Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has announced that it has received 166 applications from over 39 countries for its inaugural FinTech Abu Dhabi Innovation Challenge. The global participation was accomplished in less than two weeks with outreach coordinated by ADGM AND KPMG.
Each applicant has proposed Fintech innovations that address real-life business issues which affect the financial services industry in the Middle East, Africa and South Asia (MEASA) region. These solutions include sectors in Financial and Investment Management, Financial Inclusion, Regtech, Trade Finance, Insurtech and Private Capital Markets.
The majority of applications were said to be from from major international Fintech markets and emerging centers, such as the UK, Singapore, India, the USA, Hong Kong, China, Australia, the UAE, and Africa.
“We are excited to have received such strong support from the global FinTech community in response to our call for innovative solutions to address real business challenges in this region,” commented Wai Lum Kwok, Executive Director of Capital Markets, Financial Services Regulatory Authority of ADGM. “What is equally impressive is the quality of the solutions that have been proposed and their stage of readiness for production or implementation.”
Kwok said that Fintech is about integrating cutting edge technology into everyday financial services. ADGM wants to “walk the talk” when it comes to financial innovation.
“By working closely with our Fintech partners, the FinTech Abu Dhabi Innovation Challenge will help to foster a conducive ecosystem that is will both support our growth today and will build the economy of tomorrow,” added Kwok.
Jan Reinmueller, Head of Digital Village, KPMG in Singapore, described the FinTech Abu Dhabi Innovation Challenge as opening the door for Fintech startups around the world to enter the Middle East, Africa, and South Asia region.
“This collaboration between ADGM and KPMG aims to facilitate and enable co-innovation between start-ups and financial institutions, and guide them on their innovation journey. We are very encouraged by the response from the global network of startups, and look forward to working with the 10 finalists in this program,” said Reinmueller.
The FinTech Abu Dhabi Innovation Challenge, organized by ADGM and KPMG, is part of the first FinTech Summit in the region, between 22 and 23 October 2017. ADGM and KPMG are currently assessing all the 166 applications, following which 10 successful start-ups will be shortlisted and will be put forward to benefit from a five-week training.
The FinTech Abu Dhabi program is expected to launch on 17 September 2017 and is designed as an intensive five-week training with the objective to enable the successful applicants to enhance their solutions, while being mentoring and guided by industry champions.
Successful applicants will showcase their solutions at the Innovation Challenge Demo Day in Abu Dhabi. Applicants will also receive mentorship from industry experts and will be able to explore commercial opportunities within AbuDhabi and the wider region.
The top two teams will be invited to attend and give a demo at the Global FinTech Hackcelerator in Singapore in November.