Abu Dhabi Global Market and KPMG launch innovation challenge
The firms are pushing ahead with efforts to drive innovation in the financial services industry
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and KPMG Lower Gulf (KPMG LG) are launching the second edition of FinTech Abu Dhabi Innovation Challenge (the Challenge) and pushing ahead with efforts to drive innovation in the financial services industry.
The inaugural Innovation Challenge organized last year generated strong interest among regional financial institutions about the potential benefits of collaborating with FinTech startups. As a result, this year’s challenge will primarily focus on generating real case studies in the adoption of FinTech solutions by major UAE institutions, including government entities and regulators.
The final demo day will be held in conjunction with the annual FinTech Abu Dhabi Summit (FinTech AD), taking place on 17 September 2018 at Fairmont Bab Al Bahr, Abu Dhabi.
Simultaneously, KPMG LG will extend the operations of its Digital Village in the region and will operate from ADGM’s Innovation Centre. Initially established in Singapore, the KPMG Digital Village is a symbiotic ecosystem dedicated to matching, fostering and forging innovation ventures between companies and start-ups. The platform intends to help start-ups as they look to grow to the next stage and equip corporate clients with one of the latest innovation technologies.
Scope and structure of 2018 Innovation Challenge
UAE-based institutions (“Corporate Champions”) will begin by collaborating with ADGM to identify a specific business problem that can be resolved by financial technology. Both ADGM and KPMG LG will then issue a global call to action inviting local and global FinTech entrepreneurs to apply for the opportunity to work with the designated Corporate Champions. The best selected applications will be paired with the Corporate Champions and will work together to develop ready-for-adoption solutions. The product of this collaboration will be presented to an audience of international financial institutions, regulators, professional services firms and startups at FinTech AD 2018 on 17 September.
The selected Corporate Champions will be given the opportunity to tap into KPMG’s expertise in managing the innovation process, and will benefit from a purpose-built prototype solution to a business issue that will improve commercial outcomes. Successful applicants will gain direct access to leading UAE institutions and the opportunity to demonstrate their technological capabilities to potential clients in the wider financial industry during FinTech AD 2018. To help them gain a stronger foothold in the region, ADGM will also allow the successful candidates to set up their base in its offices and operate from its Innovation Centre’s co-working space.
Vikas Papriwal, Head of Advisory for KPMG LG, said: “We are excited about the prospects of setting up the KPMG Digital Village in the ADGM Innovation Centre on Al Maryah Island. At the same time, we look forward to working closely with the respective government and private sector entities to help co-develop innovative solutions as part of the Innovation Challenge.”
Umair Hameed, Partner, Financial Services, KPMG LG, said: “FinTech has an immense potential to transform the financial services sector in the region. We are absolutely thrilled to team up with ADGM on the latest edition of the Innovation Challenge, which will showcase real cases of how FinTech addresses specific business needs.”
Richard Teng, Chief Executive Officer, Financial Services Regulatory Authority of ADGM, commented: “ADGM is excited to welcome KPMG Digital Village to establish its second global centre in ADGM after Singapore. By bringing corporates, start-ups, investors, and government bodies together in a collaborative ecosystem to drive the adoption and integration of innovative solutions, the KPMG Digital Village aim to establish a robust ecosystem with strong networks for open innovation to succeed.
We are proud to launch the second Innovation Challenge teamed up with KPMG LG. Last year’s Challenge demonstrated FinTech’s immense potential to solve industry-wide problems. This year’s Challenge will go one step further and showcase how these solutions can be implemented by big businesses. The Challenge is a fantastic platform for ADGM to connect established financial institutions and corporations who have earned their clients’ trust and business over many years, with the innovative FinTech players who promise to transform how financial services are delivered. We look forward to the participants showcasing the outcome of their collaboration at FinTech AD 2018 in September.”