banking index, Singapore is ranked No 4 in the biannual World Financial Centres Index published on the back of data from the World Bank, the OECD and the Economist Intelligence Unit.

A recent report by PwC forecast that Singapore would overtake Switzerland next year as the leading global centre for private banking and wealth management.

“As we move forward into an era of greater transparency and shifting wealth creation patterns, centres located in emerging markets stand to gain increased stature,” PwC said.

The National