FDMEE connection to ARCS fails

Summary

When creating a new connection to ARCS from FDMEE it fails to connect

Content

We are on FDMEE 11.1.2.4.220.009 installed on Exalytics server and trying to Register a Target Application for ARCS.

The following parameters are used for the Cloud connection:

URL: https://arcs-XXXXXXX.epm.em2.oraclecloud.com/ (we have tried with or without the / at the end)
User Name: <ARCS power user name>
Password: <ARCS password>
Domain: (we have tried with or without the XXXXXXX domain name)
 

This fails with the following error:

Error in retrieving applications from cloud environment:

Error
java.net.ConnectException: Tried all: 1 addresses, but could not connect over HTTPS to server: arcs-XXXXXXX.epm.em2.oraclecloud.com port: 443