The Financial Services Regulatory Authority of Abu Dhabi Global Market is rolling out a new initiative to boost the development of intelligent regulatory technology (RegTech) tools and help Artificial Intelligence achieve regulatory context and understanding. The move comes amid higher usage of the new technology by financial services firms and other companies. The Open Regulation (OpenReg) initiative provides a "training ground" for industry specialists, RegTech companies and the data science community to have access to FSRA's AI models, data and research to create AI-enabled RegTech tools, ADGM said in a statement on Tuesday. "Without regulatory context, AI applications will be limited in their potential to help financial services firms navigate the regulatory landscape. In this regard, OpenReg provides the regulatory context required by firms to develop their own AI solutions," ADGM said.