Plug and Play and Abu Dhabi Global Market (ADGM) announced BNP Paribas, Boubyan Bank, Finablr Group, First Abu Dhabi Bank (FAB), and Riyad Bank have been selected to be the first five corporate partners to join the Plug and Play ADGM Fintech Innovation Platform based in Abu Dhabi. According to the duo, these companies will join Plug and Play’s global ecosystem, that has more than 80 financial institutions across Silicon Valley, New York, Tokyo, Paris, and Frankfurt, while also using the platform to support their larger innovation strategy.
The partners also revealed the seven fintech startups that have been selected to participate in Plug and Play ADGM’s three-month accelerator will have the opportunity to work alongside the financial institutions for a possibility to execute POC or pilot projects. Plug and Play ADGM also partnered with K&L Gates to provide legal support for startups who plan to scale in the Middle Eastern region as well as Amazon Web Services to help startups build sophisticated applications to help scale and grow their businesses.
The selected Fintech startups are as follows:
- Bambu: A B2B Robo-advisor firm offering financial and consumer brands the ability to integrate and benefit from the ongoing digital transformation in wealth management. We are looking to market our services worldwide, capitalizing on our traction to tap the growing robo-advisory market.
- Digiteam: An award-winning sales digitization and gamification solution that has helped top tier banks improve the productivity of salespeople and relationship managers by acting as a mobile personal assistant, providing them with optimal actions while allowing managers to track and guide their teams in real-time.
- Exate Technology: A company that protects data in order to allow firms to safely use Cloud Technologies, as well as to comply with Cross-Border Data Transfers and Global Data Privacy Regulations. Data is a valuable asset and Exate’s patent pending “passport control for data” solution allows clients to apply rules which easily and effectively control how data is accessed and reported.
- Market IQ: A cognitive intelligence analytics platform built specially for the financial sector, that is able to ingest structured and unstructured data from any source, dynamically run peer-relative and time-series analysis, and deliver insights in real time to drive better decision making.
- Trust Stamp: Authenticates identity and builds trust using proprietary artificial intelligence powered facial biometrics with proof of life technology. They are primarily focused on authenticating the identity of counter parties in Internet-mediated transactions, where digital identities can be augmented from multiple sources including public records & social media.
- Viasema: The company’s AI Platform Andromeda uncovers relevant information from virtually any source/format, and transforms it into contextualized, actionable business knowledge. This knowledge is combined with captured human expertise to automate complex internal processes in the legal, compliance and regulation fields.
- Yogosha: A developer of a bug bounty platform designed to discover and resolve security bugs. The bug bounty platform provides pentesting, reporting and selling of security bugs and offers resources to correct the bugs, enabling IT industries to identify and correct their security vulnerabilities to prevent future incidents.
Omeed Mehrinfar, Managing Partner EMEA of Plug and Play, added:
“Over the next year, we hope to facilitate engaging relationships between our new financial partners and startups in the program. Our goal is to help support our partners achieve their innovation goals on a global scale.”